PHOENIX, October 27, 2025 — Western Alliance Bank today announced that its Affordable Housing Finance Group provided key financing for the Senator Joseph M. Neal Jr. Apartments, a 192-unit affordable housing community in North Las Vegas.
Western Alliance Bank’s support includes the purchase of $43.8 million in tax-exempt construction bonds, plus an investment of 49% of the $35.1 million in tax credit equity.
Located at 1632 Yale St., near E. Tonopah Avenue and N. 5th Street, the four-story community will feature 180 one-bedroom and 12 two-bedroom units, along with amenities such as on-site laundry, a community center, management offices, recreational space, a clubhouse, a fitness center, a computer lab and a dog park.
The development, which will have a senior leasing preference for individuals aged 55 and above, is named in honor of Joseph M. Neal Jr., Nevada’s first Black state senator, who served from 1973 to 2001. Construction is expected to be completed by the summer of 2027.
“Las Vegas requires 92,000 additional housing units, according to the Southern Nevada Regional Housing Authority, and every apartment added makes a difference,” said Philipp Smaczny, managing director of Affordable Housing Finance for Western Alliance Bank. “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.”
The project is being co-developed by Southern Nevada Regional Housing Authority (SNRHA), through its nonprofit arm, Affordable Housing Programs, Inc. (AHP), and affordable housing developer McCormack Baron Salazar.
“The mission of the Southern Nevada Regional Housing Authority is to provide safe and affordable housing that fosters independence, self-sufficiency and community pride,” said Lewis Jordan, Executive Director, Southern Nevada Regional Housing Authority. “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.”
All units will be restricted to residents earning at or below 30%, 50% or 60% of the area median income (AMI). Nearly two-thirds of the apartments, or 120 units, will benefit from a 20-year HUD Section 8 Housing Assistance Program (HAP) contract.
“The Senator Joseph M. Neal Jr. Apartments will be a cornerstone for North Las Vegas, providing transformative and affordable housing for years to come,” said Vincent Bennett, CEO and President of McCormack Baron Salazar. “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 led the debt and equity origination for this project.
“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,” said Linda L. Hill, Executive Vice President at Merchants Capital. “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.”