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Merchants Capital Provides $193.8m In Construction Financing For Affordable Communities Near Sacramento

ROCKLIN, Calif. — Merchants Capital has provided $193.8 million in construction financing for the development of two new affordable multifamily communities in Rocklin, about 20 miles northeast of Sacramento.

Dubbed The Frances and The Steven, the properties are being developed by USA Properties Fund. Upon completion, The Steven will feature 180 units for seniors age 55 and older, with residences reserved for renters earning between 30 and 70 percent of the area median income. Nonprofit LifeSTEPS will provide support services including classes in health and wellness, financial literacy, computer training, homebuying, resume building and nutrition, as well as general education.

The Frances will offer affordable units for residents of all ages.

Construction of The Steven began in May 2026, and completion of the development is scheduled for 2028.

Merchants Capital structured a $30.6 million private placement tax-exempt bond loan through AllianceBernstein for The Steven, in addition to $15 million in construction period debt from parent company Merchants Bank.

The post Merchants Capital Provides $193.8M in Construction Financing for Affordable Communities Near Sacramento appeared first on Seniors Housing Business.

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Merchants Capital Provides $193.8m In Construction Financing For Affordable Communities Near Sacramento

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