Western Alliance Bank Funds Backs Nearly 200 New Affordable Apartments in North Las Vegas
Western Alliance Bank Funds has announced a significant commitment to affordable housing in North Las Vegas, providing vital financing for the Senator Joseph M. Neal Jr. Apartments, a 192-unit residential community designed to offer high-quality, affordable housing to seniors and other residents in need. This project, strategically located at 1632 Yale Street near E. Tonopah Avenue and N. 5th Street, marks a critical step toward addressing the growing housing demand in the region.
Western Alliance Bank’s involvement includes the purchase of $43.8 million in tax-exempt construction bonds and an investment of 49% in the $35.1 million in tax credit equity associated with the development. This dual financial support underscores the bank’s commitment to affordable housing initiatives and reflects its broader mission to provide innovative financing solutions for projects that address social and economic needs in local communities.
The Senator Joseph M. Neal Jr. Apartments will comprise four stories and feature 180 one-bedroom units and 12 two-bedroom units. The community is designed with a robust suite of amenities to enhance residents’ quality of life, including on-site laundry facilities, a community center, management offices, recreational spaces, a clubhouse, a fitness center, a computer lab, and even a dog park. The thoughtfully designed layout emphasizes both comfort and accessibility, particularly for the senior population that the development primarily serves.
Named in honor of Joseph M. Neal Jr., Nevada’s first Black state senator who served from 1973 to 2001, the community will include a senior leasing preference for individuals aged 55 and older. Construction is expected to reach completion by the summer of 2027, providing a timely addition to North Las Vegas’s housing supply at a moment when demand is high.
According to Philipp Smaczny, managing director of Affordable Housing Finance at Western Alliance Bank, “Las Vegas requires 92,000 additional housing units, according to the Southern Nevada Regional Housing Authority, and every apartment added makes a difference. Western Alliance Bank is proud to support a project that will provide nearly 200 units to seniors and other residents in need. The Senator Joseph M. Neal Jr. Apartments will help more Las Vegans secure an affordable place to call home.” His statement highlights both the urgent need for affordable housing in the region and the critical role financial institutions can play in addressing this challenge.
The project is a collaborative effort, co-developed by the Southern Nevada Regional Housing Authority (SNRHA) through its nonprofit arm, Affordable Housing Programs, Inc. (AHP), and by the nationally recognized affordable housing developer McCormack Baron Salazar. This partnership exemplifies a successful public-private collaboration aimed at delivering long-term solutions for housing affordability while fostering community development and stability.
Lewis Jordan, Executive Director of the Southern Nevada Regional Housing Authority, emphasized the organization’s mission, stating, “The mission of the Southern Nevada Regional Housing Authority is 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, providing housing that is foundational to individual and community well-being.” His remarks underscore the multi-layered support necessary to bring such large-scale affordable housing projects to fruition, from funding and planning to execution.
All units at the Neal Apartments will be restricted to residents earning at or below 30%, 50%, or 60% of the area median income (AMI), ensuring that the community serves those most in need. Nearly two-thirds of the apartments, or 120 units, will be supported through a 20-year HUD Section 8 Housing Assistance Program (HAP) contract, providing residents with rental assistance and enhancing housing stability over the long term. This approach ensures that the development addresses both immediate housing needs and sustainable affordability.
Vincent Bennett, CEO and President of McCormack Baron Salazar, praised the initiative, stating, “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.” His comments reflect the developer’s commitment not only to constructing physical housing units but also to cultivating community identity, preserving historical recognition, and ensuring long-lasting impact.
Merchants Capital played a leading role in both debt and equity origination for the project. Their participation highlights the importance of specialized financial expertise in structuring complex affordable housing deals that leverage multiple funding sources and comply with federal and state regulations. Linda L. Hill, Executive Vice President at Merchants Capital, said, “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.”
The Neal Apartments exemplify the growing trend of integrating community-oriented amenities and senior-friendly design in affordable housing developments. Features like the clubhouse, fitness center, and dog park encourage social interaction and engagement among residents, while on-site management and services provide convenient support that enhances both safety and satisfaction. By prioritizing these elements, the project aims to create a holistic living environment that extends beyond merely providing shelter.
Additionally, the development aligns with broader municipal and regional housing strategies, addressing critical shortages in affordable rental units while supporting social equity goals. Las Vegas’s housing market has faced increasing pressure from population growth and rising living costs, making initiatives like the Neal Apartments essential for maintaining a balanced and inclusive community. By targeting residents with incomes at or below 60% of the AMI, the project ensures that those who might otherwise be priced out of the market have access to safe, stable, and affordable homes.
Construction of the Neal Apartments is anticipated to generate significant economic activity in North Las Vegas, creating jobs in construction, property management, and ancillary services. Beyond the immediate economic impact, the development is expected to contribute to long-term community stability, supporting local businesses and enhancing neighborhood cohesion. Through careful planning and collaboration, the project demonstrates how affordable housing can serve as a catalyst for both social and economic development.
Western Alliance Bank’s involvement in the project underscores its leadership in affordable housing finance, a sector where financial institutions play a critical role in bridging funding gaps and facilitating public-private partnerships. The bank’s commitment reflects a broader understanding that access to affordable housing is foundational not only to individual well-being but also to the economic vitality of communities. By investing in projects like the Neal Apartments, Western Alliance Bank is helping to create tangible solutions for housing challenges while fostering inclusive growth in North Las Vegas.
In summary, the Senator Joseph M. Neal Jr. Apartments represent a collaborative and forward-looking approach to affordable housing, combining financial innovation, community-oriented design, and strategic partnerships to deliver nearly 200 much-needed residential units. With construction expected to be completed by 2027, the development will provide seniors and other residents with safe, dignified, and affordable homes while honoring the legacy of Nevada’s first Black state senator. This project is a testament to the power of collaboration among financial institutions, developers, and local authorities in addressing one of the most pressing social needs of the Las Vegas metropolitan area.
