Carmel, Indiana-based financial services provider Merchants Capital has secured $17.4 million in Low-Income Housing Tax Credit equity financing for the new construction of Reserve on Park Place, an affordable senior property in Fort Wayne, Indiana.
The property will bring 187 age- and income-restricted units to a high-demand area for affordable housing.
Developers Brown Capital Group, Leo Brown Group and Rogers Development Group bring significant multifamily and senior housing experience to Reserve on Park Place. Restricted to seniors aged 55 and older, the three-story low-rise property comprises 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 (AMI). 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 multi-family homes, with easy access to restaurants, hotels, a grocery store, a pharmacy and local businesses along State Route 1.
Construction is expected to be completed in April 2025.
