CARMEL, Ind. – Mortgage banking company Merchants Capital recently secured a 66-month loan for Preserve at Blue Road, a new workforce, multifamily development currently under construction in Greenfield, Indiana. The deal was closed in partnership with the property developer, Muesing Management Company, Inc.
Coming to the east side of the Indianapolis metropolitan statistical area (MSA), Preserve at Blue Road will equip the city with new Class A market-rate workforce housing to support the community’s ever-growing workforce. The project will be one of the largest in Greenfield in recent years, with a total of 348 units.
“The city of Greenfield has not seen a new development of multifamily housing of this caliber for over 10 years, so this new property is a massive win for the community,” said Merchants Capital Transaction Manager Scott Lotz. “Muesing Management is one of the best in the business with more than 15 multifamily, workforce communities in and around Indianapolis. It was an honor to work with them in closing the financing for this important project.”
Preserve at Blue Road is projected to include 19 two- and three-story buildings on 28 acres of land, with one-, two- and three-bedroom options available for residents. Sizes of the 348 units range from 541 square feet to 1,400 square feet. Each unit includes multiple layouts at varying rent levels to support the needs of residents.
“The team at Merchants Capital has been a great partner for more than 25 years,” said President of Muesing Management Kirby Kinghorn. “We very much appreciate their assistance and look forward to working with Merchants to deliver a terrific project for the Greenfield community.”
Outdoor amenities include a swimming pool, outdoor kitchen, fitness center, dog park, walking trails, covered parking and a clubhouse. In-unit, apartments will be equipped with kitchen appliances, washers and dryers.