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Merchants Bank Finances Elkhart MXU
Merchants Capital provided $25 million in financing for the mixed-use development River Point West, now under construction in Elkhart, IN. The new construction loan is financed through Merchants Bank of Indiana on behalf of Great Lakes Capital, which is developing River Point in partnership with the City of Elkhart, CRG Residential and the Regional Cities Initiative.
Approximately $20 million is dedicated to the development itself, while another $5 million is for the onsite Martin’s Supermarket. The River Point West development will provide 173 apartments, 6,000 square feet of ground-floor retail space and the 42,000-square-foot, standalone supermarket.
“River Point West is a critical component for the city of Elkhart, as they begin to transform and revitalize their downtown area and provide ample space for multifamily and workforce housing,” said Merchants Capital assistant VP Brian Shelbourne. “We are honored that our financing will benefit this community and propel Elkhart forward.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
