Roers Cos. lands financing for West Valley affordable development

By Diana Firtea | Multihousing

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.

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February 28, 2023

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