Mortgage banking company Merchants Capital recently secured $21 million in financing for the development of Forge on Main, an affordable, workforce housing property coming soon to Evansville, IN.
Located in an Opportunity Zone, Forge on Main is also part of Evansville’s Promise Zone, a designation to support the city’s most “at-risk, yet most promising neighborhoods of its urban core.” The new development will be a mixed-use property, featuring 180 residential units along with 15,000 square feet of commercial space.
The three-year, $21-million deal is a construction loan combined with an equity bridge loan of $3.4 million in redevelopment tax credits from the Indiana Economic Development Corporation. Within the 180 units, 18 will be reserved for residents earning no greater than 60% of the area median income, with the rest of the units priced for tenants at 60% to 120% of the AMI.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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