Northern Indiana Project Gets $25M Loan
The note will fund the development of a 173-unit community and a Martin’s Supermarket in Elkhart.
Great Lakes Capital has taken out a $25 million financing package for the construction of River Point West, a mixed-use development in Elkhart, Ind. Merchants Capital assisted the borrower in securing the loan from Merchants Bank of Indiana.
The debt’s structure provides approximately $20 million for the development of 173 residential units, and the remaining $5 million is allocated for the construction of a 42,000-square-foot Martin’s Supermarket. The developer will reserve 10 percent of the apartments for prospective residents earning 60 percent of the area median income.
Located on a 2-acre parcel at 200 Junior Achievement Drive, the property broke ground in August 2019 and is scheduled for completion in 2021. The community’s one- and two-bedroom floorplans will range from 792 to 1,246 square feet. Amenities will include 6,000 square feet of retail space, a gym, a swimming pool and a clubhouse.
A partnership between the City of Elkhart, CRG Residential, the Regional Cities Initiative and Great Lakes Capital is collaborating on the development. The project has an estimated total cost of $40 million and is part of a $170 million investment that several public-private partnerships are making in the Elkhart River District.
In January, Merchants Capital facilitated a $40.9 million loan for The Tapestry, a 185-unit, partially affordable community in New York. The company secured the mortgage for a joint venture between Jonathan Rose Cos. and Lettire Construction Corp.