Merchants Capital has obtained funding for Lakeshore Manor in East Chicago, Indiana. The US Department of Housing and Urban Development provided the US$15.5 million construction loan.
The project will add 206 units of age- and income-restricted housing to the region. It is located around 136th and Main Street in the city’s northwest.
The two National Green Building Standards-compliant four-story buildings that make up Lakeshore Manor was initially intended to replace the now-demolished John B. Nicosia senior building.
Features an amenities
The 206 one- and two-bedroom apartment units on the property will be designated for seniors 62 years of age and older and/or disabled persons. Furthermore, the rent is limited to 60% of the area median income, thanks to the 221(d)(4) new-construction agreement.
All units at Lakeshore Manor will have electric stoves, refrigerators, laminate countertops, ceiling fans, and window coverings. Additionally, there will be central air conditioning, and walk-in closets once construction is complete.
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The development will comply with Section 100-2 Housing and Urban Development (HUD) Minimum Property Standards. This is because it is a senior housing complex. As such, each unit will have an emergency call system.
In addition, electrical outlets for night lights between the bed and bathroom will be added. There will be handrails on at least one side of all interior corridors.
More on the Lakeshore Manor project in Indiana
In addition, 12 of Lakeshore Manor’s 206 total units will be created as fully accessible, hearing-impaired units that adhere to the requirements of the Americans with Disabilities Act and Uniform Federal Accessibility Standards (UFAS).
To support the project’s development, Merchants Capital obtained $15.5 million in HUD financing in addition to a $13.5 million equity bridge loan from its parent company, Merchants Bank of Indiana.
For a total development cost of $51 million, Cinnaire, the property’s equity investor, contributed a $21.7 million LIHTC investment to the project.
