$17M secured for senior housing project in Fort Wayne
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Financing is moving forward for a new affordable senior-serving property proposed in Fort Wayne.
Merchants Capital announced this week that it has secured $17.4 million in equity financing for the construction of Reserve on Park Place, which is expected to bring 187 age- and income-restricted housing units to the Fort Wayne area.
The financing comes as a part of the federal Low-Income Housing Tax Credit program for which Indiana awards were announced earlier this month.
“This project is emblematic of Merchants’ collaborative, full-service approach and commitment to affordable housing,” Merchants Capital Vice President of Acquisitions Ben Trussell said in a news release. “We are proud to provide a range of financing sources that support affordable housing development, particularly in closing funding gaps.”
Units at the Reserve on Park Place property will be restricted to seniors 55 and older. The three-story building will have 15 studio units, 136 one-bedroom units and 36 two-bedroom units. They will be available only to seniors making 40%, 60% and 80% of the area median income. Units will be equipped with handrails, grab bars and intercoms.
The project is being developed by Brown Capital Group, Leo Brown Group and Rogers Development group in a neighborhood along State Route 1. Construction is expected to be complete by April 2025.