HALL Structured Finance Originates a $108 Million Loan for the Construction of 515 Walnut Tower in Des Moines, Iowa

DALLAS – November 13, 2025 – Dallas-based HALL Structured Finance announced today that the company has originated a $108 million first lien construction loan in connection with the development of a new apartment project, 515 Walnut Tower, in Des Moines, Iowa. The development sponsor is St. Joseph Group. The deal was brokered by Managing Director Richard Price and Senior Director Jackie Meagher with Berkadia.

515 Walnut Tower will be a 33-story, 390-unit residential high-rise development. The units will feature floor to ceiling windows, walk-in closets, quartz countertops, stainless steel appliances, and soft close cabinetry throughout. The tower will integrate a lifestyle theme through a central amenity “lodge” that will offer fitness, coworking, lounge, and indoor/outdoor entertainment areas, including a rooftop terrace with hot tubs and cooking space. The ground floor features an expansive lobby and lounge with functional seating, a coffee and amenity bar, and 24-hour front desk service.

515 Walnut Tower is located in downtown Des Moines, near major employers and just a block from Court Street, containing a number of bars and restaurants as well as a weekly summer farmers market. The second floor will feature a 4,000 square foot fitness center, as well as sky walk connections to an adjacent parking garage and connections to the rest of the downtown skywalk system.

“There is a clear and growing need for more housing options in downtown Des Moines. 515 Walnut Tower represents an exciting project that will bring new residential energy near the heart of entertainment, culture, food, and nightlife. There are currently no comparable projects in the area, which underscores the strength and unique positioning of this development,” said HALL Structured Finance Vice President and loan originator, Brad Ferguson.

The sponsor, St. Joseph Group, is a real estate development company that provides professional and business expertise to mission related projects.

Joe Teeling, President of St. Joseph Group commented, “We are thrilled to be working with HALL Structured Finance on this transformative project in Des Moines. They have been extremely professional and terrific to work with. This building is coming along at the right time in Des Moines history, as it has been experiencing tremendous population growth and a reenergized downtown.”