Merchants Capital Secures $30M for 227-Unit Indianapolis Multifamily Development

Merchants Capital announced $30.7 million in forward-committed permanent financing for Central at Old Southside, a 227-unit 4% low-income housing tax credit multifamily development to be built in Indianapolis, Indiana, by The Annex Group. 

Merchants Capital secured a $30.7 million cash-backed Freddie Mac Forward TEL loan for the development. “The addition of more than 200 affordable homes will make a meaningful and lasting impact in the Old Southside neighborhood, where the need for quality, affordable housing remains significant,” said Nick Miller, Assistant Vice President of Originations at Merchants Capital.”

Based in Fishers, Indiana, The Annex Group is a multifamily housing developer with a portfolio of communities valued at more than $600 million. The company has overseen more than $1.1 billion in single-family, multifamily, mixed-use and other commercial projects, including redevelopment and ground-up construction.

Upon completion, Central at Old Southside will feature two garden-style, four-story buildings with one, two and three-bedroom apartments. Construction will begin in 2026 and is expected to be completed in 2028.