Boston
CARMEL, Ind. – Leading financial services provider Merchants Capital today announces the completion of the rehabilitation of a federal Low-Income Housing Tax Credit (LIHTC) project located in Houston, Texas, known as Knolls at West Oaks Apartments, by prominent affordable housing developer, Dominium. Merchants Capital provided $10.8 million in tax credit equity in exchange for the LIHTC. It also originated debt financing for the project under its Government-Sponsored Enterprise (GSE) license. The comprehensive financing package offered by Merchants supported the acquisition, rehabilitation and re-syndication of the residential development, which is an existing, income restricted, LIHTC property originally constructed in 2003. Set within a larger mixed-use neighborhood with commercial, residential and educational spaces, Knolls at West Oaks consists of 168 total units (84 two-bedroom and 84 three-bedroom floor plans). All units are restricted to individuals earning no greater than 60% of the area median income (AMI). For the project financing, Merchants Capital originated and will service a Freddie Mac tax exempt loan, a Merchants Bank of Indiana equity bridge loan and a 4% LIHTC equity investment. The renovation included an extensive remodel of the existing clubhouse, a new fitness center and supportive services room, the construction of a new bus stop, installation of a new playground and the addition of a new pavilion and grilling area. Resident units will receive new appliances, quartz countertops, flooring, low-flow plumbing fixtures, a full cabinet replacement and energy-efficient light fixtures. As part of the renovation, all units were modified to meet current accessibility standards. Five units were converted into ADA units, and an additional four units were modified into audio-visual impaired units, for a total of nine ADA-compliant units. “We appreciate the partnership and collaboration from Merchants Capital on this rehabilitation that keeps 168 affordable apartment homes in the Houston area,” said Neal M. Route, Vice President and Project Partner at Dominium, the property developer. Rehabilitation began in August 2021 and was completed in September 2022. Merchants Capital extends their sincere congratulations for the successful completion of the project. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.
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Merchants Capital Provided $10.8MM+ in Equity for Low-Income Housing Tax Credit Property in Texas; Rehabilitation Completed
Boston
BOSTON – Merchants Capital, recently recognized as the #3 multifamily affordable lender nationwide by the Mortgage Bankers Association (MBA), has opened its sixth regional office location in Boston. After two years of record-breaking success, which included $7 billion in debt financing closed and over $248 million in tax credit equity raised in 2021, the expansion of Merchants into Boston doubles down on the firm’s commitment to growth, particularly in the affordable housing and tax credit equity space. Located in the Prudential Center in Boston’s Back Bay neighborhood, the new office will expand to 20 full-time employees, with a primary focus on the firm’s tax credit equity syndication division. Merchants Capital continues to seek driven employees for a variety of positions at all six offices: Boston, Chicago, Indianapolis, Minneapolis-Saint Paul, New York and Washington, D.C. For career opportunities, visit our careers page. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.
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Merchants Capital Opens its Sixth Regional Office in Boston
Apartment Building
CARMEL, Ind., Sept. 22, 2022 /PRNewswire/ -- Merchants Bancorp ("Merchants") (NASDAQ: MBIN), parent company and registered bank holding company of Merchants Bank of Indiana ("Merchants Bank"), today announced that Merchants Bank completed a private securitization of $1.2 billion of first-lien floating-rate multifamily bridge loans via a real estate mortgage investment conduit (REMIC).
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Merchants Bank Completes Private Securitization of $1.2 billion in Multifamily Loans