Western Alliance Bank announced $33 million in construction financing for Marble Manor Phase I, a 138-unit mixed-income housing redevelopment located less than two miles northwest of downtown Las Vegas. The project is designed to expand affordable housing access in the city’s Historic Westside neighborhood.
The financing package includes a construction loan made up of $31 million in tax-exempt bonds and $2 million in taxable bonds. It also includes $19.46 million in tax-exempt permanent bonds.
R4 Capital Funding is Western Alliance’s originations partner for the transaction. R4 Capital Funding is also serving as the construction and permanent asset manager and loan servicer.
Once completed, Marble Manor Phase I will include 138 family rental homes across five residential buildings. The unit mix will include one-, two-, three-, and four-bedroom units, along with one five-bedroom unit.
Thirty units will be market rate, while 108 units will be reserved for families earning below 30% to 60% of the Area Median Income. The development will also include 3,000 feet of ground-floor retail and on-site supportive services provided by the Southern Nevada Regional Housing Authority.
Marble Manor is being co-developed by Brinshore Development and the Southern Nevada Regional Housing Authority. Metcalf Builders is handling construction, and Enterprise Community Partners will serve as the property’s tax credit equity syndicator by providing $21.7 million in tax credit equity.
The project is also supported by a $53 million Choice Neighborhoods Grant from the U.S. Department of Housing and Urban Development. Marble Manor Phase I broke ground in April 2026.
Western Alliance previously financed Brinshore Development’s Silverada Manor in Reno and the Southern Nevada Regional Housing Authority’s Senator Joseph M. Neal Jr. Apartments in Las Vegas. Both projects are under construction, with completion expected in 2027.
Western Alliance Bancorporation is a banking company with $90 billion in assets and offices nationwide. Its primary subsidiary, Western Alliance Bank, provides business banking solutions and consumer products across more than 30 industries and sectors.
KEY QUOTES:
“Western Alliance has supported the Las Vegas community for decades, and we are proud to extend affordable housing options for local families. Marble Manor will deliver one- to five-bedroom rental homes across a wide range of income levels, creating stable housing opportunities in a neighborhood that continues to grow.”
Mieke Holkeboer, Director of Affordable Housing Finance at Western Alliance Bank
“This project reflects continued investment in the Historic Westside and expands access to quality, attainable housing in Las Vegas. We value our ongoing partnerships with Brinshore Development, the Southern Nevada Regional Housing Authority, and R4 Capital Funding, our partner on over $1.3BN of affordable housing mortgage debt to date.”
Philipp Smaczny, Senior Managing Director of Affordable Housing Finance at Western Alliance Bank
