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Chicago & Midwest  + Midwest  + Apartments  |  January 8, 2025
Jasmine Kilman
By: Jasmine Kilman

Merchants Capital Secures $88M for Iowa Affordable Housing

Merchants Capital has secured more than $88 million in financing for Union at Bluffs Run, a new 192-unit affordable housing community in  Council Bluffs, Iowa.

The financing supports the expansion of The Annex Group’s affordable housing footprint. Union at Bluffs Run will be the developer’s fourth in the state. Merchants Capital secured a $24.9 million Fannie Mae Forward MBS Tax-Exempt Bond (M.TEB) permanent loan and $22.5 million in low-income housing tax credit (LIHTC) equity. Merchants Bank provided a $41.5 million construction loan.

Affordability for the development will be supported via tax increment financing (TIF) from the City of Council Bluffs and rent restriction to residents earning at or below 60% of area median income (AMI). 

Located on more than 10 acres, Union at Bluffs Run will comprise four, three-story apartment-style buildings with 72 one-bedroom, 96 two-bedroom, 24 three-bedroom units.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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