JW Demaree Of Merchants Capital Provides $70 Million Loan For Flats At Pinecreek In Elkhart

The asset involved in this transaction is a multifamily housing project known as Flats at Pinecreek, located at 5301 Green Bush Ct in Elkhart, IN. The project encompasses 252 units, with specific allocations for workforce housing under an 18-year TIF structure, aimed at providing affordable options for renters within 60–80% of AMI. The total financing arranged for this project is $70 million, consisting of a $35 million Freddie Mac loan and $35 million in construction financing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $70,000,000
• Address: 5301 Green Bush Ct
• Market: Elkhart, IN
• Acres: 252
• Lender: JW Demaree - Merchants Capital
• Landlord: Tim Healy - Holladay Properties

Key individuals in this transaction include JW Demaree, who represents Merchants Capital in facilitating the loan, and Tim Healy, representing Holladay Properties, the developer of the project. Their involvement is crucial in the structuring of the financing to meet both project needs and regulatory requirements for workforce housing.