Berkadia Secures $12.4M in LIHTC Equity for Wallick Development's 52-Unit Lighthouse Ridge Apartments in South Haven

SOUTH HAVEN TOWNSHIP, Mich. — Sept. 8, 2026 — Berkadia has secured $12.4 million in Low-Income Housing Tax Credit equity for Lighthouse Ridge Apartments, a 52-unit affordable garden-style multifamily community planned for South Haven Township, Michigan. Associate Director James Grande of Berkadia Affordable Housing led the transaction on behalf of developer Wallick Development, in partnership with co-sponsors Bogan Developments and Mno-Bmadsen. The deal represents Berkadia's first closing with Wallick Development.

Deal Structure and Affordable Housing Targets

The $12.4 million LIHTC equity raise is part of a total project cost estimated at $16.7 million. The development will serve residents earning between 30% and 80% of Area Median Income, targeting working families in a market that has seen limited new affordable housing production in recent years. MSHDA awarded the project $1.5 million in 9% LIHTCs in July 2025, and Berkadia's September 2026 equity close moves the project further along the capital stack toward construction.

"Lighthouse Ridge Apartments is a meaningful project for the South Haven market," Grande said. "This investment supports the creation of new housing options that will benefit the broader community for years to come."

Property Details: Garden-Style Buildings and Community Amenities

Once complete, Lighthouse Ridge Apartments will comprise 40 two-bedroom units and 12 three-bedroom units spread across three garden-style residential buildings. The development will also include a separate clubhouse housing a community space, management office, laundry room, fitness center, and business center. The site spans approximately 13 acres near M-43 and I-196 in South Haven Township. The project is expected to create 60 temporary construction jobs and two permanent positions.

A First-of-Its-Kind Allocation for Van Buren County

MSHDA's 2025 award described Lighthouse Ridge as Van Buren County's first new LIHTC allocation since 2015, underscoring the scarcity of recent affordable housing production in the area. South Haven's housing need is substantial: one forecast estimated the city requires 652 new units over the five-year period from 2026 to 2031. The project's approval required a rezoning of the township site, which was described in public documents as encompassing two 16-unit buildings and one 20-unit building, though subsequent development materials from Bogan Developments referenced four residential buildings and a clubhouse, indicating the design evolved during the entitlement process.

Market Context and Berkadia's Affordable Housing Platform

The Lighthouse Ridge closing comes as LIHTC equity markets remain active nationally. Tax credit equity pricing has hovered around 84 cents on the dollar nationwide, with regional variation ranging roughly from 80 to 89 cents, and total equity available in the market for 2026 has been estimated at approximately $30 billion. Apartment fundamentals have also remained supportive of development economics, with average multifamily occupancy running at 95.5% in the second quarter of 2026.

For Berkadia, the transaction adds a new sponsor relationship to its affordable housing pipeline. The firm reported more than $1 billion in financing across its platform in the first quarter of 2026. Berkadia Affordable Housing operates as a fully integrated financial services platform offering mortgage banking, investment sales, and tax credit syndication.

Wallick Development partnered with Bogan Developments and Mno-Bmadsen on the project. The Lighthouse Ridge closing marks the first time Berkadia has completed a transaction with Wallick Development.

Sources

Berkadia — Lighthouse Ridge Apartments, South Haven, MI | Financed by Berkadia 2026