Merchants Capital, a leading financial services provider, has recently secured $184 million in direct seven-year loans for the refinancing of seven workforce housing properties located in Indiana, Kentucky and Ohio. This partnership with Zidan Management Group (ZMG), a reputable multifamily operator and developer with over 20 properties in the Midwest region, aims to support and enhance affordable housing options.
According to Eddie Dietrick, Vice President of Originations at Merchants Capital: “Our shared goal with ZMG is to strengthen the affordable housing landscape in the Midwest and surrounding states. With over 1,500 units across this portfolio, these properties present significant opportunities for future growth. This refinancing sets the foundation for improving each community’s ongoing ecosystem.”
These seven workforce housing properties offer naturally occurring affordable housing (NOAH) at rent prices that are within reach for households earning up to 80 percent of their area’s median income (AMI). The investment from Merchants Capital will contribute towards maintaining accessible living options for low-income families while promoting economic stability within these communities.
This financing deal marks another successful collaboration between Merchants Capital and ZMG as they continue their efforts towards creating sustainable solutions for affordable housing needs.
