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Merchants Capital Secures Construction Loan for KS Affordable
Merchants Capital secured a $35-million construction loan for Union at the Loop, an affordable, multifamily housing community coming to Lawrence, KS. Carmel, IN-based Merchants Capital also acted as servicer for the $22.25-million Freddie Mac Tax Exempt Loan forward permanent commitment.
Union at the Loop, developed by The Annex Group, will be located at 3250 Michigan St. as the city’s newest affordable, 4% Low-Income Housing Tax Credit property. The 248-unit property will house one-, two- and three-bedroom apartments for residents earning up to 60% of the area median income.
“Due to Merchants Capital’s multi-layered debt products, we were able to offer and successfully secure construction and permanent financing for Union at the Loop,” said Brian Emmons, SVP, loan operations. “We are excited to partner with The Annex Group on this project that will provide much needed affordable housing options to the workforce families of Lawrence.”
- ◦Development
- ◦Financing
