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Dealmaker: Merchants Capital Secures $17.1M for Indiana Development
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(Image courtesy of Merchants Capital via Philip A. Troyer)
Merchants Capital, Carmel, Ind., announced it secured $17.1 million in financing for a supportive housing development in Indianapolis for households recovering from addiction.
Merchants Capital provided $9.5 million in low-income housing tax credit equity financing, and Merchants Bank provided a $7.6 million equity bridge loan.
Financing from The Indiana Housing & Community Development Authority included a $750,000 Development Fund Loan in addition to 9% low-income housing tax credits as part of the Emerging Developer 2023 Rental Housing Tax Credit General Set-Aside. Additional partners include First Merchants Bank and The National Bank of Indianapolis.
Called The Marvetta & Anthony Grimes Family Center, it was developed by 2 Thirty-Eight Properties in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. A number of other nonprofits and organizations are involved in the efforts and will be involved in the operations and referral process.
It will include two two-story buildings with 24 two-bedroom units, 12 three-bedroom units and a daycare center, medical offices and community and supportive services.
Construction began in May and is scheduled for completion next year.