Merchants Capital has successfully secured over $81 million in financing for HōM Flats at 24 East, a mixed-use and mixed-income development in Holland, Michigan on behalf of Magnus Capital Partners. The project is funded through a combination of private and public sources, including a 4% low-income housing tax credit (LIHTC) allocation from the Michigan State Housing Development Authority.
The financing package includes $14.2 million in LIHTC equity provided by Merchants Capital, as well as a $27.9 million Freddie Mac unfunded forward tax-exempt loan and a construction loan of $31 million along with an equity bridge loan worth $8 million provided by Merchants Bank.
HōM Flats at 24 East will feature 202 residential units along with more than 13,000 square feet of new retail space and various amenities. According to Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital: “We are delighted to collaborate with Magnus Capital Partners and MSHDA to contribute towards the provision of affordable housing for the community in Holland.”
