$152M Secured by Merchants Capital for Affordable Housing in Columbus
Merchants Capital 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.
The financing secured by Merchants Capital includes a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan, an $8 million equity bridge loan provided by Merchants Bank, and a $41.6 million 4% low-income housing tax credit (LIHTC) equity financing. Formerly the Wirthman Brothers Junkyard, the rehabilitation of the project site and the development of family-focused affordable housing have garnered state, city, and county support.
“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.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout