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Merchants Capital Provides $81M for Michigan Mixed-Use
Merchants Capital has secured more than $81 million in total financing on behalf of Magnus Capital Partners for HōM Flats at 24 East, a mixed-use, mixed-income ground-up development in Holland, Michigan.
HōM Flats at 24 East is financed through private and public funding sources, including a 4% low-income housing tax credit (LIHTC) allocation from the Michigan State Housing Development Authority. Merchants Capital provided $14.2 million in LIHTC equity, a $27.9 million Freddie Mac unfunded forward tax-exempt loan, and Merchants Bank provided a $31 million construction loan and $8 million equity bridge loan.
The project will feature 202 residential units, more than 13,000 square feet of new retail space and amenities. “We are proud to partner with Magnus Capital Partners and MSHDA to provide $14.2 million in LIHTC equity—and bring 202 units of affordable housing to the community of Holland, Michigan,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital.
