Merchants Capital Provides $99M in Financing for Indiana Workforce Housing 

Merchants Capital provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit mixed-use, mixed-income workforce housing community now leasing in Fort Wayne, Indiana.

Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that celebrated its grand opening last month. Merchants Capital secured a $34.4 million Freddie Mac Non-LIHTC Forward permanent loan and provided $9.5 million in federal low-income housing tax credit equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing. The Elex offers one, two and three-bedroom units, with 207 units rented at market rate and 89 affordable units.

“Merchants is proud to deliver financing specific to The Elex’ complexity and serve this community-enhancing initiative,” said Jeff Spahn, Senior Vice President of Originations at Merchants Capital. “We congratulate Biggs Group, Ancora and the City of Fort Wayne on this milestone achievement and look forward to seeing the city flourish as the third phase completes.”