A partnership between Brown Capital Group, Leo Brown Group and Rogers Development Group has obtained $17.4 million in LIHTC equity financing for the development of Reserve on Park Place in Fort Wayne, Ind. Merchants Capital provided the funds for the fully affordable, age-restricted project. Completion is scheduled for April 2025.
The project also received financing from the Indiana Housing and Community Development Authority: $24 million in bonds, $1.6 million in tax credits and $500,000 from the Development Fund.
Upon completion, the three-story property will comprise studio, one- and two-bedroom floorplans. All residences will cater to adults aged 55 and over who earn at thresholds of 40, 60 and 80 percent of the area median income. Apartments are designed to support special needs and include handrails, grab bars, intercoms and video surveillance.
Located at 4795 Park Place Drive, the site is close to Interstate 69 and roughly 10 miles from central Fort Wayne. The property is close to numerous health-care facilities, including the Dupont Hospital, and also near large green spaces and parks.
Merchants Capital recently has been investing in midwestern affordable properties, being the primary equity provider for a Michigan development led by Woda Cooper Cos., and also securing financing for the rehabilitation of a 142-unit income and age-restricted property in Gary, Ind.
