Merchants Capital Provides Financing on Gary, IN Multifamily Rehab
Merchants Capital provided more than $13 million in financing to a joint venture between Gorman & Company and the Gary Housing Authority (GHA) for the rehabilitation of the historic Carolyn Mosby Apartments in Gary, IN. Merchants Capital’s New York office facilitated the bond purchase in the form of a $13-million Merchants Bank of Indiana construction loan, which will convert to a $5.239-million permanent loan upon construction completion.
Located at 650 Jackson St. just west of downtown Gary, Carolyn Mosby Apartments was built by the GHA in the late 1960s as a public housing development. The eight-story high-rise contains 142 units in a variety of one- and two-bedroom floor plans.
“Preserving existing affordable housing developments is just as important as financing new properties, so we were honored to partner on the Carolyn Mosby project in Indiana,” said William Jones, SVP at Merchants Capital New York.
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).