Dealmaker: Merchants Capital Secures $35.1M for Historic Adaptive Reuse Development

(Image courtesy of Merchants Capital)

Merchants Capital, Carmel, Ind., announced that it secured $35.1 million in tax credit equity financing for the historic adaptive reuse of an affordable multifamily housing development in Columbus, Ohio.

The developer for the property, called Lofts at 40 Long, is Woda Cooper Cos., with co-developer IMPACT Community Action.

Merchants Capital secured $18.5 million in 4% low-income housing tax credit equity, $11.4 million in federal historic tax credits and $5.2 million in Ohio LIHTC for Lofts at 40 Long. Ohio Housing Finance Agency allocated the federal and state housing tax credits, and the National Park Service allocated the federal historic credits. Other funding sources include city, county, agency and private sources.

IMPACT Community Action will provide resident services, and Jewish Family Services is also connected to provide such services.

The project will convert a vacant former YMCA building into 121 modern apartments, which will be restricted to families earning between 30-80% area median income.

“Merchants Capital is proud to play a key role in this transformative project, contributing more than $35 million in equity that will deliver 121 homes for families in the community—while also preserving the rich history of the YMCA building,” said Josh Reed, executive vice president of LIHTC acquisitions at Merchants Capital. “Woda Cooper Cos. is demonstrating exceptional expertise in renovating a nearly 100-year-old historic, seven-story masonry building in the heart of the downtown area. Lofts at 40 Long is a unique and exemplary redevelopment that will become a cornerstone of downtown Columbus.”

Construction began in August and is expected to be completed in late 2027.