I am a construction manager for Lennar Homes, I build single family residential homes and multi-family townhomes for them.

Brand new construction rents at a premium. 

I bet you've paid more than just a membership fee, particularly if you've done any deals.Here's the most curious part of your review.

For example, Norman Construction Services and JDS Contracting have solid reputations in the area and are known for both residential and commercial work.

You've gotta work with someone who understand the investor route, a broker, who knows who can actually get the loan done is your best bet!

This would be a non recourse loan (for a downpayment on a new construction property) so we wanted to consider something other than our HELOC (that has a variable interest rate attached to it). 

Your best bet at that size is not going to be mezz, most of them cut checks at 2mil minimum. 

Their best bet is likely to sell on the open market...so why should they make less money (potentially) so you can make more?

I know Sherman Associates have completed a number of affordable housing projects in Duluth (and were recently navigating another under construction in Lincoln Park that ran into some difficulties).

I am currently finishing up a new construction single family home on a paid of residential lot.