CARMEL, IN - Leading financial services provider Merchants Capital today announced it has secured $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the new construction of Reserve on Park Place, an affordable senior property in Fort Wayne, Indiana. The property will bring 187 age- and income-restricted units to a high-demand area for affordable housing.
"This project is emblematic of Merchants’ collaborative, full-service approach and commitment to affordable housing,” said Ben Trussell, Vice President of Acquisitions at Merchants Capital. “We are proud to provide a range of financing sources that support affordable housing development, particularly in closing funding gaps. We deeply value our partnership with Brown Capital Group, Leo Brown Group and Rogers Development Group.”
Developers Brown Capital Group, Leo Brown Group and Rogers Development Group bring significant multifamily and senior housing experience to Reserve on Park Place. Restricted to seniors aged 55 and older, the three-story low-rise property comprises 15 studio units, 136 one-bedroom units and 36 two-bedroom units limited to residents earning 40%, 60% and 80% of the area median income (AMI). The units are designed to support senior and special needs, with amenities that include handrails, grab bars, intercoms, limited access and video surveillance.
“Given the numerous challenges amidst development projects, specifically in the affordable housing sector, Merchants Capital was an anchor in an unpredictable financing environment,” said Jarod Brown, CEO of Brown Capital Group. “We are delighted to bring affordable housing to an area which has such a high concentration of jobs for our future residents.”
Reserve on Park Place will sit in a neighborhood among single-family and multi-family homes, with easy access to restaurants, hotels, a grocery store, a pharmacy and local businesses along State Route 1.
Construction is expected to be completed in April 2025.
ABOUT MERCHANTS CAPITAL: With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multifamily housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank’s balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com
ABOUT BROWN CAPITAL: Brown Capital Group is a multifamily developer based in Indianapolis, sourcing and executing real estate investment opportunities across various product types and regions across the United States. BCG was founded by Jarod Brown, who has developed over $500 million of assets nationwide ranging from student, workforce, affordable, market rate, and mixed-use projects. The company focuses on developing communities in areas with significant drivers of job growth across multiple product types, selecting the most appropriate financing strategy to deliver the best product for specific locations. BCG thrives on its ability to identify best-in-class partners that will ensure the project’s success, be they investors, joint venture partners, or service providers.