WYOMING, MICH. — Merchants Capital has arranged approximately $91 million in financing for the development of HōM Flats at 28 West, the third phase of a mixed-use, mixed-income development in Wyoming. Grand Rapids, Michigan-based investment and development firm Magnus Capital Partners is the developer. The financing package includes a $30.6 million Freddie Mac loan, $16.7 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity and a $43.5 million construction bridge loan provided by Merchants Bank.
HōM Flats at 28 West will connect to 28 West Place, a recently renovated shopping center, as well as to a trail system, a pedestrian bridge and a public plaza and seasonal food truck court. Rents at 162 of the units at HōM Flats at 28 West will be rent restricted between 40 and 80 percent of area median income. The remaining 38 units will be rented at market rates.
Magnus started the project in 2019, delivering 226 units in Phase I and 160 units in Phase II. According to WGVU, the Grand Rapids PBS affiliate, the project, which is part of a City of Wyoming redevelopment plan, is a redevelopment of the Studio 28 movie theater site on Prairie Parkway Southwest.
HōM Flats at 28 West Phase III will include one-, two- and three-bedroom unit as well as 8,894 square feet of ground-floor retail space within four elevator-serviced buildings. A childcare center, Grō Childcare Academy, will be included in the commercial space, with residents receiving priority enrollment. A construction timeline was not disclosed.