Merchants Capital said its real estate equity team, in partnership with First Merchants Bank, The National Bank of Indianapolis and Merchants Bank of Indiana, reached the closing of Indiana Social Impact Housing Equity Fund II, LP. The Fund targets large-scale revitalization of vacant single-family homes in traditionally disinvested neighborhoods in and around downtown Indianapolis.
Merchants said the fund infused $2.7 million in institutional private equity to support the mission of Full Circle Development. Full Circle will programmatically target investment in underserved downtown neighborhoods to construct or rehabilitate vacant or abandoned homes using primarily women- and minority-owned contractors and subcontractors.
“This capital infusion allows Full Circle to work at scale to address Indy’s dramatic shortage of quality homes attainable to workforce homebuyers, while being a part of re-establishing a thriving real estate market at the neighborhood level,” said President of Full Circle Development Mark Buckingham.