CARMEL, IN - Leading financial services provider Merchants Capital today announced that it secured $17.1 million in financing for The Marvetta & Anthony Grimes Family Center, a 36-unit Indianapolis-based supportive housing development for households recovering from addiction.
Merchants Capital provided $9.5 million in low-income housing tax credit equity (LIHTC) financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority (IHCDA) included a $750,000 Development Fund Loan in addition to 9% low-income housing tax credits as part of the Emerging Developer 2023 Rental Housing Tax Credit (RHTC) General Set-Aside. Additional partners include First Merchants Bank and The National Bank of Indianapolis.
2 Thirty-Eight Properties, LLC (2 Thirty-Eight) developed Marvetta & Anthony Grimes Family Center in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Companies is the development consultant and general contractor; RealAmerica Management will serve as the property management company. Volunteers of America Ohio and Indiana and Seeds of Hope will provide on-site services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services.
“We applaud 2 Thirty-Eight’s ingenuity in filling a housing and services gap in the Indianapolis market,” said Benjamin Trussell, Vice President of Acquisitions at Merchants Capital. “Merchants is pleased to be a financing partner in this effort to halt homelessness and addiction—and help families heal.”
The development comprises two two-story garden-style buildings that house 24 two-bedroom units, 12 three-bedroom units and an on-site daycare center, medical offices and community and supportive services.
Tenants will be referred by the Father Glen O’Connor Home, a Seeds of Hope-owned property, and a referral network that includes Indianapolis-area organizations: Heart Rock Recovery House, Wheeler Mission Center for Women & Children, The Salvation Army Women & Children, Dove Recovery House and Firefly Children and Family Alliance.
“I'm thrilled to be a part of a housing development that's changing the lives of current and future generations,” said Frederick Yeakey, Principal & Founder of 2 Thirty-Eight Properties. “With this being my first development, it was important to address a need that can impact housing and other factors that can greatly affect the cycle of poverty. My development team was incredible, and our partners on this project will provide the expertise and council needed for years to come.”
The Marvetta & Anthony Grimes Family Center will be located in West Indianapolis, 0.7 miles east of Interstate 465, in close proximity to an IndyGo bus stop, restaurants, grocery and various retail outlets.
Construction began in May 2024 and is scheduled for completion in July 2025.