Merchants Capital has secured over $59 million in financing for the rehabilitation of Amber Commons, a 198-unit multifamily housing development located in Gaithersburg, Maryland. This includes a $37.7 million Freddie Mac Immediate TEL permanent loan and a $21.3 million equity bridge loan provided by Merchants Bank.
Previously operating as a market-rate property with some moderately priced units, Amber Commons will now be transformed into an affordable housing development with rent restrictions set at 60% of the area’s median income. The project is being spearheaded by MRK Partners, a real estate investment and asset management company specializing in acquiring and revitalizing affordable housing properties. With over 4,000 units currently under their management portfolio, MRK Partners brings extensive experience to this project.
According to Ayanna Grasty, Vice President of Originations at Merchants Capital: “Amber Commons is making significant strides towards increasing both the quantity and quality of affordable housing options in Gaithersburg through these renovations that not only meet but exceed current market comparables.”
