Western Alliance Bank Finances Affordable Housing Project in North Las Vegas

10/24/2025 – 03:20 PM

Senator Joseph M. Neal Jr. Apartments Break Ground: Addressing Las Vegas’ Affordable Housing Shortage

PHOENIX – Western Alliance Bank (NYSE: WAL) announced today a significant investment in addressing the critical affordable housing shortage in North Las Vegas. Through its Affordable Housing Finance Group, the bank is providing vital financing for the Senator Joseph M. Neal Jr. Apartments, a 192-unit affordable housing community poised to open in Fall 2027. This project underscores the growing need for affordable housing solutions amidst rising living costs and a widening income gap, a challenge facing cities across the U.S.

Western Alliance Bank’s commitment includes the purchase of $43.8 million in tax-exempt construction bonds and a substantial investment representing 49% of the $35.1 million in tax credit equity. This dual approach leverages both debt and equity markets to maximize the project’s financial viability.

The four-story complex, located at 1632 Yale St., offers a mix of 180 one-bedroom and 12 two-bedroom units. Beyond the individual apartments, the development includes essential amenities such as on-site laundry, a community center, management offices, recreational space, a clubhouse, a fitness center, a computer lab, and even a dog park – recognizing the importance of holistic community building and resident well-being.

This development, with a senior leasing preference for those 55 and over, carries the name of Joseph M. Neal Jr., a pioneering figure as Nevada’s first Black state senator, who served from 1973 to 2001. The project serves as a tribute to his legacy of public service and commitment to social justice. The choice of naming the apartments after Senator Neal adds a layer of historical significance and community pride to the development.

“Las Vegas faces a significant housing deficit, with an estimated need for 92,000 additional units, according to the Southern Nevada Regional Housing Authority,” stated Philipp Smaczny, Managing Director of Affordable Housing Finance for Western Alliance Bank. “Each affordable apartment we add makes a tangible difference. Western Alliance Bank is proud to be a part of a solution that will provide nearly 200 units to seniors and other residents in need, helping to secure an affordable place to call home.” Smaczny’s comments highlight the crucial role that financial institutions play in addressing the housing crisis.

The Senator Joseph M. Neal Jr. Apartments is a collaborative effort, co-developed by the Southern Nevada Regional Housing Authority (SNRHA), through its nonprofit arm, Affordable Housing Programs, Inc. (AHP), and McCormack Baron Salazar, a seasoned affordable housing developer. This partnership brings together the expertise and resources of both public and private sectors, a critical model for successfully navigating the complexities of affordable housing development.

Lewis Jordan, Executive Director of the Southern Nevada Regional Housing Authority, emphasized the organization’s mission: “To provide safe and affordable housing that fosters independence, self-sufficiency, and community pride. There is no better way to accomplish this than by providing comfortable, safe, dignified and affordable housing. Thanks to partners like Western Alliance Bank that provide critical financing, along with a confluence of federal, state and county funding sources, we can make these important projects a reality.” The SNRHA’s involvement also speaks to the importance of public-private partnerships in addressing housing needs.

The project’s affordability is ensured through income restrictions, with all units reserved for residents earning at or below 30%, 50%, or 60% of the area median income (AMI). Furthermore, nearly two-thirds of the apartments (120 units) will benefit from a 20-year HUD Section 8 Housing Assistance Program (HAP) contract, providing long-term rental assistance to residents. The reliance on both AMI restrictions and HUD Section 8 contracts demonstrates a commitment to serving the most vulnerable populations.

Vincent Bennett, CEO and President of McCormack Baron Salazar, highlighted the long-term impact of the project: “The Senator Joseph M. Neal Jr. Apartments will be a cornerstone for North Las Vegas, providing transformative and affordable housing for years to come. This development reflects the power of partnership to create communities that honor history, build legacy and set the stage for sustainable growth and long-term stability.”

Merchants Capital played a vital role in leading the debt and equity origination for the project, demonstrating the specialization of certain financial institutions in facilitating affordable housing development. Linda L. Hill, Executive Vice President at Merchants Capital, stated, “Merchants Capital, alongside Western Alliance Bank, is proud to support the development of the Senator Joseph M. Neal Jr. Apartments through both debt and equity financing. This project represents a meaningful investment in the future of North Las Vegas — providing high-quality, affordable housing for seniors while honoring the legacy of a trailblazing public servant. We are grateful to collaborate with McCormack Baron Salazar, Southern Nevada Regional Housing Authority, and all partners involved in bringing this transformative community to life.”

This development comes at a time when affordable housing is a critical issue nationwide. Increasing construction costs, land values, and regulatory hurdles are all contributing to the shortage. The Senator Joseph M. Neal Jr. Apartments serves as an example of how strategic partnerships and innovative financing solutions can help overcome these challenges and create much-needed affordable housing options.