Financial-services provider Merchants Capital secured more than $88 million in financing for Union at Bluffs Run, a new 192-unit affordable housing community in Council Bluffs, Iowa.
The financing supports the expansion of The Annex Group’s affordable housing footprint. Union at Bluffs Run will be the developer’s fourth in the state.
Merchants Capital secured a $24.9 million Fannie Mae Forward MBS Tax-Exempt Bond (M.TEB) permanent loan and $22.5 million in low-income housing tax credit (LIHTC) equity. A $41.5 million construction loan was provided by Merchants Bank.
Affordability for the development will be supported via tax increment financing (TIF) from the City of Council Bluffs and rent restriction to residents earning at or below 60% of area median income (AMI).
Union at Bluffs Run is being developed by leading impact housing developer The Annex Group, specialists in creating affordable, workforce, student and market-rate housing communities. The Annex Group has overseen $975 million in single family, multi-family, mixed-use and other commercial projects, including redevelopment and ground-up construction.
Located on more than 10 acres, Union at Bluffs Run will comprise four, three-story apartment-style buildings with 72 one-bedroom, 96 two-bedroom, 24 three-bedroom units. Common areas, including a community room, fitness center and leasing office, will be contained in an additional building. Amenities include a playground, dog park and picnic area.
Union at Bluffs Run is expected to open in fall 2026.
