FORT WAYNE, IND. — Merchants Capital has secured a Freddie Mac loan and provided equity totaling approximately $99 million for The Elex, a 296-unit mixed-use, mixed-income community now leasing in Fort Wayne.
The Elex is part of Electric Works, the multiphase redevelopment of Fort Wayne’s former General Electric industrial campus. The 296-unit residential phase opened in April.
The Elex was developed by Biggs Group in partnership with Ancora, the master developer of Electric Works; Weigand Construction; the project’s construction partner; and MSquared, a development partner focused on mixed-income and affordable housing.
Merchants Capital secured a $34.4 million Freddie Mac permanent loan and provided $9.5 million in Low-Income Housing Tax Credit (LIHTC) equity. Merchants Bank provided $55.5 million in construction and equity bridge financing.
The property is comprised of one-, two- and three-bedroom units, with 207 units rented at market rates and 89 units set aside for residents earning between 30 to 80 percent of area median income. The Elex includes two multifamily buildings with ground-level commercial space. Residents have direct access to a parking garage and the Electric Works campus.
Additional amenities include a community room, a lounge and coffee bar, a courtyard, sports courts, playground, outdoor entertainment area and a private park. A fitness and wellness center, early childhood learning center and commercial space will be completed in future phases of the project.
Named in tribute to The Elex Club, a pioneering women’s organization formed in 1916 by General Electric’s female employees, The Elex represents Phase II of The Electric Works redevelopment of Fort Wayne’s former General Electric industrial campus. The site traces its roots to roughly 1883, when it was a center of early electrical manufacturing before later becoming part of General Electric’s Fort Wayne operations. The redeveloped site is comprised of 18 historical buildings, office and education space, retail, residential, hotel and entertainment venues developed across the three phases.