8 Winter Street

About the project

Kali Terry is an aspiring developer who formed New Verticals Development, a neighborhood-oriented real estate development company that believes that valuing People then Place will make Progress toward sustainable healthy communities. New Verticals Development focuses on small-scale development projects.

New Verticals Development is located in St. Paul, MN.

LISC provided a $540,000 loan to support the acquisition of 8 Winter Street near the Capitol in St. Paul. The site contains a five-unit apartment building that was built in 2000 and fully remodeled in 2007 after a small fire. The property is currently fully leased by Radias Health, a non-profit Mental Health & Substance Use Disorders services organization that runs an intensive residential treatment program. Residents pay 30% of their income towards rent and the rest is covered by Radias Health’s Section 8 voucher. Radias Health will continue to occupy the building. The investment will help preserve five units of naturally occurring affordable housing (NOAH) in a cultural district that experienced damage in the civil unrest following the murder of George Floyd by Minneapolis police in May 2020. This area has been identified as an area experiencing strong gentrification pressure by the University of MN’s Center for Urban & Regional Affairs, so the preservation of NOAH is important to the community.

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