Loan Closings

CARMEL, Ind. (March 24, 2021) – Mortgage banking company Merchants Capital recently secured $21 million in financing for the development of Forge on Main, an affordable, workforce housing property coming soon to Evansville, Indiana. Located in an Opportunity Zone, Forge on Main is also part of Evansville’s Promise Zone, a designation to support the city’s most “at-risk, yet most promising neighborhoods of its urban core.” The new development will be a mixed-use property, featuring 180 residential units along with 15,000 square feet of commercial space. “The Forge on Main project is truly an example of state, local and community collaboration at its best,” said Interim Indiana Secretary of Commerce, Jim Staton. “By investing in transformative projects like this one, Indiana will continue to attract top talent while creating a better quality of place for Hoosiers.” The three-year, $21 million deal is a construction loan combined with an equity bridge loan of the $3.4 million in redevelopment tax credits from the IEDC. Within the 180 units, 18 will be reserved for residents earning no greater than 60% of the area median income (AMI), with the rest of the units priced for tenants at 60% to 120% of the AMI. “Forge on Main helps meet and exceed the Evansville Promise Zone’s goal of expanding the number of quality, workforce housing units in the area,” said Merchants Capital Vice President, Originations, Brian Shelbourne. “The development is part of the revitalization of the Evansville community, aimed at bringing more families and businesses to the area, to maintain a secure place to work and live. Merchants Capital is proud to support the financing for this workforce housing property for our fellow Hoosiers.” The project was completed in partnership with the borrower House Investments, the Partnership for Affordable Housing, Inc., the Indiana Economic Development Corporation (IEDC) and the City of Evansville, which awarded tax increment financing (TIF) bonds and a ten-year property tax abatement for the project. Additionally, the Centerpoint Energy Foundation – a non-profit arm of Centerpoint Energy, a gas and/or electricity provider located in Evansville – provided a grant to the project. “The Forge on Main is truly a community project that would not have been possible without the support from all of our partners,” said House Investments Chief Investment Officer, Matt Gadus. “The development provides an additional housing option that currently does not exist in the area, and it provides an opportunity for residents to live, work, and play in the neighborhood. House Investments is committed to providing impactful, workforce housing projects which benefit the overall community.” The workforce housing complex will consist of studio, one- and two-bedroom apartments, with 102 of the 180 units located in a three-story walk up, and 78 units located directly above the retail and commercial space. Currently, developers are working to place a grocery store in the property, recognizing that the Evansville Opportunity Zone is located within a food desert. “The Forge on Main will occupy one of the oldest developed blocks in our city’s northside history,” said Executive Director of the Department of Metropolitan Development for the City of Evansville, Kelley Coures. “From a plow factory in the 19th century to the modern 180 living units that will help repopulate this neighborhood, we feel House Investments will be a solid partner for the area’s future growth.  The city invested $15 million in the North Main street corridor and another $30 million in the new Deaconess Aquatic Center at the north end, this development will serve as an important southern anchor in overall redevelopment strategy.” “CenterPoint Energy is proud to partner with the City of Evansville, the Indiana Economic Development Corporation and the Partnership for Affordable Housing, Inc. on the Forge on Main project,” said CenterPoint Energy Senior Vice President of Generation Development, Steve Greenley. “This project will provide a significant impact to the North Main corridor by providing additional units of affordable and efficient housing and continue the positive momentum present in the Jacobsville neighborhood.” Forge on Main broke ground in August 2020 and will be located at 200 N. Main Street. The property is currently pre-leasing for Fall 2021. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn, and Instagram.

CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana (MBI) construction loan for the development of 53 Colton Street, an affordable housing complex currently under construction in downtown San Francisco. Located in Mid-Market one of San Francisco’s fastest growing neighborhoods, 53 Colton Street will provide 96 affordable and supportive efficiency studio apartments to formerly homeless adults. All units will be reserved for residents referred through the Coordinated Entry System (CES).  The project will create much needed deeply affordable housing at the center of the city. “Closing the first MBI construction loan in downtown San Francisco is a tremendous success for Merchants Capital,” said Lee Oller, executive vice president of Merchants Capital’s Chicago office. “This development is especially noteworthy as it takes an overlooked area and transforms it into a new hub of activity for both residents and workers.  This is truly taking a net-negative and turning it into a net-positive for the neighborhood and the city. We at Merchants are proud to have partnered on such a meaningful project for San Francisco and the Bay Area.” With groundbreaking expected this winter, the structure and design of 53 Colton Street will focus on meeting the everyday needs of a supportive housing community, while simultaneously creating a residence that is beautiful, sustainable and cost-efficient. Each of the 96 studio units will be equipped with a private bathroom and kitchenette. Building amenities include common areas, a community room with dining area and kitchen, a bike room, common laundry facilities and a private landscaped courtyard.  The building is designed by David Baker Architects, one of San Francisco’s leading architecture firms. “53 Colton is a wonderful example of what’s possible with a partnership that includes for-profit and non-profit developers, the City of San Francisco, State of California, organized labor, and financial institutions like Merchants, Enterprise, and the AFL-CIO. We are excited to see this project come to fruition,” said Michael Cohen, a Founding Principal of Strada Investment Group. Additionally, the property management group, Community Housing Partnership (CHP) will provide on-site case managers and counselors to support residents in an effort to improve their overall quality of life and stimulate them to become self-reliant. "Our organization's mission is to create a permanent home for people who have experienced homelessness. The challenge is large and requires all of us to work together; we have forged partnerships with lenders, state and local government and philanthropy to achieve the goal. Our partnership with MBI was instrumental in our success,” said Community Housing Partnership CEO Rick Aubry. In addition to the MBI construction loan, Merchants Capital also provided the Low-Income Housing Tax Credit (LIHTC) equity bridge loan. “Transforming this area into a beautiful, welcoming development while providing affordable housing to many San Francisco residents is truly a remarkable project,” said Susan Schnoll, senior vice president, originations of Merchants Capital’s Chicago office. “Merchants is proud to have partnered with Strada Investment Group and CHP to bring 53 Colton Street to life. It will provide necessary housing to those who need it most.” The development at 53 Colton Street is expected to be completed by the spring or summer of 2022. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured funding for the development of Montclare Senior Residences of Calumet Heights. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221 D4 program. The project was completed in partnership with MR Properties, LLC and Patti Ann Charitable Services. Located in the historic “Pill Hill” neighborhood on Chicago’s South Side, the senior housing property serves individuals 62 years and older in 134 one- and two-bedroom units, with 104 units reserved for extremely-low, very-low and low-income households earning no greater than 60% of the area median income (AMI). Within these 104 designated units, 34 units will be subject to a project-based Section 8 HAP contract administered by the Chicago Housing Authority and 21 units will have tenants who were referred by the Statewide Referral Network. The property will also have 30 market rate units with no income restrictions, 14 accessible (Americans with Disabilities Act-compliant) units and three units with special accommodations for persons with seeing and hearing impairments. Merchants Capital served as senior lender for the project, securing a construction and permanent non-recourse loan through the 221 D4 program, providing a 40-year term and 40-year amortization. “We are a leading advocate for building and preserving affordable housing for all Americans, including our seniors in Chicago,” said Alan Cravitz, senior vice president of Merchants Capital’s Chicago office. “Merchants Capital is thrilled to continue providing loan financing for necessary affordable and accessible housing options to individuals in our Chicago community. Our team is glad to have been a part of this important development servicing mixed-income seniors in the historic ‘Pill Hill’ neighborhood.” Executive Vice President Lee Oller, also with Merchants Capital’s Chicago office, co-originated this financing with Cravitz. Constructed on part of a previously vacant five-acre lot on Chicago’s far South Side, Montclare Senior Residences of Calumet Heights boasts tremendous amenities for its residents including a community room with warming kitchen, fitness center, medical exam room, media room, library, computer lab, beauty salon, centralized mailroom and laundry facilities. On the exterior, residents are able to enjoy beautifully landscaped grounds and walking paths. With construction complete, the complex is one of seven Montclare developments in the Chicago area. For this project, an estimate of 464,000 work hours were contributed from 100% Union labor, creating 300+ construction jobs during the build and seven full-time, on-site staff positions to run the facility. Montclare Senior Residences of Calumet Heights is located at 9401 S. Stony Island Avenue, which is central to local transit, health care offices and retail outlets. “We sincerely appreciated the financial assistance provided by Merchants Capital. They were extremely reliable and timely, and seemed to be the most proficient of all of Senior HUD loan providers that we have worked with over the last 20 years. We look forward to working with them on our future projects,” said MR Properties Managing Director Phil Mappa. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CHICAGO – The Chicago office of Merchants Capital, established in early 2019, today announces its first new construction/mini-perm loan through Merchants Bank of Indiana, Merchants Capital’s parent company. The multifamily property, River Grove Station, is located in the Chicago suburb of River Grove. The property fits into Merchants Bank’s loan parameters – a shovel-ready deal with a strong developer at a transit-oriented location. Once constructed, the 80-unit property will provide modern luxury and transit-oriented living adjacent to the River Grove Metra Station and within walking distance of nearby restaurants, shopping centers and entertainment venues. Located just northwest of Chicago, River Grove is increasingly attractive to families and young professionals who appreciate the village’s mix of urban amenities in a suburban setting, as well as its easy access to Chicago and nearby O’Hare International Airport. As noted by River Grove Mayor David Guerin, this project will “fundamentally change the face of this section of our downtown” and replace “the view of dilapidated structures” in the area. Merchants Capital Executive Vice President Lee Oller and Senior Vice President Susan Schnoll, the two co-originators on the River Grove Station project, are veteran construction lenders, having over 25 years of experience originating and closing loans under the HUD 221 D4 new construction/substantial rehabilitation program. “For the Merchants Capital Chicago office, this deal is especially exciting, as it is the first Merchants Bank of Indiana construction loan we’ve closed. This development is also the perfect candidate for HUD or GSE takeout financing, which is Merchants Capital’s specialty,” said Oller, who heads up the Chicago office. “We provided an impressive processing timeline from start to finish, which allowed MB Thatcher LLC to begin construction on River Grove Station in a location that is starved for development and often overlooked by developers.” The project is also supported by tax increment financing (TIF) from the Village of River Grove.  These TIF funds will help clean up these environmentally challenged sites and make the development of this new multifamily project feasible. Once the site was approved for TIF financing, the Village approached MB Thatcher LLC, the client, to be the developer due to the quality of other, recently completed projects in the area and their local market knowledge. The development team includes Noah Properties and Environmental Protection Industries (EPI). “We are pleased to expand our multifamily portfolio in River Grove and look forward to bringing in additional new units at this project across the street from the River Grove Metra stop,” said Michael Musa, president and CEO of EPI. “It is our goal to provide affordable modern luxury apartments for the residents of River Grove, with this being our third project in the same general vicinity completed within the last three years.” “This project was brought to us by the officials of River Grove and we completed the site cleanup and the dramatic renovation of the street and streetscape per the request of the village staff and Mayor David Guerin,” said Ben Kadish, president of Maverick Commercial Mortgage Inc., who represented developer MB Thatcher LLC. Located at 2801 Thatcher Avenue, the River Grove Station residences will offer energy efficient one and two-bedroom luxury rental apartments with well-conceived floor plans and attractive finishes selected by skilled designers at Lisek Interiors. The units also feature oversized windows and high ceilings. Construction is expected to complete in mid-2021. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

NEW YORK – Mortgage banking company Merchants Capital today announces the closing of a $51 million construction loan and a $28.4 million Freddie Mac 9% Low-Income Housing Tax Credit (LIHTC) Cash Unfunded Forward Commitment to fund a new affordable housing project in Manhattan’s Upper West Side. The total $80 million funds for the project, located in the historic Park 79 Hotel, comprises the largest 9% LIHTC allocation in New York City. Renovations to the original hotel, which first debuted in 1899 as “The Indiana,” will create 77 deeply affordable residences for very-low income seniors in the heart of Manhattan. Under an agreement with the New York City Department of Housing Preservation and Development (HPD), the property will remain affordable for at least 60 years. “Redeveloping the Park 79 Hotel and structuring affordable apartments for senior residents in Manhattan is a commendable task, and we at Merchants Capital are thrilled to have worked as a partner on this project, especially with the borrower, Fairstead,” said Mathew Wambua, vice chairman and head of agency lending at Merchants Capital. “We as a company are committed to providing accessible and affordable housing options across the country, and this project is the epitome of that commitment.” Fairstead, the project developer, will oversee renovations, reconfiguring the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including new elevator service, creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The building will also have a full-time attendant serving residents as a lobby concierge. “The partnership and commitment from Fairstead and the New York City Department of Housing Preservation and Development (HPD) has brought this meaningful affordable housing redevelopment to life,” said Michael Milazzo, vice president of loan originations at Merchants Capital. “This project will provide New York City’s senior residents with the quality housing and services they deserve. A special thank you is in order to HPD – for pushing forward under the most adverse of conditions to get this project closed in a timely manner. We also want to thank Will Blodgett of Fairstead for the company’s dedication to housing for all.” Redevelopment of the Park 79 Hotel creates affordable housing in an extremely desirable location of New York City, where affordability and accessibility is traditionally hard to find. Located steps away from Central Park, the project will allow Manhattan’s low-income seniors to continue residing in their home neighborhood without having to look for affordable housing outside of the city limits. “At a moment when the need for high-quality affordable housing for New York’s seniors couldn’t be more urgent, we are beyond proud to break ground on creating 77 deeply affordable residences for seniors right in the heart of the Upper West Side, and grateful to Merchants Capital for its partnership” said Will Blodgett, founding partner of Fairstead. “We pride ourselves in creating and preserving high-quality affordable housing in high-opportunity areas, and it’s so gratifying to provide these homes for seniors just steps from Central Park, the Museum of Natural History and the JCC. The revamped building will have great amenities for residents – but the neighborhood itself will really be its greatest amenity.” Renovation on the original hotel is expected to be completed in 2022. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CARMEL, Ind. – Mortgage banking company Merchants Capital has secured financing in excess of $17 million for Trailside Flats in West Lafayette, Indiana, on behalf of Van Rooy Properties, Inc. The 35-year, non-recourse Federal Housing Administration (FHA)/Housing and Urban Development (HUD) 223(f) loan facilitated the refinancing of Trailside Flats, which is existing multifamily rental housing. Located at 2101 Country Squire Court, the apartments are a multifamily development of 195 units comprised of newly renovated buildings as well as newly constructed buildings. In 2017, the project started with a Merchants Bank of Indiana acquisition rehab loan of an existing multifamily property that the client, Van Rooy, acquired with additional vacant land. When the rehabilitated project came to market, Merchants closed new construction financing for additional units on the subdivided vacant ground. Then, as a final step, using a three-year rule waiver from HUD, Trailside Flats’ ownership was modified into a single asset entity and refinanced with HUD using a single 223(f) with an impressive 2.14% note rate. The loan closed in October. “We worked on the long-term vision for this project with the client for a couple years, providing counsel and financing solutions along the way. The process has been intertwined with creativity and foresight, and characterized by our ability to lock in low, long-term interest rates,” said Jeffrey Spahn, senior vice president of originations for Merchants Capital and lead originator of the deals. “By utilizing the Merchants Bank of Indiana balance sheet for our clients to facilitate permanent loan business, we are able to secure and service loans for some of the largest developers nationwide and maintain our position as a leading FHA-insured multifamily lender.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CARMEL, Ind. - Merchants Capital, a mortgage banking company, has secured $6.5 million in total funding for mixed-income development Trolley Station Terrace, a 45-unit affordable housing property. Located in Marinette, Wisconsin, Trolley Station Terrace will provide affordable and supportive housing to Marinette County residents in need. Of the $6.5 million financing, $1.8 million will go towards a Rural Development (RD) 538 option 3 loan and $4.7 million towards a Low-Income Housing Tax Credit (LIHTC) bridge loan. Merchants Capital worked closely with Wisconsin’s Rural Development and nonprofit developer Newcap Inc. to contribute to the project. Timing was a big hurdle in bringing the Trolley Station Terrace project to life. The Wisconsin Housing and Economic Development Authority (WHEDA) had strict deadlines for the project to break ground – otherwise, the credits would be lost. Contracts for building materials were set to expire quickly unless the financing was finalized. The Merchants Capital team successfully closed the deal on time, preserving the credits and the material contracts, ultimately saving the borrower hundreds of thousands of dollars. “Merchants Capital has a willingness and desire to provide affordable housing to all areas in need. We also pride ourselves in having flexibility on the financing to help borrowers get the best execution possible in the shortest amount of time,” said Merchants Capital Transaction Manager Gus Gilmore. “Our developer, Newcap Inc., is a nonprofit. Every dollar counts for them on these deals. We were able to be flexible in our LIHTC bridge loan to meet their needs as costs changed, timelines shifted and numbers were tweaked. We are thrilled with how efficiently we were able to work together on Trolley Station Terrace.” Newcap Inc. is a Wisconsin-based nonprofit founded in 1965 as part of the Community Action Network. According to their website, Newcap Inc. “helps those living with the conditions of poverty have better lives while helping them find opportunities to improve their lives for the futures of themselves, their families and their communities.” “Trolley Station Terrace is 45 new apartment homes for families in the Marinette area, 38 of which are reserved for low- and moderate- income workers who don’t have many good options for high quality, affordable housing,” said Cheryl Detrick, Newcap Inc. CEO and president. “Trolley Station is also a major step for Newcap in its mission of enhancing community development. Accessible, affordable housing is a critical component to moving families from poverty to opportunities and economic security.” The 38 LIHTC units will be available for renters who earn up to 30%, 50% and 60% of the area’s median income (AMI). These apartments include one-, two- and three- bedroom units. Additionally, nine of the units will be considered supportive housing. These rooms will be reserved for local veterans, including those who require long-term care services due to disabilities and/or impairments. All units will feature in-unit laundry, a patio or balcony, standard kitchen appliances and forced-air HVAC. Construction began on the property in late August 2020 and is scheduled for completion in August 2021. Once completed, the three-story Trolley Station Terrace will sit on 2.5 acres of land and will be located at 1535 Main Street. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

SAINT PAUL, Minn. – Mortgage banking company Merchants Capital has provided more than $21.5 million in financing for a Minneapolis apartment complex currently under construction, The Bessemer at Seward Commons. The 30-month loan was secured on behalf of Bessemer Apartments, LLC, in partnership with co-developers Schafer Richardson, Seward Redesign and Noor Companies. Located at 2200 Snelling Avenue, The Bessemer at Seward Commons will consist of 128 housing units without income restrictions. The development will be transit oriented, as it is situated directly adjacent to the METRO Blue Line and Hiawatha Bike Trail and one block from the Franklin Avenue Station with no required street crossings. Building amenities will include a club room, fitness center, outdoor terrace, dog run, controlled entry, 24/7 package notification and storage system, bicycle storage and bicycle repair station, pet wash station, and on-site management. The Bessemer is part of a community led, master planned redevelopment referred to as Seward Commons that includes four separate housing developments with 260 rental units to accommodate a broad spectrum of incomes, as well as 33,000 square feet of small business incubator space for local business and arts organizations that reflect and serve South Minneapolis. These small businesses are primarily owned by women and/or Black, Indigenous and People of Color (BIPOC). The Bessemer represents a significant achievement for the Seward community as it represents the first non-income restricted housing project development in this neighborhood in over 40 years. In the face of multiple unprecedented challenges, including the pandemic and the civil rights uprising in the immediate area, Seward Redesign and Schafer Richardson, in partnership with multiple public and private partners including Merchants Capital, were able to successfully bring the project to life in partnership with the broader Seward community. “Throughout all the uncertainty, on top of a complex loan structure, Merchants Capital and Merchants Bank of Indiana stood by the loan and remained committed, providing assurance to the transaction,” said Marsha Goff, Merchants Capital executive vice president and lead originator on the deal. “During this period of meaningful protests and action of many types in our city, we have been very present for our existing clients and for new clients in bringing deals to market. We are proud to be leaning in.” As part of a redevelopment area with Noor Companies, this project utilizes Tax Increment Financing (TIF) awarded by the City of Minneapolis, an estimated $5.4 million over a 26-year period. The development also received environmental clean-up funds from Hennepin County, Metropolitan Council, and MN Department of Employment and Economic Development as well as a Transit-Oriented Development loan from Hennepin County. “The Bessemer had a complex structure with ten different funding sources,” said Amanda Janzen, Schafer Richardson senior development manager. “The Bessemer is also located in a census tract that is designated as an opportunity zone. We structured the deal to include two Qualified Opportunity Zone Funds (Catalyst Opportunity Funds and Schafer Richardson Opportunity Zone Fund), which resulted in the Bessemer being one of the first opportunity zone projects in the City of Minneapolis.” “This project is a key component of the larger Seward Commons redevelopment area, as it provides important socio-economic diversity within our local housing stock,” said Christopher Romano, executive director of Seward Redesign. “This diversity is good for our local entrepreneurs and commercial corridors, and it contributes to vibrant, diverse and healthy neighborhoods. The Bessemer is the result of significant voice and effort provided by many key community partners. We are very excited about this next phase of the Seward Commons development.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind. – Mortgage banking company Merchants Capital today announces that it has provided $11 million for the construction of SouthPointe Village, a 62-unit multifamily and affordable housing community coming to Fishers, Indiana. The equity bridge loan is financed on behalf of RealAmerica Companies. Located at 11144 Lantern Road, SouthPointe Village will be available for renters who earn 50-80% of the area’s adjusted median income (AMI). This project will be a 30-month loan with a $1.2 million low-income housing tax credit (LIHTC) that allows the development to be built with rents lower than current market value. “This unique project allows us to understand the importance of funding affordable housing, especially in cities like Fishers. With rent steadily on the rise, the need for quality, affordable housing that Hoosiers can afford to live in grows greater and greater,” said Merchants Capital Assistant Vice President, Originations Brian Shelbourne. “We are honored that our financing will benefit the Fishers community and be a part of its continued, outstanding growth.” Apartments at SouthPointe Village will rent for $650-$950 a month for a one-bedroom and $760-$1,100 a month for a two-bedroom – a significant drop compared to the current average rent prices in Fishers for a one-bedroom ($990 a month) and two-bedroom ($1,250 a month). Annual federal tax credits through the Indiana Housing and Community Development Authority (IHCDA) were closely examined to help keep rent rates lower than average. “It is vital that communities have quality housing options that support a variety of income levels,” said IHCDA Executive Director Jacob Sipe. “SouthPointe Village will do just that while at the same time further enhance the quality of a place for working families in Fishers. This is a very exciting housing development and we are proud to be a part of it.” Fishers’ newest affordable housing property also sets aside 25% of the apartments at lower rents for the developmentally disabled, with the help of local central Indiana organizations such as Janus Development Services, Outside the Box, Opportunities for Positive Growth and Insights Consulting. “We are so excited to work with Fishers to offer workforce housing that helps those working in the community be able to live, play, and attend school in the community they work in,” said Ronda Weybright, President and Owner for RealAmerica. “Located in the heart of Fishers on the Nickle Plate Trail, families are within walking distance of downtown and all it has to offer. Also, for persons with disabilities, we are thrilled to come alongside several partners to provide supportive housing that allows them to stay close to their families in Fishers while providing easy access to services and opportunities within this community.” To learn more about this project, please click here. To learn more about Merchants Capital and its services, visit www.merchantscapital.com, or find Merchants Capital on Facebook, Twitter, LinkedIn, and Instagram.

  CARMEL, Ind. – Merchants Capital, a mortgage banking company headquartered in Indiana, has provided $10 million in financing for the construction of Haven Homes, a 52-unit affordable and supportive housing apartment community coming to Plainfield, Indiana. Haven Homes is an apartment complex that’s considered affordable for all, where anyone or any family looking to rent an apartment can do so at an affordable price. Through the partnership between borrower RealAmerica Companies and Sheltering Wings, a non-profit that provides emergency housing for survivors escaping abuse, 25% of the affordable apartment units are allocated for project-based vouchers specifically for survivors of domestic violence. Additionally, all residents will have access to supportive services in the community resource center and clubhouse, with mental health services provided by Cummins Behavioral Health Systems, Inc. and domestic abuse support provided by Sheltering Wings. Not only does the apartment complex and community serve former and current residents of Sheltering Wings, but Haven Homes provides affordable housing to all families in Hendricks County who need it. Those working in and around the area of Plainfield are able to live and thrive in the supportive housing community, together making positive social and economic contributions. “Where you call home determines so many things about your life. This project not only amplifies the dedicated mission of Sheltering Wings, but also shares the importance of affordable housing, especially in rapidly growing areas such as Plainfield,” said Merchants Capital Assistant Vice President, Originations Brian Shelbourne. “Merchants Capital was honored to partner with RealAmerica Companies and Sheltering Wings to bring this project to life. Together, we’re shining a light on these issues and supplying safe, secure, high-quality affordable housing where everyone, including survivors of domestic abuse, can prosper and grow.” When survivors of domestic violence are secure enough to move out of Sheltering Wings, opportunities for affordable housing properties become a great need for them. According to the Sheltering Wings website, “The financial strain of keeping a roof overhead – not to mention vehicle, childcare and education expenses – can be a major stumbling block between a determined survivor and sustained independence.” “Studies continue to show among the greatest barriers to develop stability and independence are affordable housing, reliable transportation, affordable childcare and access to mental health services,” said Sheltering Wings Executive Director Cassie Mecklenburg. “Haven Homes allows us to help families with several of these areas and we don’t take this opportunity lightly. We want to be advocates for families to establish safety, succeed and build self-sufficiency. It is an honor to partner with other like-minded organizations who care about our families and community.” As Cummins Behavioral Health Systems, Inc. administers the mental health services to those who request and require it, Sheltering Wings will in tandem use the community room to build their life skills programming, conduct case management, share prevention and education programs, administer health services, and support the children and survivors of domestic abuse. “We are honored to partner with the Indiana Housing & Community Development Authority (IHCDA) and the town of Plainfield to bring affordable housing to families that work in the community,” RealAmerica President and Owner Ronda Weybright said. “By partnering with Sheltering Wings and Cummins Behavioral Health, we are able to provide services on-site that encourage stability and independence to help families thrive, while living in a beautiful and affordable environment.” “The Town of Plainfield is excited that Plainfield was chosen as the home for the Haven Homes project for many reasons. Town staff has worked to diversify our housing market for awhile now,” said Town of Plainfield Town Manager, Andrew Klinger. “This development will have a tremendous impact on our economy, as it is in the heart of our warehouse and retail district and there is immediate access to public transportation. The units in this development will allow employees who work here to also live here.” Construction has already begun on Haven Homes, with the goal of the development to be fully completed by Fall 2021. To view the project’s recent groundbreaking, please click here. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.