CARMEL, Ind. (March 28, 2023) — Leading multifamily financing provider Merchants Capital today announces it has secured financing for the development of The Farm, a class A, market-rate property located in Zionsville, Indiana. With 400 total units, the project will be the only one of its kind in the area.
Situated at the intersection of Michigan Road and Sycamore Street on more than 48 acres of land, The Farm will bring 400 units to Zionsville with an additional 225,000 sq. ft. of retail and commercial space. The development’s prime location will give residents direct access to the city’s major interstates, allowing convenience to downtown Indianapolis and its surrounding suburbs. Property amenities will include a modern and professional fitness center, co-working spaces, golf simulator, gourmet coffee bar, pickleball court, pavilion with fire pit, upscale dog park, rooftop patio and more. Residents will have access to garage spaces as well as covered bicycle parking.
To finance development of The Farm, Merchants Capital secured a Merchants Bank of Indiana (MBI) construction loan for the key developer, Scannell Properties, and co-developer Pittman Investors. Headquartered just east of Zionsville in Carmel, Merchants Capital is a national leader in multifamily financing, with expertise in deal structures supporting multifamily, market-rate and affordable housing properties. Merchants served as a financing partner on The Farm alongside other local parties including Lake City Bank and the National Bank of Indianapolis.
“Our roots as a company are in Indianapolis and its surrounding suburbs, and we consistently make it our priority to partner on projects that will benefit our local communities and its residents,” said Anthony Cossell, Transaction Manager at Merchants Capital. “The Farm’s design is authentic to the history of Zionsville and blends premier quality with scale in order to be the perfect addition to the town, an area historically scarce in rental properties.”
“Our roots as a company are in Indianapolis and its surrounding suburbs, and we consistently make it our priority to partner on projects that will benefit our local community and its residents.”
Construction of The Farm will serve as Phase 1 of the larger Planned Urban Development (PUD) project outlined by the Town of Zionsville. Coined the “Gateway District,” the concept is to improve walkability and accessibility for locals by joining residential living with retail shops, convenience stores, dining and more. Phase 2 of the project will focus on the commercial aspect.
“We are thrilled to launch development of The Farm at Zionsville and thank our lender partners at Merchants Bank of Indiana and Merchants Capital for their assistance in getting us to the launching pad. We look forward to working closely with the town and our business partners to ensure The Farm will be a welcoming focal point for living, working, shopping and dining,” said Shawn Hitchcock, Director, Scannell Properties.
Debut of The Farm in early 2025 will bring much-anticipated multifamily units to Zionsville, currently a heavily undersupplied rental housing market. Upon its completion, the property will be a state-of-the-art project that will provide the best-in-market rental housing to individuals and families in the region. Pre-leasing is expected to commence in May 2023.