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Merchants Capital Arranges $102M Financing for Historic Affordable Redevelopment in San Antonio

SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Senior Apartments, a historic affordable housing property located along the River Walk in the heart of downtown San Antonio.

Originally constructed in 1927 as the Plaza Hotel, the property is currently a mixed-use, 14-story high-rise housing the low- and very-low-income senior population.

The financing for the project includes a $43 million Merchants Bank of Indiana (MBI) construction loan, $35 million in Merchants Capital syndicated tax credit equity and a $24 million Merchants Capital Fannie Mae loan with a direct investment in the mortgage-backed security by the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO).

Granada Senior Apartments comprises 265 studio and one-bedroom units set aside for low-income elderly households. The renovation plan includes upgrades to the finishes and offerings of all units, designed to specifically meet the needs of seniors.

The post Merchants Capital Arranges $102M Financing for Historic Affordable Redevelopment in San Antonio appeared first on Seniors Housing Business.

Source: Senior Housing Business

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