LDG Development has obtained $152.3 million in financing for the Aries Lofts, a 315-unit affordable housing project taking shape Whitehall, Ohio, a suburb of Columbus. The community will come online in 2027.
Complex capital stack
The project’s capital stack is a layered mix. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, $60 million in tax-exempt construction financing and an $8 million equity bridge loan. As the syndicator, Merchants also provided approximately $41.6 million in 4 percent low-income housing tax credit equity financing.
The Ohio Department of Development awarded LDG Development Brownfield Remediation Funds for a rehabilitation of the construction site, which was formerly a junkyard. The city of Whitehall also awarded the project a 15-year payment in lieu of taxes agreement, granting a Community Reinvestment Area tax exemption.
The Aries Lofts also received a bridge loan from the Affordable Housing Trust for Columbus and Franklin County, in partnership with a capital lease coming from the Columbus-Franklin County Finance Authority. The Franklin County Economic Development & Planning Department also provided a grant.
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Upon completion, the property will have 66 units for families earning 50 percent of the Area Median Income, 183 units at 60 percent AMI and 66 units at 70 percent AMI.
The community will offer one-, two- and three-bedroom units in two four-story buildings. Each residence will include walk-in closets, washer/dryer hookups and a patio or balcony.
Common-area amenities will include a multipurpose community room, business and fitness centers, a pool and playground as well as outdoor grilling and picnic areas. The community’s location is near essential services, such as public transit, grocery stores and parks. On-site resident services to support long-term family stability will also be part of the Aries Lofts.
LDG Development has developed more than 25,000 units of affordable housing in nine states. In October, the company completed the Eclipse in Russell, a 280-unit affordable housing development in the unincorporated Kentucky community of West Louisville, for families earning between 30 percent to 80 percent of the area median income.
In August, the company completed Phoenix Station in Decatur, Ga., and Bridges at Landrum, which is in southwest Atlanta. The two multifamily communities total a combined 444 units.
Affordable housing financing’s big, beautiful boost
According to CohnReznick in its 2025 Affordable Housing Credit Study, LIHTC investments remain strong. The overall foreclosure rate for properties financed with the credits is just under 0.5 percent, with no new foreclosures reported since 2021.
Occupancy also continues to be strong in such properties—97 percent in 2024—pointing to the high demand for affordable housing and its short supply. Only a small fraction of such properties are below 90 percent occupancy, CohnReznick reports. When they are, it is usually because of property-specific factors.
The enactment of the One Big Beautiful Bill Act this year represented the largest expansion of the Housing Credit in a quarter century, the firm notes. The measure provided for a permanent 12 percent LIHTC allocation increase beginning in 2026, and is expected to finance up to 1.2 million more affordable units over the next decade.
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Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com