Lee Oller

CHICAGO – The Chicago office of Merchants Capital, established in early 2019, today announces its first new construction/mini-perm loan through Merchants Bank of Indiana, Merchants Capital’s parent company. The multifamily property, River Grove Station, is located in the Chicago suburb of River Grove. The property fits into Merchants Bank’s loan parameters – a shovel-ready deal with a strong developer at a transit-oriented location. Once constructed, the 80-unit property will provide modern luxury and transit-oriented living adjacent to the River Grove Metra Station and within walking distance of nearby restaurants, shopping centers and entertainment venues. Located just northwest of Chicago, River Grove is increasingly attractive to families and young professionals who appreciate the village’s mix of urban amenities in a suburban setting, as well as its easy access to Chicago and nearby O’Hare International Airport. As noted by River Grove Mayor David Guerin, this project will “fundamentally change the face of this section of our downtown” and replace “the view of dilapidated structures” in the area. Merchants Capital Executive Vice President Lee Oller and Senior Vice President Susan Schnoll, the two co-originators on the River Grove Station project, are veteran construction lenders, having over 25 years of experience originating and closing loans under the HUD 221 D4 new construction/substantial rehabilitation program. “For the Merchants Capital Chicago office, this deal is especially exciting, as it is the first Merchants Bank of Indiana construction loan we’ve closed. This development is also the perfect candidate for HUD or GSE takeout financing, which is Merchants Capital’s specialty,” said Oller, who heads up the Chicago office. “We provided an impressive processing timeline from start to finish, which allowed MB Thatcher LLC to begin construction on River Grove Station in a location that is starved for development and often overlooked by developers.” The project is also supported by tax increment financing (TIF) from the Village of River Grove.  These TIF funds will help clean up these environmentally challenged sites and make the development of this new multifamily project feasible. Once the site was approved for TIF financing, the Village approached MB Thatcher LLC, the client, to be the developer due to the quality of other, recently completed projects in the area and their local market knowledge. The development team includes Noah Properties and Environmental Protection Industries (EPI). “We are pleased to expand our multifamily portfolio in River Grove and look forward to bringing in additional new units at this project across the street from the River Grove Metra stop,” said Michael Musa, president and CEO of EPI. “It is our goal to provide affordable modern luxury apartments for the residents of River Grove, with this being our third project in the same general vicinity completed within the last three years.” “This project was brought to us by the officials of River Grove and we completed the site cleanup and the dramatic renovation of the street and streetscape per the request of the village staff and Mayor David Guerin,” said Ben Kadish, president of Maverick Commercial Mortgage Inc., who represented developer MB Thatcher LLC. Located at 2801 Thatcher Avenue, the River Grove Station residences will offer energy efficient one and two-bedroom luxury rental apartments with well-conceived floor plans and attractive finishes selected by skilled designers at Lisek Interiors. The units also feature oversized windows and high ceilings. Construction is expected to complete in mid-2021. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CARMEL, Ind. (April 18, 2019) – Leading mortgage banking company Merchants Capital today announces the opening of a production office in Chicago, located at 131 S. Dearborn St. in The Loop – the company’s fourth office nationwide. Lee Oller has been hired as executive vice president to lead the Chicago team. Oller brings 26 years of experience as a Chief and LEAN Underwriter and has produced more than 350 closed transactions involving the Federal Housing Administration (FHA) and Department of Housing and Urban Development (HUD) loan platforms. She brings a deep understanding of FHA, multifamily and affordable housing that will allow Merchants Capital to grow its local presence in Chicago and regionally across the Midwest. “Merchants Capital is well known in the industry for its passion for multifamily and affordable housing,” Oller said. “The biggest draw to joining Merchants was the ability to diversify our lending products especially Fannie Mae and Freddie Mac. The additional tools at our disposal, along with Merchants commitment to growth and innovation with the support from its banking operation, Merchants Bank, made the decision easy because of the direct benefit to clients.” Joining Oller in the new Chicago office are four senior vice presidents: Susan Schnoll, Alan Cravitz, Brian Black and Emmett Donovan. Schnoll is recognized in the Wisconsin market for her HUD lending knowledge. Cravitz, Black and Donovan bring more than 80 years of combined multifamily lending experience to the team. “This veteran team complements each other and has worked together for many years,” said Oller of the employees joining her in the new Chicago office. “Our expansion to Chicago with this talented group is a very meaningful step in increasing our national lending footprint,” said Michael Dury, president of Merchants Capital. “Lee’s ability to lead is remarkable. We are very excited to introduce her team to our diverse lending products that will allow them to offer a wide variety of solutions.” This expansion follows Merchants Capital’s announcement that it is now servicing more than $10 billion in loans and was named No. 10 on the Top 25 Affordable Lenders of 2018 list by Affordable Housing Finance. The company continues to seek driven employees for a number of positions in all four offices, including New York City and Saint Paul, Minnesota. For career opportunities, visit our careers page.