Merchants Capital Provides HUD Financing on East Chicago Seniors Housing on November 15, 2022 at 12:46 am Connect CRE – Robert Khodadadian

Merchants Capital secured a $15.5-million U.S. Department of Housing and Urban Development (HUD) loan for Lakeshore Manor in East Chicago, IN. Located on the corner of 136th and Main Street on the city’s northwest side, the new development will bring 206 units of income- and age-restricted housing to the area. 

Originally designed to replace the now-closed John B. Nicosia senior building, the project was financed with $15.5 million in HUD financing to support development, along with a $13.5-million equity bridge loan through Merchants Capital’s parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7-million LIHTC investment in the project for a total development cost of $51 million. 

“Lakeshore Manor is a critical piece of the redevelopment landscape in East Chicago, and we are proud to have partnered on this important housing project for seniors in the community,” said Brian Shelbourne, VP of originations at Merchants Capital.  

The postMerchants Capital Provides HUD Financing on East Chicago Seniors Housing appeared first on Connect CRE.

Merchants Capital secured a $15.5-million U.S. Department of Housing and Urban Development (HUD) loan for Lakeshore Manor in East Chicago, IN. Located on the corner of 136th and Main Street on the city’s northwest side, the new development will bring 206 units of income- and age-restricted housing to the area.  Originally designed to replace the …
The post Merchants Capital Provides HUD Financing on East Chicago Seniors Housing appeared first on Connect CRE.   

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