Apartment Building
CARMEL, Ind. – Leading financial services provider Merchants Capital today announces that Margaret Lehto has joined the firm as Chief Architect. She will be based out of the company’s Chicago office. Lehto is a demonstrated leader in the architectural industry, with expertise tied to verifying that affordable housing developments meet local, state and federal requirements. Her experience encompasses oversight of assessments, architectural and engineering design and construction administration for a wide variety of public and private sector clients and projects. She is a licensed architect in the states of Illinois and Wisconsin, a member of both the American Institute of Architects and the Association of Licensed Architects and she holds a Leadership in Energy and Environmental Design (LEED) professional accreditation. In her new role with Merchants, Lehto will be responsible for ensuring compliance with underwriting guidelines for debt and equity investments across the company. She will also manage the review of construction due diligence and third-party construction reports throughout the duration of all projects. Additionally, Lehto will use her skillset and knowledge of construction documentation and budget review to ensure projects are appropriately budgeted from the start so that Merchants and its customers will avoid critical issues that may arise later in the project life cycle. Prior to joining Merchants, Lehto’s over 20 years of experience included overseeing all aspects of architectural and engineering projects as well as design and construction services for thousands of affordable housing units and complexes across the Chicago metro area. Lehto is a graduate of Northwestern University with a bachelor’s degree, and she holds a master’s degree in architecture from the University of Illinois.
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Merchants Capital Adds Chief Architect to Team
Apartment Project in Roselle, Illinois
CHICAGO – The Chicago office of Merchants Capital is pleased to announce that it has closed a 221(d)(4) new construction/permanent loan for Metro 19 Apartments in Roselle, Illinois. The U.S. Department of Housing and Urban Development (HUD)-insured loan will provide construction and permanent financing for 295 transit-oriented, multifamily units adjacent to the Roselle Metra commuter rail station situated half a mile east of the Main Street commercial district. Merchants Capital securitized the loan and worked closely with the AFL-CIO Housing Investment Trust (HIT), which purchased the Ginnie Mae-backed security that guarantees the timely payment of principal and interest on the Metro 19 loan. The HIT, a fixed-income, investment grade mutual fund, has a long history of working closely with for-profit and non-profit developers, housing agencies, members of the mortgage banking community, labor unions, HUD, government-sponsored enterprises (GSEs) and others to structure the financing needed for their real estate developments. As a result of the HIT’s involvement, the luxury apartment complex will be 100% union built – a requirement on all construction-related projects financed by the HIT. “We are proud of everything that HIT and Merchants Capital have accomplished together. In addition to providing much-needed housing, Metro 19 is creating well-paying jobs for trained workers, making a difference to the broader economic health of the community,” said Chang Suh, CEO at AFL-CIO HIT. A key feature of this development, and a unique capability of the Merchants organization, was the ability to finance both the apartment building and an adjacent garage. This garage structure will provide 542 parking spaces for Metro 19 tenants and area commuters who use Metra trains to get to their places of employment. The garage component of the development involved multiple parties including a land swap that made it possible to assemble the land needed for the garage structure. Working with the Village of Roselle, Merchants Bank of Indiana (MBI) was able to provide the financing for this land assembly and construction loan. The loan will be repaid from revenues generated by property value appreciation under an existing Tax Increment Financing (TIF) in the East Irving Municipal District. “This project is exciting for our company, as it allowed us at Merchants Capital a unique opportunity to work in tandem with our colleagues at Merchants Bank of Indiana,” said Lee Oller, Executive Vice President and head of Merchants Capital’s Chicago office. “This complex transaction codified a land swap between Metra and the Village of Roselle to accommodate a parking garage for apartment residents and Metra commuters. The new complex will bring much needed residential units to the area, and we are honored to have been a part of the development project.” “Merchants’ unique ability to originate both the HUD-insured loan on the apartment building, and Bank financing on the parking garage, gave us the flexibility to meet the financing requirements of the various stakeholders and help make the overall development possible,” said Emmett Donovan, Senior Vice President at Merchants Capital. “Metro 19 gave us a chance to finance an important property that will bring nearly 300 housing units to the suburbs of Chicago. We look forward to growing our developer partnerships across the Midwest so that we can continue to provide even greater access to housing for residents across the region.” This is the second HUD-insured project Merchants has financed with the developer, Avgeris and Associates. The five-story building is designed around a central courtyard and amenities include a business office, fitness center, golf simulator, dog spa, outdoor pool and enclosed rooftop lounge. The property will also receive a National Green Building Standard (NGBS) certification upon completion of construction. The green certification ensures that the property will operate at peak energy efficiency, reducing utility costs for both the developer and building residents. Construction is underway with leasing anticipated to begin in late 2023. “We couldn’t be more excited about our Metro 19 Apartment development in downtown Roselle. This high-end building in a TOD location will be an excellent addition to the other luxury apartment communities in our portfolio. Our residents love being able to walk or bike to public transportation, restaurants, shops and local nightlife. We are excited to have broken ground on the Metro 19 development. It would not have been possible without the hard work and strong support from the Village of Roselle, HUD, the AFL-CIO HIT, METRA, and of course Merchants Capital and Merchants Bank of Indiana,” said Tim Knudson, Vice President at Avgeris and Associates. ###
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Merchants Capital and Merchants Bank of Indiana Secure Financing for Transit-Oriented Apartment Project in Roselle, Illinois

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