Merchants Capital Arranges $59MM Financing for Bottleworks District

CARMEL, Ind., Jan. 20, 2020 /PRNewswire/ -- Mortgage banking company Merchants Capital has secured $59 million in financing for Bottleworks District, a mixed-use project coming to Indianapolis' North Mass Ave. corridor in September 2020. The fully funded, three-year Merchants Bank of Indiana New Construction Loan was secured on behalf of Hendricks Commercial Properties.

As the Bottleworks development reimagines the Coca-Cola bottling plant, part of the financing involves Indiana Industrial Recovery Tax Credits. Known as the DINO tax credit, these credits provide an incentive for companies to invest in former industrial facilities requiring significant rehabilitation or remodeling expenses.

"This transaction is a bit outside our box, and it's very impressive that our team – including Kate Belser, Ryan Thompson and Daniel Dixon – were able to identify risks, mitigants, structure tweaks and more to ultimately help us execute this financing," said Matt Kaercher, Merchants Capital senior vice president and leading originator on the deal. "Bottleworks is a banner project for the city of Indianapolis and one Merchants Capital can say it had a hand in forever."

Bottleworks will serve as a culinary, arts, and entertainment hub, featuring the city's first food hall, a boutique hotel, unique residential options, as well as 180,000 square feet of flexible office space and 175,000 square feet of prime retail space.

"Hendricks is proud to partner with Merchants to bring Bottleworks District – a fusion of past and present in the heart of historic neighborhoods – to Indianapolis," said Mark Koziol, chief financial officer at Hendricks Commercial Properties. "Our $300 million, 12-acre urban mixed-use development is the largest private development of its kind in Indiana, and we can't wait to see it come to life in fall 2020."

To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn.

ABOUT MERCHANTS CAPITAL
Established in 1990, Merchants Capital is one of the nation's top lenders for the refinance, acquisition, new construction and substantial rehabilitation of multifamily, affordable, senior and student housing. Whether you are considering Freddie Mac, Fannie Mae, HUD/FHA insured or balance sheet financing, let our personalized services help you meet your financing objectives. Experience the creativity of a small lender, with all the capabilities of a large institution. To learn more about Merchants Capital, visit www.merchantscapital.com.

SOURCE Merchants Capital

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