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Chicago & Midwest  + Greater Chicagoland  + Finance  | 
Merchants Capital has provided construction financing on Metro 19, a transit-oriented apartment development in Roselle, IL

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.” 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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