Northern Indiana project secures $ 25 million loan

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Headland of the West River. Image courtesy of Merchants Capital

Great Lakes Capital has secured a $ 25 million financing package to build River Point West, a mixed-use development in Elkhart, Indiana. Merchants Capital assisted the borrower in obtaining the loan from Merchants Bank of Indiana.

The debt structure provides for approximately $ 20 million for the development of 173 residential units, with the remaining $ 5 million for the construction of a 42,000 square foot Martin’s supermarket. The developer will reserve 10 percent of the apartments for potential residents earning 60 percent of the region’s median income.

Located on a 2-acre plot at 200 Junior Achievement Drive, the property opened in August 2019 and is expected to be completed in 2021. The community’s one- and two-bedroom floor plans will range from 792 to 1,246 square feet. The facilities will include 6,000 square feet of retail space, a gym, swimming pool and pavilion.

A partnership between the Town 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 made by several public-private partnerships in the Elkhart River District.

In January, Merchants Capital facilitated a $ 40.9 million loan for The Tapestry, a partially affordable 185-unit community in New York City. The company obtained the mortgage for a joint venture between Jonathan Rose Cos. and Lettire Construction Corp.

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