Wednesday, 20 May 2026 12:00 PM
Financing
Partnering with the City of Lima and Chamber Foundation, the 18-unit townhome development marks the first major housing milestone in a $25M Arctaris initiative
LIMA, OH / ACCESS Newswire / May 20, 2026 / Arctaris Impact Investors, LLC, a national impact investment firm with a 17-year track record of community revitalization, today announced a $4.1 million Opportunity Zone investment to build much-needed, accessible housing in downtown Lima. Located directly across from Mercy Health - St. Rita's Medical Center at 810 W. North Street, the 18-unit townhome development will provide high-quality, urban-core housing tailored for healthcare professionals and working families.
The project represents the first major housing investment through the broader Arctaris-Lima Opportunity Zone investment program - a $25 million place-based initiative launched in collaboration with the City of Lima and the Lima/Allen County Chamber Foundation to support housing, business growth, and community revitalization throughout Lima's Opportunity Zones.
"This project represents exactly the kind of intentional investment our community has been working toward," said Lima Mayor Sharetta Smith. "Cities across America are facing housing shortages that impact workforce growth, healthcare recruitment, and economic development. Through strong public-private partnerships, Lima is positioning itself to meet that challenge head-on by creating new housing opportunities that support residents, employers, and long-term neighborhood revitalization. We are proud to partner with Arctaris, the Chamber Foundation, and local developers to continue building a stronger and more vibrant Lima."
"This investment is an important first step in advancing Arctaris's broader partnership goals with the City of Lima to bring needed rental housing, especially for healthcare workers in the surrounding area," said Nihar Sait, Managing Director at Arctaris Impact Investors. "The development will introduce a new rental housing product to a market that has experienced limited residential development in recent years. We are excited to partner with the City as well as Lima developer Mark Blass to bring this development to life."
"As a locally owned company, we are excited to partner with Arctaris and bring this project from concept to completion," said Mark Blass of Northwest Ohio Development Group, a sponsor-developer with in-house construction, maintenance, and property management capabilities. "The project will create quality housing that supports Lima's continued progress. Because our team will remain involved beyond construction through ongoing management and operations, we are committed to making this project a lasting benefit for the Lima community."
Sait added: "This deal is proof of concept that collaboration works and that investment in small and rural communities can have meaningful impact. Arctaris is willing and able to work in markets generally overlooked by institutional players and we look forward to expanding our work in Lima and similar communities across the country."
This latest project reiterates Arctaris Impact's continued focus on using Opportunity Zone capital and local partnerships to support housing and community development in underserved markets. In Lima, that strategy is centered on unlocking practical, place-based projects that expand housing supply, support major employers and contribute to long-term revitalization goals identified by the City of Lima and the Lima Chamber of Commerce. The development opportunity was identified through local real estate and economic development partners, including Tim Stanford of Superior Plus Realtors.
Today's announcement reflects Arctaris Impact's continued commitment to providing flexible capital solutions for multifamily assets in Opportunity Zones, including recently announced investments in communities in Goodyear, AZ, Colorado Springs and Provo.
About Arctaris Impact Investors, LLC
Arctaris Impact Investors, LLC is a national impact investment firm with a more than 17-year track record investing in underserved communities. The firm manages investment strategies that finance growth-oriented operating businesses, real estate, and community infrastructure projects located in underserved communities. Founded in 2009, Arctaris Impact has partnered with the Kresge Foundation, Harvard Business School Professor Michael Porter's Initiative for a Competitive Inner City, and multiple other foundations, federal and state government agencies to invest in Opportunity Zones, inner cities and targeted rural communities throughout the U.S., with the aim of delivering above-market investment returns alongside positive social impact. For more information visit https://arctaris.com.
Arctaris Media Contact:
Cindy Stoller
[email protected]
917.331.0418
Legal Disclaimer Certain information contained in this press release constitutes forward-looking statements. These statements reflect prevailing conditions and our best business judgment as of the date of issuance. As a result, actual results may vary from the projections and should not be relied upon as investment advice.
SOURCE: Arctaris Impact Investors