Bank Financing
Agency Financing
CARMEL, Ind. (Oct. 29, 2025)—Leading financial services provider Merchants Capital today announced more than $56 million in total financing for the acquisition and substantial rehabilitation of Cumberland Crossing, a 232-unit affordable housing development in Fishers, Ind. developed by Birge & Held. The resyndication of tax credits will extend Cumberland Crossing’s affordability period for an additional 30 years, with rent restrictions for half of the units at 50% of area median income (AMI) and the other half of the units at 60% (AMI).
Birge & Held acquired the property via transfer of physical assets (TPA) and assumed the existing $14.4 million U.S. Department of Housing and Urban Development (HUD) 223(f) loan, which was originated in 2019 in a much lower interest rate environment than exists today. Merchants Capital simultaneously closed a $17.2 million HUD 241(a) supplemental permanent mortgage for Cumberland Crossing, which will be drawn as renovations progress. Additionally, Merchants Capital provided $19.9 million in federal low-income housing tax credits (LIHTC) and $4.4 million in solar tax credits, with equity bridge loan financing provided by a third-party bank.
“By leveraging a rare loan assumption and layering in supplemental HUD financing and tax credit equity, we’ve helped preserve affordability for another generation,” said Eddie Dietrick, Vice President at Merchants Capital. “This transaction exemplifies the kind of creative, uniquely structured financing that defines Merchants Capital and our ability to innovate in a challenging interest rate environment. It’s a powerful example of how innovative capital solutions can make a lasting impact in communities.”
“This transaction exemplifies the kind of creative, uniquely structured financing that defines Merchants Capital and our ability to innovate in a challenging interest rate environment. It’s a powerful example of how innovative capital solutions can make a lasting impact in communities.”
“This deal showcases how thoughtful tax credit structuring can unlock real value for affordable housing preservation,” said Josh Reed, Executive Vice President of Tax Credit Acquisitions at Merchants Capital. “By combining LIHTC and solar tax credits with bridge financing, we were able to support Birge & Held with efficiency. It’s a great example of how our equity platform can be leveraged to meet both financial and community goals.”
“By combining LIHTC and solar tax credits with bridge financing, we were able to support Birge & Held with efficiency. It’s a great example of how our equity platform can be leveraged to meet both financial and community goals.”
Birge & Held is a national private equity real estate investment, management and construction firm that specializes in the multifamily sector. Birge & Held has acquired more than 25,000 units and currently services more than 125 residential properties across 14 states and has more than $4 billion in assets under management.
“Renovating Cumberland Crossing is more than preserving affordable housing in Fishers—it’s about redefining what affordability looks like,” said Tag Birge, Co-CEO & Founder of Birge & Held. “Birge & Held is committed to delivering finishes and a resident experience that rival market-rate communities, ensuring that affordability doesn’t mean compromise.”
Cumberland Crossing features one, two and three-bedroom garden style apartments. Its tenant in-place rehab includes the installation of solar power for Cumberland Crossing’s electricity and common area and exterior updates, including new siding and windows, garage and carport repairs, updated landscaping, sidewalk improvements and parking lot resurfacing. Interiors will receive new LVT flooring, new kitchen cabinets, granite counter tops, new sinks, faucets and bath accessories, new lighting fixtures, smoke detectors and door hardware. Unit renovations include new electric HVAC equipment, water heater, upgraded electrical panels and drywall repair.
Cumberland Crossing is located in close proximity to Interstate 69, the revitalized downtown Fishers area, and among growing residential, retail and commercial development.
To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.
