WHITEHALL, OHIO — Merchants Capital has secured $152.3 million in financing for the construction of The Aries Lofts, a 315-unit affordable housing community LDG Development is building in Whitehall. Whitehall is in the Columbus, Ohio, metro area, approximately 8 miles east of downtown.
The financing package includes a $42.7 million Freddie Mac permanent loan, a $60 million tax-exempt construction loan, an $8 million equity bridge loan provided by Merchants Bank and $41.6 million in 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Upon completion, which is estimated to be 2027, The Aries Lofts will offer 66 units for families earning up to 50 percent of area median income (AMI), 183 units capped at 60 percent AMI and 66 units for tenants earning no more than 70 percent AMI. Amenities include a multipurpose community room, business and fitness centers, a pool, a playground and outdoor grilling and picnic areas.
LDG also was awarded brownfield remediation funds from the Ohio Department of Development for environmental rehabilitation of the project site, which was formerly Wirthman Brothers Junkyard, an automotive salvage business. A 15-year payment in lieu of taxes (PILOT) agreement was awarded from the city of Whitehall, granting a Community Reinvestment Area tax exemption. A grant was awarded by the Franklin County Economic Development & Planning Department. The project was also financed with a bridge loan from The Affordable Housing Trust for Columbus and Franklin County.