Merchants Capital Secures $30M for 227-Unit Indianapolis Multifamily Development

Merchants Capital Secures $30M for 227-Unit Indianapolis Multifamily Development
News| October 16, 2026| Jasmine Kilman
Chicago & Midwest + Apartment Buildings

Merchants Capital announced $30.7 million in forward-committed permanent financing for Central at Old Southside, a 227-unit 4% low-income housing tax credit multifamily development to be built in Indianapolis, Indiana, by The Annex Group. 

Merchants Capital secured a $30.7 million cash-backed Freddie Mac Forward TEL loan for the development. “The addition of more than 200 affordable homes will make a meaningful and lasting impact in the Old Southside neighborhood, where the need for quality, affordable housing remains significant,” said Nick Miller, Assistant Vice President of Originations at Merchants Capital.”

Based in Fishers, Indiana, The Annex Group is a multifamily housing developer with a portfolio of communities valued at more than $600 million. The company has overseen more than $1.1 billion in single-family, multifamily, mixed-use and other commercial projects, including redevelopment and ground-up construction.

Upon completion, Central at Old Southside will feature two garden-style, four-story buildings with one, two and three-bedroom apartments. Construction will begin in 2026 and is expected to be completed in 2028.

Other News

Gilbane, Strada Development Break Ground on Affordable Tower in Castle Hill/Soundview

New York & Tri-State + Apartment Buildings

City and state officials joined Gilbane, Strada Development LLC and the Center for Urban Community Services (CUCS) to break ground on 1920 Turnbull, a $175-million affordable and supportive housing development located at 1920 Turnbull Ave. in the Castle Hill/Soundview neighborhood of the Bronx. 1920 Turnbull will deliver a 22-story building with 228 affordable rental apartments,...

Learn more

PCCP Provides $41M Refi on North Park Multifamily

California & West + Apartment Buildings

PCCP has provided a $41-million senior loan to refinance Tenney North Park, a newly constructed, 125-unit multifamily property with ground-floor retail in San Diego’s North Park submarket. The loan was provided on behalf of owner and developer Foulger-Pratt and refinanced an existing construction loan. Built in 2025, Tenney North Park is an eight-story property located...

Learn more

Essex Realty Group Closes Sale of Rogers Park Apartment Building

Chicago & Midwest + Apartment Buildings

Essex Realty Group, LLC, announced the sale of 7319 N. Rogers Avenue, a 16-unit walk-up apartment building located in Chicago’s Rogers Park neighborhood, for $2.46 million. Essex Realty Group Managing Director Rick Ofman represented the seller, while Associate Tim Kavanaugh represented the buyer in the transaction. The property features renovated apartments, supplemental income streams, and...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up