Carmel, Indiana-based financial services provider Merchants Capital has secured$184 million in Merchants direct seven-year loans for the refinancing of seven separate workforce housing properties located within Indiana, Kentucky and Ohio.
The deal was completed in partnership with Zidan Management Group, a Midwest-based multifamily operator and developer with more than 20 properties throughout the region.
Properties to benefit from this refinancing include:
- Barton Farms Apartment Homes, Greenwood, Ind., 262 units
- Bexley Village, Greenwood, Ind., 276 units
- Creekside at Meadowbrook, Lowell, Ind., 192 units
- Tymberwood Trace Apartments, Louisville, Ky., 160 units
- Crestview Apartments, Louisville, Ky., 224 units
- Camelot East Apartments, Fairfield, Ohio, 492 units
- Meadow View Apartments & Townhomes, Springboro, Ohio, 180 units
“Merchants Capital and ZMG have the shared goal of supporting and amplifying the affordable housing landscape here in the Midwest and its surrounding states,” said Merchants Capital Vice President, Originations Eddie Dietrick, in a statement. “With more than 1,500 units in this portfolio, these properties represent immense opportunities for the future. This refinancing lays the groundwork for improving the ongoing ecosystem of each given community.”
These seven workforce housing properties offer naturally occurring affordable housing with rent pricing affordable to households earning at or below 80% of the area median income.
