Merchants Capital Secures HUD-Insured Construction Loan for Development in Mequon, Wisconsin

CARMEL, Ind., Sept. 9, 2019 /PRNewswire/ -- Mortgage banking firm Merchants Capital has provided a construction loan and permanent financing for Spur 16, a 156-unit, mixed-use development in Mequon, Wisconsin.

As the lender, Executive Vice President Lee Oller and Senior Vice President Susan Schnoll provided the construction and 40-year, fixed-rate, non-recourse loan through the U.S. Department of Housing and Urban Development (HUD)'s 221(d)(4) program on behalf of Shaffer Development.

"Spur 16 is particularly special because its financing and development was led entirely by women," Schnoll said. "With visionary developer Cindy Shaffer at the lead, this female development and lending team was able to bring the project to life, delivering a beautiful and unique project to the market."

Spur 16 combines the construction of new luxury apartments and high-end townhomes with the repurposing of three original public works buildings into vibrant commercial space, including a public market. The development features a clubhouse with a swimming pool, fire pits, event rooms and a workout facility outfitted with Peloton Bikes. Nestled in the heart of Mequon and within the beauty of nature, Spur 16 also features community gardens and a walking path with access to the Ozaukee Interurban Trail.

The apartments and townhomes offer concierge service for residents, including car detailing, dog walking, in-unit package delivery and food delivery. The first Leadership in Energy and Environmental Design (LEED)-certified project in Mequon, Spur 16's deluxe "Smart Units" will allow tenants to control lights, temperature, music and emergency services.

"Working with Merchants Capital as the lender on this project has allowed the creation of an exceptional addition to the Mequon area," said Cindy Shaffer, owner of Shaffer Development. "Shaffer Development isn't in the real estate business – we're in the people business. Spur 16 introduces modern, luxurious amenities to greater Milwaukee residents looking to live in an up-and-coming community."

The development's Mequon Public Market opened in June 2019 and brought some of Milwaukee's premier restaurants north. Now 100% leased, market vendors include Anodyne Coffee, Purple Door Ice Cream, Beans and Barley, Screaming Tuna, Café Corazon, Bavette, Bowls, Happy Dough Lucky, Santorini Grill and Terrain. The development also houses St. Paul Fish Company, a retail store, an oyster bar and various indoor and outdoor dining. There is also a wellness building housing the Mequon Club Pilates and Yama Yoga True North.

To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn.

ABOUT MERCHANTS CAPITAL
Merchants Capital is a multifamily, affordable and healthcare lender offering a direct way to access fixed rate, long-term, non-recourse financing via its bank, Merchants Bank, all with a single point of contact. Merchants Capital strives to provide the best origination and service of its loan products with exceptional customer service, accuracy, creativity, speed and conformance to regulations. To learn more about Merchants Capital, visit www.merchantscapital.com.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements which reflect current views of Merchants Bancorp and its subsidiary, Merchants Capital Corp., with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Merchants Bancorp's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and in its subsequent filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

SOURCE Merchants Capital