BUCKEYE, ARIZ. — Roers Cos. has secured financing for the development of Solana Villas, an affordable housing community in Buckeye, approximately 37 miles west of Phoenix. Funding for the project was provided by Merchants Capital and Merchants Bank of Indiana (MBI).
Merchants Capital secured $90 in financing for the property, including a $33 million MBI tax-exempt construction loan, a $24 million construction loan and a $31.5 million Freddie Mac loan. Additionally, MBI provided a 4 percent LIHTC equity investment of $27.8 million.
Solana Villas will sit on approximately 10.7 acres of land. The community will comprise 200 units across eight garden-style apartment buildings and one two-story building. Solana Villas will offer one-, two- and three-bedroom floor plans. All units will be restricted to renters earning at or below 60 percent of the area median income (AMI). Construction on the project began in November 2022 and is expected to be completed in June 2024.