Merchants Capital announced in a press release that it has arranged $13 million in debt financing and $7.2 million in equity financing to support the renovation and redevelopment of Adcock Joyner Apartments in Oakland, CA. The mixed-use property is a historic development, originally constructed in 1915 as a hotel and converted into affordable housing in the early 1990s.
According to the press release, to finance the renovation, Merchants Capital provided more than $20 million in total debt and equity financing, which will fully fund the project through the four percent LIHTC program. Following completion of the renovation, the property will operate under a new Housing Assistance Payments (HAP) contract covering 100 percent of the revenue-generating units, ensuring the property will remain affordable for residents in the years to come.
