Financial services company Merchants Capital has secured a $35 million construction loan for Union at the Loop, an affordable, multifamily housing community coming to Lawrence, Kansas.
Merchants Capital also acted as servicer for the $22.25 million Freddie Mac Tax Exempt Loan (TEL) forward permanent commitment.
Union at the Loop, developed by The Annex Group, will be located at 3250 Michigan St. as the city’s newest affordable, 4 percent Low-Income Housing Tax Credit (LIHTC) property. The 248-unit property will house one-, two- and three-bedroom apartments for residents who earn up to 60 percent of the area median income or an annual income of $35,800 to $57,300.
Notable amenities will include a business center and clubhouse, a fitness center, exterior storage, onsite management, picnic areas, a playground, video surveillance, walk-in closets and washer and dryers. The complex will be located near public transportation, grocery stores and restaurants.
Construction began in August of 2021, and the property is expected to be open in October 2022.
