Dealmaker: Merchants Capital Secures $17.4M in Equity Financing in Indiana

(Property rendering. Image courtesy of R3B Architecture via Merchants Capital)

Merchants Capital, Carmel, Ind., secured $17.4 million in Low-Income Housing Tax Credit equity financing for the construction of an affordable senior property in Fort Wayne, Ind.

The property, called the Reserve on Park Place, will provide 187 income- and age-restricted units.

Construction is expected to be completed in April 2025. The developers are Brown Capital Group, Leo Brown Group and Rogers Development Group.

Restricted to seniors aged 55 and older, the three-story property will include 15 studio units, 136 one-bedroom units and 36 two-bedroom units limited to residents earning 40%, 60% and 80% of the area median income. The units are designed to support senior and special needs, with amenities that include handrails, grab bars, intercoms, limited access and video surveillance.

Reserve on Park Place will sit in a neighborhood among single-family and multifamily homes, with access to restaurants, hotels, a grocery store, a pharmacy and local businesses along State Route 1.