Merchants Capital Provides $25M Construction Loan for Multifamily Project in Elkhart, Indiana
ELKHART, IND. — Mortgage banking company Merchants Capital has provided $25 million in financing for River Point West, a 173-unit apartment project under construction in Elkhart. The development includes 6,000 square feet of ground-floor retail space and a separate 42,000-square-foot Martin’s Supermarket. Roughly $20 million is dedicated to the apartments, while $5 million is for the Martin’s. Merchants financed the new construction loan through Merchants Bank of Indiana on behalf of the borrower, Great Lakes Capital. The project is a public-private partnership between the City of Elkhart, CRG Residential, the Regional Cities Initiative and Great Lakes Capital. Under the Land Use Restriction Agreement, 10 percent of River Point West’s apartment units are restricted to residents earning up to 60 percent of the area median income. The first of three apartment buildings is on track to begin leasing this year. Full completion is slated for spring 2021.