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Merchants Capital Provides $17M for Indiana Senior Property
Merchants Capital 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.
The project team includes Brown Capital Group, Leo Brown Group and Rogers Development Group. “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.”
Reserve on Park Place will sit in a neighborhood among single-family and multi-family homes, with access to restaurants, hotels, a grocery store, a pharmacy and businesses along State Route 1. Construction is expected to be completed in April 2025.
Image courtesy of R3B Architecture
