Leading financial services provider Merchants Capital announced that it secured $35.1 million in tax credit equity financing for the historic adaptive reuse of Lofts at 40 Long, an affordable multifamily housing development in Columbus, Ohio developed by Woda Cooper Companies with co-developer IMPACT Community Action (IMPACT).
Merchants Capital secured $18.5 million in 4% low-income housing tax credit equity (LIHTC), $11.4 million in federal historic tax credits (HTC) and $5.2 million in Ohio LIHTC for Lofts at 40 Long. Ohio Housing Finance Agency allocated the federal and state housing tax credits, and the National Park Service allocated the federal historic credits.
In addition to the equity provided by Merchants Capital, other funding sources included city and county, agency and private sources.
A key planned opportunity site included in the 2022 Downtown Columbus Strategic Plan, the project will convert a vacant YMCA building into 121 modern apartments, including one studio, 72 one-bedroom units, 38 two-bedroom units and 10 three-bedroom units. The units will be restricted to families earning between 30% to 80% area median income (AMI).
“Merchants Capital is proud to play a key role in this transformative project, contributing more than $35 million in equity that will deliver 121 homes for families in the community—while also preserving the rich history of the YMCA building,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “Woda Cooper Companies is demonstrating exceptional expertise in renovating a nearly 100-year-old historic, seven-story masonry building in the heart of the downtown area. Lofts at 40 Long is a unique and exemplary redevelopment that will become a cornerstone of downtown Columbus.”
Owner and operator of more than 365 properties and 18,000 housing units across 18 states, Woda Cooper Companies has a development portfolio of more than $3 billion. The company has completed more than 20 projects leveraging federal and/or state historic tax credits.
“Being selected as the development company to revitalize and restore the former YMCA building is an honor for our company,” said Woda Cooper Founder Jeffrey J. Woda. “We thank the City of Columbus and Downtown Columbus, Inc., and Franklin County, together with our partners, including Merchants Capital, for entrusting us to perform this extensive transformation now underway. We look forward to providing housing for 121 families and working with our co-developer IMPACT Community Action to support them.”
The rehabilitation of Lofts at 40 Long will include the demolition of the existing boarding rooms, restroom facilities and common spaces, except for the historic areas, which will be restored according to historic requirements. The building will feature three elevators, multiple stair towers, a trash chute and unit amenities, including central air conditioning and vinyl plank flooring, ENERGY STAR dishwasher and ENERGY STAR refrigerator, oven and garbage disposal. Common amenities include a basketball court for free play and indoor play area in the former gym area, indoor bicycle storage, community room with kitchenette, fitness center, laundry facilities, co-workspace, pet wash room and package room. Accessibility improvements will also be implemented, including the installation of lifts and ramps.
Co-developer IMPACT Community Action will provide resident services. IMPACT is one of 48 community action agencies in Ohio and one of 1,100 nationwide focused on fighting poverty and promoting self-sufficiency. The organization offers services that include emergency financial assistance, job training, housing support and financial wellness programs.
Jewish Family Services is also connected to provide resident services.
“This project is about more than bricks and mortar,” said IMPACT CEO Bo Chilton. “It’s about people. It’s about families who deserve the dignity of a place to call home. Thank you Woda Cooper and all of the partners who collaborated to ensure that our residents have opportunities for better health, stronger educational outcomes, and most importantly, the peace of mind that comes from knowing you don’t have to choose between rent, food or keeping the lights on.”
Located in downtown Columbus, Lofts at 40 Long is within walking distance of retail outlets and commercial and office buildings, in addition to hotels, parking and additional multifamily properties. A Central Ohio Transit Authority bus stop sits on the property site.
