Bank Financing
Agency Financing
CARMEL, Ind. (Nov. 21, 2025)—Leading financial services provider Merchants Capital today announced $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Columbus, Ohio developed by LDG Development, LLC.
Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan, and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4% low-income housing tax credit (LIHTC) equity financing.
“This deal is emblematic of the complex capital stack structuring that Merchants is able to execute for our clients,” said Nick Miller, Assistant Vice President of Originations at Merchants Capital. “It is particularly rewarding to collaborate on an effort that has garnered strong public partner support to bring an impressive number of new affordable homes to the Columbus area.”
“This deal is emblematic of the complex capital stack structuring that Merchants is able to execute for our clients. It is particularly rewarding to collaborate on an effort that has garnered strong public partner support to bring an impressive number of new affordable homes to the Columbus area.”
The rehabilitation of the project site and development of family-focused affordable housing has garnered state, city and county support. LDG Development was awarded Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. A 15-year payment in lieu of taxes (PILOT) agreement was awarded from the city of Whitehall, granting a Community Reinvestment Area (“CRA”) Tax Exemption. A grant was awarded by the Franklin County Economic Development & Planning Department. The project was also financed with a bridge loan from The Affordable Housing Trust for Columbus and Franklin County and in partnership through a Capital Lease with the Columbus-Franklin County Finance Authority.
Upon completion, The Aries Lofts will set aside 66 units for families at 50% area median income (AMI), 183 units at 60% AMI and 66 units at 70% AMI.
“The tax credit equity financing, combined with various government programs, provide a means to efficiently deliver affordable housing where it is needed in the city,” said Linda Hill, Executive Vice President of Tax Credit Equity at Merchants Capital. “This is a community effort to serve local families over the long-term.”
“The tax credit equity financing, combined with various government programs, provide a means to efficiently deliver affordable housing where it is needed in the city. This is a community effort to serve local families over the long-term.”
LDG Development has developed more than 25,000 units of affordable housing for working families and seniors across nine states. The company champions a community model with various resident services.
The Aries Lofts will feature one-, two- and three-bedroom apartment homes across two modern, four-story buildings. Each residence will include upgraded flooring, countertops, walk-in closets, washer/dryer hookups and a patio/balcony.
Residents will have access to a multi-purpose community room, business and fitness centers, a pool, playground and outdoor grilling and picnic areas designed to encourage connection, wellness and engagement.
“The families who will one day call Aries Lofts home will have quick access to enhanced public transportation, local retail outlets and neighboring employment centers and improvements made to the area’s infrastructure that will allow this community to continue to grow,” said Chris Dishinger, Co-founder and Co-principal of LDG Development. “LDG is proud to be a part of the growth within this area, and we look forward to providing high-quality housing families will be proud to call home.”
Located in a highly walkable area, the community will place residents near essential services, public transit, grocery stores and parks. The Aries Lofts will also offer on-site resident services to support long-term family stability.
Construction on The Aries Lofts commenced in November and is expected to be completed in 2027.
To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.
