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Inland closes $28 million equity raise for St. Paul office conversion fund

The fund now holds about 89% of a 16-story downtown St. Paul property planned to add 178 apartment units and street-level retail.

Reported · Written up by our desk · Industry

Inland Real Estate Investment Corporation said it has completed an approximately $28 million equity raise for Office Conversion Opportunity Zone, LLC, a private vehicle designed to qualify as a Qualified Opportunity Fund and sponsored by an affiliate of Inland Investments.

The offering was fully subscribed and is now closed, with the fund retaining an approximately 89% ownership interest in a 16-story building at 386 Wabasha Street North in downtown St. Paul, Minnesota.

Inland said the property is being redeveloped from an underutilized office building into a multifamily residential community with 178 apartment units, plus about 2,338 square feet of street-level retail space.

The redevelopment is being carried out with Kaeding Development Group LLC as development partner, R.E.C., Inc. d/b/a Ron Clark Construction & Design as general contractor, and Bader Management, Inc. as property manager, according to ConnectCRE.

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