MARINETTE—Merchants Capital, a mortgage banking company, has secured $6.5 million in total funding for mixed-income development Trolley Station Terrace, a 45-unit affordable housing property. Located in Marinette, Wisconsin, Trolley Station Terrace will provide affordable and supportive housing to Marinette County residents in need.
Of the $6.5 million financing, $1.8 million will go towards a Rural Development (RD) 538 option 3 loan and $4.7 million towards a Low-Income Housing Tax Credit (LIHTC) bridge loan. Merchants Capital worked closely with Wisconsin’s Rural Development and nonprofit developer Newcap Inc. to contribute to the project.
“Trolley Station Terrace is 45 new apartment homes for families in the Marinette area, 38 of which are reserved for low- and moderate- income workers who don’t have many good options for high quality, affordable housing,” said Cheryl Detrick, Newcap Inc. CEO and president. “Trolley Station is also a major step for Newcap in its mission of enhancing community development. Accessible, affordable housing is a critical component to moving families from poverty to opportunities and economic security.”
Construction began on the property in late August 2020 and is scheduled for completion in August 2021. Once completed, the three-story Trolley Station Terrace will sit on 2.5 acres of land and will be located at 1535 Main Street.