Roers Cos. Lands $90M for Phoenix Affordable Development
Financing included a mix of tax-exempt and taxable loans, along with LIHTC equity.
Roers Cos. has obtained a $90 million financing package for the development of Solana Villas, a 200-unit affordable housing project in Buckeye, Ariz. Merchants Capital provided the funds through Merchants Bank of Indiana.
The financing included:
- $33 million MBI tax-exempt construction loan;
- $24 million MBI taxable construction loan;
- $31.5 million Freddie Mac tax-exempt loan;
- 4 percent low-income housing tax credit equity investment of $27.8 million.
Solana Villas marks Roers’ first affordable housing development in Arizona. Upon completion, the community will cater to residents earning below 60 percent of the area median income.
Solana Villas will encompass eight three-story buildings and one two-story building, with one-, two- and three-bedroom apartments. The community will feature a swimming pool, a clubhouse, a playground, a dog park, barbeque areas and parking spaces.
The community will rise on a 10.7-acre site at 25201 W. MC 85. The parcel is near Route 85 and Interstate 10, which provide direct access to downtown Phoenix. There are several dining options, retail centers, schools and green areas in the proximity of the site.
Merchants Capital has recently provided $77 million in financing for another affordable housing development in Saint Paul, Minn., which is planned to have 178 units and come online in 2024.