Merchants Capital Arranges $141M for DC Mixed-Income, Mixed-Use Project
Merchants Capital has secured more than $141 million in financing for Waterfront Station II, a multifamily, mixed-income and mixed-use property currently under construction in the southwest neighborhood of Washington, DC. The community is a joint venture between Hoffman & Associates, AHC Inc., City Partners and Paramount Development.
Waterfront Station II will bring 449 units of market-rate and affordable apartments to the area. The affordable housing units were financed using both 4% and 9% Low-Income Housing Tax Credits. Ninety-four of the total affordable units are attributed to the 4% LIHTC while 42 of the total affordable units are attributed to the 9% LIHTC.
Merchants Capital financed the property with three Merchants Bank of Indiana construction loans totaling $141.3 million plus provided financing for three separate Fannie Mae 42-month forward commitments for the permanent financing.
The full development on 4th Street NW will consist of a single, 12-story apartment building with approximately 29,000 square feet of ground-level retail, educational and commercial space.
- ◦Development
- ◦Financing
