Merchants Capital, a leading provider of financing for affordable housing, has successfully secured $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the development of Reserve on Park Place in Fort Wayne, Indiana. This new senior property will consist of 187 units that are restricted to individuals based on age and income levels, addressing the high demand for affordable housing in the area.
The project team behind this development includes Brown Capital Group, Leo Brown Group and Rogers Development Group. According to Ben Trussell, Vice President of Acquisitions at Merchants Capital: “This project exemplifies our collaborative approach and dedication to providing comprehensive services for affordable housing.” He further adds that their ability to offer various sources of funding is crucial in bridging financial gaps within this sector.
Reserve on Park Place will be situated among single-family homes and multi-family residences within a bustling neighborhood with easy access to amenities such as restaurants, hotels, grocery stores and pharmacies along State Route 1. Construction is expected to conclude by April 2025.
Image courtesy R3B Architecture
