Workforce Housing Project in Evansville Opportunity Zone Secures Financing
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!