SPMU, LP

SPMU, LP is the largest project this development group has undertaken with a total project cost exceeding $100,000,000. SPMU is currently fundraising and will ultimately be comprised of 35 investors contributing $17,500,000 in EB-5 investment. This project involves the rehabilitation and repurposing of a former U.S. Post Office in St. Paul, Minnesota and is today known as “Custom House.” This seventeen story building features over 700,000 square feet of space and will be converted to a 152 room Hyatt Place hotel on the lower floors with the upper floors being converted to rental apartments; EB-5 investors will make a $12,500,000 equity investment towards the hotel development while lending the balance of the capital to the apartment developer. A parking structure will also be built. Upon completion, the hotel property will be managed by Commonwealth Hotel Group. This project will be funded by EB-5 investment, a construction bank loan, developer equity, and historic tax credits proceeds.