Lee Oller & Josh Reed Of Merchants Capital Arrange $33.8 Million Loan For Village Of Valor

2701 2nd Avenue North

$33,800,000

Building Size

—

Asset Type

Development Site

Closing

Jun 15, 2026

AI

The asset involved in this transaction is a development site located at 2701 2nd Avenue North in Palm Springs, Florida. The property is designated for a 54-unit affordable housing project named Village of Valor, specifically aimed at serving military veterans and their families.

Summary of transaction details:

Property Type: Development Site
Transaction Amount: $33,800,000
Lender: Lee Oller & Josh Reed - Merchants Capital; Merchants Bank
Landlord: Sue Wiemer - Turnstone Development Corporation; Joshua W. Maddock - Faith, Hope, Love, Charity, Inc
Loan Type: Construction

The deal is structured with Merchants Capital having arranged financing that includes LIHTC equity and Freddie Mac-backed debt. The development is being led by Turnstone Development and Faith Hope Love Charity, with an expectation for completion roughly 18 months after the project started in April 2026, featuring income-restricted units and on-site supportive services.

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