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Chicago & Midwest  + Greater Chicagoland  + Finance  |  November 14, 2022
The Lakeshore Manor project will bring will bring 206 units of income- and age-restricted housing to East Chicago, Indiana.
Paul Bubny
By: Paul Bubny

Merchants Capital Provides HUD Financing on East Chicago Seniors Housing

Merchants Capital secured a $15.5-million U.S. Department of Housing and Urban Development (HUD) loan for Lakeshore Manor in East Chicago, IN. Located on the corner of 136th and Main Street on the city’s northwest side, the new development will bring 206 units of income- and age-restricted housing to the area. 

Originally designed to replace the now-closed John B. Nicosia senior building, the project was financed with $15.5 million in HUD financing to support development, along with a $13.5-million equity bridge loan through Merchants Capital’s parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7-million LIHTC investment in the project for a total development cost of $51 million. 

“Lakeshore Manor is a critical piece of the redevelopment landscape in East Chicago, and we are proud to have partnered on this important housing project for seniors in the community,” said Brian Shelbourne, VP of originations at Merchants Capital.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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