Merchants Capital Secures $88 Million Loan For Union At Bluffs Run Multifamily In Council Bluffs

The transaction involves a multifamily asset known as Union at Bluffs Run, consisting of 192 units situated on 10 acres in Council Bluffs, Iowa. The financing for this affordable housing project amounts to $88 million, facilitated through a collaboration of Fannie Mae, Merchants Bank, LIHTC equity, and a construction loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $88,000,000
• Market: Council Bluffs, IA
• Lender: Fannie Mae & Merchants Bank
• Landlord: The Annex Group
• Units: 192
• Acres: 10

Merchants Capital played a crucial role in securing the financing for the project, showcasing their expertise in navigating the complexities involved in funding affordable housing initiatives through a mix of various financial sources.