Merchants Capital Secures $81M Loan For HōM Flats Development In Holland

The development site located at 717 East 24th Street in Holland, Michigan, has secured a construction and bridge loan totaling $81,000,000. The loan was facilitated by Josh Reed of Merchants Capital and involved funding from Freddie Mac and Merchants Bank. The property is set to become HōM Flats at 24 East, a mixed-use development comprising 202 residential units and retail space. Support for the project includes a low-income housing tax credit allocation from the Michigan State Housing Development Authority, a LIHTC equity investment, and construction financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $81,000,000
• Lender: Josh Reed - Merchants Capital ; Freddie Mac ; Merchants Bank
• Landlord: Vishal Arora - Magnus Capital Partners

Merchants Capital played a key role in the financing of HōM Flats at 24 East, securing over $81 million for the project in Holland, Michigan. Vishal Arora of Magnus Capital Partners serves as the landlord for the development.