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Merchants Capital Closes Permanent Loan for TOD Apartments in Roselle
The Chicago office of Merchants Capital closed a 221(d)(4) new construction/permanent loan for Metro 19 Apartments in Roselle, IL. The HUD-insured loan will provide construction and permanent financing for 295 transit-oriented multifamily units adjacent to the Roselle Metra commuter rail station situated half a mile east of the Main Street commercial district.
Merchants Capital securitized the loan and worked closely with the AFL-CIO Housing Investment Trust (HIT), which purchased the Ginnie Mae-backed security that guarantees the timely payment of principal and interest on the Metro 19 loan. As a result of the HIT’s involvement, the luxury apartment complex will be 100% union built.
“This complex transaction codified a land swap between Metra and the Village of Roselle to accommodate a parking garage for apartment residents and Metra commuters,” said Lee Oller, EVP and head of Merchants Capital’s Chicago office. “The new complex will bring much-needed residential units to the area.”
- ◦Financing


