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.