St. Paul-based Real Estate Equities is building the 164-unit Technology Park Apartments on Technology Drive in northwest Rochester, Minnesota. The project was financed in part through a new program offered by federal lender Freddie Mac, and 75 percent of the units will be income-restricted. (Submitted image: Real Estate Equities)

Merchants Capital secured financing for Real Estate Equities for the $20 million Technology Park Apartments in Rochester. Stencil Group is the general contractor and Kaas Wilson Architects of Bloomington, Minn., is the architect. The first building is expected to be completed in September with the second building due for completion in December.

Stencil Group proposes to purchase the block-sized property and establish a 70-unit senior living facility.