The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana construction loan for the development of 53 Colton Street, an affordable housing complex currently under construction in San Francisco's Mid-Market. The project will create much-needed affordable housing at the center of the city.
53 Colton Street will provide affordable and supportive efficiency studio apartments to formerly homeless adults. All units will be reserved for residents referred through the coordinated entry system.
With groundbreaking expected this winter, the structure and design of 53 Colton Street will focus on meeting the everyday needs of this community in one of San Francisco’s fastest growing neighborhoods. The project will feature 96 studio units, each with a private bathroom and kitchenette. The building is designed by David Baker Architects.
In addition to the Merchants Bank of Indiana construction loan, Merchants Capital also provided the Low-Income Housing Tax Credit equity bridge loan.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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