Wallick Closes Financing for $16.7 Million Lighthouse Ridge Apartments
Wallick has closed on financing for Lighthouse Ridge Apartments, a $16.7 million new-construction affordable housing community in South Haven Township, Michigan. Construction will begin shortly on the 52-home development, which Wallick is co-developing with Bogan Developments and Mno-Bmadsen.
Once complete, Lighthouse Ridge focus on serving families earning between 30% and 80% of the Area Median Income. Located approximately 1.5 miles from downtown South Haven, the community will feature 40 two-bedroom homes and 12 three-bedroom homes, as well as a clubhouse, exercise room, computer center, playground and green space.
Wallick will own and manage Lighthouse Ridge once construction is complete.
Returning to West Michigan Through Partnership
Lighthouse Ridge marks Wallick’s first project in West Michigan in roughly 10 years.
It is the company’s first development partnership with a Native American tribe—Mno-Bmadsen is the non-gaming investment arm of the Pokagon Band of Potawatomi. The development will include homes reserved for tribal citizens, helping address a critical housing need within the tribe’s service area.
The partnership combines Wallick’s affordable housing experience with the regional knowledge and expertise of Bogan Developments and Mno-Bmadsen.
Financing and Local Support
Last year, Lighthouse Ridge received $1.5 million in competitive 9% Low-Income Housing Tax Credits from the Michigan State Housing Development Authority. The award marked Van Buren County’s first new Low-Income Housing Tax Credit allocation since 2015.
Merchants Bank and Berkadia supported the project’s financing. South Haven Township also provided a 1% Payment in Lieu of Taxes (PILOT) agreement, offering important local support and demonstrating the township’s commitment to expanding affordable housing.
With financing in place, Wallick looks forward to beginning construction and sharing updates as Lighthouse Ridge takes shape. Read more about the project here.
