A well-known Edina homebuilder and remodeler approached Tradition Capital Bank in 2006. They were seeking development financing for a 20-unit luxury townhome project in one of the Midwest’s most attractive living locations — the 50th & France neighborhood in Edina, Minn.
The market at that time had changed and was not open to financing for projects of this size and type without 50 percent of units sold on pre-sale. In this case, however, our borrower had an enviable location and vision for the project. We worked hard for our customer to structure a financing package that included senior and mezzanine debt. Together with a group of participant banks, Tradition Capital Bank provided the cash to acquire the land and construct the coveted and successful high-end residential community property.