Indianapolis Affordable Housing Lands Equity Investment
- Jul 02, 2021
Woodforest National Bank and CEI-Boulos Capital Management have provided a $3 million equity investment for The Wesmont, a 188-unit affordable housing brownfield development in an Opportunity Zone within the Near Eastside neighborhood of Indianapolis.
The joint venture is the majority equity stakeholder in the $31.1 million project managed by TWG Development. Construction began in early 2020, with $6.7 million in initial financing provided by Horizon Bank.
The recent investment is the latest of 10 made by the fund so far. The Indiana Economic Development Corp. will also provide an Industrial Recovery Tax Credit to support the program.
The Wesmont’s site, located at 1129 E. 16th St., is next to public transportation and a short distance from 18 miles of walking and biking trails. The building will feature a variety of studio and one- and two-bedroom floorplans, of which 170 will be classified as affordable units. The workforce housing community will include a fitness center, business center, community room and swimming pool.
TWG has an active presence in the metro. In March, the firm received an $83 million refinancing package for a 334-unit property 2 miles southwest of The Wesmont.