CARMEL, Ind. (Aug. 24, 2026)—Leading financial services provider Merchants Capital today announced $193.8 million in total financing provided for the construction of The Frances and The Steven, a pair of low-income housing tax credit (LIHTC) developments to be built in Rocklin, Calif. Developed by USA Properties Fund, Inc., the communities will provide 504 new affordable apartment homes for seniors and families across a range of income levels. The developments will help address the growing need for high-quality, affordable housing in the Rocklin and greater Placer County community. For The Frances, Merchants Capital structured and will service a $72.1 million private placement bond loan through AllianceBernstein. Merchants Bank is also providing $76.1 million in construction period debt to bridge incoming tax credit equity and permanent bond financing for the transaction. Merchants Capital structured a $30.6 million private placement tax-exempt bond loan through AllianceBernstein for The Steven, alongside $15 million in construction period debt from its parent company, Merchants Bank. “Increased costs and rising interest rates present dual challenges for all new housing construction today, and working with AllianceBernstein and USA Properties Fund, we used recycled bond cap and senior subordinate bond structures to close the last funding gap,” said Peter Nichol, Senior Vice President of Originations at Merchants Capital. “USA Properties’ yearslong commitment to these projects will bring more than 500 new affordable housing units to the City of Rocklin.” Since it was founded in 1981, USA Properties Fund’s values, leadership and team structure have been integral to its success in the development, construction, acquisition and rehabilitation of 138 properties totaling 19,913 apartment homes for families and seniors throughout California, Nevada and Oregon. The Roseville-based company is one of the top 50 largest affordable housing developers in the country, with teams dedicated to developing, building and managing multifamily communities. “The Steven and The Frances will bring much-needed quality affordable housing to south Placer County, allowing more residents to live closer to where they work, attend school and their families,” said Geoff Brown, President of USA Properties Fund. The company’s headquarters are just a few miles from the new apartment communities. “Merchants Capital is a valued partner that recognizes and supports our commitment to the community and its residents.” The Steven will add 180 one and two-bedroom apartments for seniors, aged 55 and up, restricted from 30% to 70% area median income (AMI). The nonprofit LifeSTEPS will provide support services to residents, including classes in health and wellness, financial literacy, computer training, homebuying, general education, resume building and nutrition. The apartments will feature fully equipped kitchens, central air conditioning and common amenities, including a clubhouse, fitness center, library, computer room, swimming pool, barbeque and lounge areas, dog park, secure electronic access and laundry room. The Frances will feature 324 one, two and three bedroom apartments restricted from 30% to 70% AMI. The apartments will feature fully equipped kitchens, central air conditioning and walk-in closets. Residents will have access to a range of community amenities, including a swimming pool, playground, exercise room, courtyard/picnic area, community room, dog park, laundry room, computer room, service coordinator and on-site manager. Construction of The Steven and The Frances began in May 2026 and August 2026, respectively, and the developments are expected to be completed in 2028 and 2029. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (July 20, 2026)—Merchants Capital today announced the closing of Merchants Capital Tax Credit Equity Fund 31, a $160 million multi-investor fund with 10 institutional investors. Merchants Fund 31 will infuse equity into nine affordable housing properties that will create or preserve more than 1,400 affordable homes in Rhode Island, Ohio, Kentucky, Pennsylvania, Connecticut, Utah and Michigan. The investors included both bank and economic investors and included seven repeat and three new investors to the Merchants Capital tax credit platform. “The successful closing of Fund 31 reflects the strength of the relationships we have built with our investor partners and their continued confidence in both our firm and the mission of affordable housing,” said Ryan Thompson, Senior Vice President of Syndications and Investor Relations at Merchants Capital. “We are deeply grateful for the trust they place in our team. Together with our development partners, we are investing in communities, expanding housing opportunities and creating lasting impact for families and residents across the country.” The firm’s capital raise, which has now surpassed $3 billion since the platform launched five years ago, comprises approximately $1.3 billion in multi-investor offerings, $1.6 billion in proprietary fund investments and $91 million in state credit syndications. “Together with our partners, our investments have supported construction and preservation of more than 24,600 units of affordable housing in 31 states across more than 200 properties,” said Julie Sharp, President of Equity Investments at Merchants Capital. “It is incredibly rewarding to work alongside such a dedicated team and platform of investors and developers who share our vision of delivering high-quality, stable, safe and affordable housing for all.” To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Merchants Capital Secures $76M+ for Tredway Affordable Multifamily Developments in Brooklyn and Peekskill, N.Y. Speeds client acquisition financing via Merchants Bank balance sheet lending New York City (July 14, 2026)—Leading financial services provider Merchants Capital today announced the expansion of its longstanding relationship with Tredway, an affordable and mixed-income real estate investor and developer that builds and preserves high-quality, high-opportunity housing, with more than $76 million secured for the acquisition and rehabilitation of Brooklyn, N.Y.-based Restore Housing Apartments and Peekskill, N.Y.-based Peekskill Plaza Apartments. Merchants Capital leveraged the balance sheet of parent company Merchants Bank to secure $49 million in bridge loans for Restore Housing Apartments. It secured $27.5 million in bridge loans provided by Merchants Bank for the acquisition and rehabilitation of Peekskill Plaza Apartments. “These deals exemplify Merchants Capital’s innovative structuring and capacity to utilize Merchants Bank’s balance sheet to enhance access to capital,” said Michael Milazzo, Senior Vice President of Originations at Merchants Capital. “Merchants is honored to support Tredway’s continued success and strengthen our partnership with innovative financing solutions and expanded lending capacity to facilitate its acquisition pipeline.” Merchants has completed six financings with Tredway, with additional transactions slated for the second half of 2026. Tredway has acquired and preserved more than 9,000 affordable apartments across 11 states, with more than 1,500 apartments in development across New York City. “Merchants Capital has been a critical partner for Tredway, allowing us to provide residents with high quality homes and holistic services; enabling seniors to age in place with the dignity they deserve and setting a foundation for families to climb the ladder of upward socioeconomic mobility,” said Will Blodgett, Founder and CEO of Tredway. “Through the extension of affordability and capital improvements across both properties, these preservation projects will ensure the delivery of safe, high-quality and accessible housing for decades to come. We’re grateful to Merchants Capital for their continued support and dedication to delivering for the communities we serve. We look forward to building on this momentum throughout 2026 and beyond.” Tredway is preserving affordability for Restore Housing Apartments for another 99 years in partnership with The New York City Department of Housing Preservation and Development (HPD), Housing Development Corporation (HDC), the U.S. Department of Housing and Urban Development (HUD) and the Education Construction Fund (ECF), with 138 apartments restricted at 50 percent area median income (AMI). The property will undergo extensive renovations totaling more than $10 million. Capital improvements include new lobbies, kitchens, bathrooms, energy-efficient appliances and a rooftop solar installation. Security will be supported by full-time on-site property management, and an on-site resident service coordinator will support residents with food assistance, transportation, health care tasks and securing public benefits. Restore offers one, two, three and four-bedroom apartments. Tredway, in collaboration with the City of Peekskill, the Peekskill Industrial Development Agency (PIDA) and New York State Homes and Community Renewal (HCR), is extending affordability of Peekskill Plaza for households earning at or below 60 percent AMI. Tredway has committed $4.5 million to façade repairs to remove the longstanding scaffolding, building system upgrades and installation of new in-unit appliances. Operational improvements will include enhanced security measures, upgraded access controls and the addition of a full-time, on-site resident service coordinator who will help residents access services such as food assistance, transportation, healthcare visits and public benefits. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (July 9, 2026)—Leading financial services provider Merchants Capital today announced $10.8 million in permanent financing for Floret Hill, a 121‑unit affordable housing development in Lawrence, Kansas, established as part of a city-supported initiative to expand affordable housing supply. Merchants Capital secured a Freddie Mac Unfunded Forward TEL loan for Floret Hill. The capital stack also includes federal and state low-income housing tax credit (LIHTC) equity and hard and soft debt financing. The City of Lawrence donated 12 acres of land and committed more than $1 million in Affordable Housing Trust Funds to support affordable housing development. Floret Hill is the fourth project that real estate development and management firm Wheatland Investments Group is building in Lawrence, and the first affordable housing community on the west side of the city. “We are excited to play a role in supporting Wheatland Investments Group in bringing new construction into the city of Lawrence—and make affordable housing feasible,” said Marsha Goff, Executive Vice President of Originations at Merchants Capital. “With 121 affordable apartments added to the area, Floret Hill will make a strong impact on the community.” “Floret Hill represents more than bricks and mortar—it represents an opportunity for 121 families who will have access to safe, quality, affordable homes in the community,” said Devin Rhodes of Wheatland Investments Group. “This development could not have been possible without the steadfast support of the Lawrence City Council, Kansas Housing Resources Corporation, the overwhelmingly positive support from the Lawrence community, and the support of our financing partners. We look forward to celebrating with the community this project will serve for generations to come.” Floret Hill will offer one, two and three-bedroom garden style apartments across 11 residential buildings, with 37 units restricted to residents at 40% area median income (AMI) and 84 units restricted at 60% AMI. Affordability will be maintained for 30 years via The Declaration of Land Use Restrictive Covenants for Low-Income Housing Tax Credits, a federal regulatory program with the Kansas Housing Resources Corporation. The apartments will feature an in-unit washer and dryer, fully equipped kitchens with appliances, vinyl flooring, ceiling fans, walk-in closets and a patio and balcony. Residents will have access to a range of amenities, including garage parking, a business center, fitness room, clubhouse and playground. Located near Langston Hughes Elementary School, Rock Chalk Park and the South Lawrence Trafficway Trail, Floret Hill provides easy access to schools, recreation and major transportation routes. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (June 10, 2026)—Leading national financial services provider Merchants Capital today announced more than $33.8 million for the construction and permanent financing of Village of Valor, a 54-unit affordable housing community in Palm Springs, Fla. developed by Turnstone Development and Faith Hope Love Charity, Inc. Village of Valor will provide housing for military veterans and their families. Merchants Capital secured a $6.5 million Freddie Mac Forward TEL permanent loan and a $15.8 million construction loan provided by Merchants Bank for the development. Merchants Capital also provided $11.5 million in low-income housing tax credit (LIHTC) equity as the syndicator. “Village of Valor will provide much needed housing for military veterans, but it will also address specific needs of this community,” said Lee Oller, Executive Vice President of Originations at Merchants Capital. “As a financing partner, we appreciate the opportunity to collaborate with partners on this comprehensive initiative dedicated to honoring and serving veterans.” The development will offer 26 two-bedroom apartments and 28 three-bedroom apartments. Half of the units will be set aside for residents below 50% area median income (AMI) and six units will be set aside for persons with special needs. “Village of Valor has been thoughtfully designed to provide affordable housing, accommodate military families with larger apartments and foster community inherent among veterans,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “We look forward to seeing the impact of this holistic development.” Designed as a community to support veterans and improve quality-of-life after military service, Village of Valor will feature energy-efficient units housed in two four-story buildings. Unit interiors will include washer/dryer connections, energy efficient stainless-steel appliances, ceiling fans and individual porches or balconies. Turnstone Development Corporation has developed more than 2,400 affordable housing units and leveraged more than $350 million in private and public investment capital sources. Turnstone Development Corporation is a not-for-profit that creates and preserves affordable housing. Faith Hope Love Charity, Inc. is also a not-for-profit that brings expertise in working with military veterans and their families and connecting them to supportive services. “Turnstone is so proud to be involved in the development of Village of Valor. This development isn’t just housing—it’s a place where veterans can rebuild, connect and thrive in the community they so proudly served,” said Sue Wiemer, Executive Director of Turnstone Development. “We know that affordable housing will meet an initial need, but through the supportive services provided by our development partner Faith Hope Love Charity, we collectively are excited to introduce services designed to support and benefit our veterans.” “Faith, Hope, Love, Charity, Inc. was founded over thirty years ago by two formerly homeless veterans who wanted to make things better for the veterans coming up behind them. The Village of Valor represents an exciting step in our Founder Roy Foster’s vision and the mission of our agency to reintegrate homeless and at-risk veterans and their families back into the community to sustain independent living,” said Joshua W. Maddock, Executive Director of Faith, Hope, Love, Charity, Inc. “The supportive services on site at the Village of Valor will help restore our veterans’ dignity and provide them and their families with hope and the opportunity to thrive. We at Faith, Hope, Love, Charity, Inc. are thrilled to join with our development partner Turnstone Development to bring much needed affordable housing to Palm Beach County, Florida.” Community amenities will include recreational areas, a picnic area, walking paths, a basketball court, pickleball and a swimming pool. Commercial and office space will be located on the ground floor of one of the buildings for philanthropic efforts related to military veterans and their families. Construction began in April 2026 and is expected to be completed in 18 months. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (May 27, 2026)—Leading financial services provider Merchants Capital provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit mixed-use, mixed-income workforce housing community now leasing in Fort Wayne, Ind. Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that celebrated its grand opening last month. Merchants Capital secured a $34.4 million Freddie Mac Non-LIHTC Forward permanent loan and provided $9.5 million in federal low-income housing tax credit (LIHTC) equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing. “Merchants is proud to deliver financing specific to The Elex’ complexity and serve this community-enhancing initiative,” said Jeff Spahn, Senior Vice President of Originations at Merchants Capital. “We congratulate Biggs Group, Ancora and the City of Fort Wayne on this milestone achievement and look forward to seeing the city flourish as the third phase completes.” The Elex offers one, two and three-bedroom units, with 207 units rented at market rate and 89 affordable units set aside for residents earning between 30% – 80% area median income (AMI). Affordability is supported via LIHTC equity syndicated by Merchants Capital, state tax credits and tax increment financing (TIF) bonds. “The Electric Works site has been a fixture of the Fort Wayne community for more than 100 years—it is rewarding to see it transformed in a way that fulfills the immediate housing need and affordability gap of today,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. Named in tribute to The Elex Club, a pioneering women’s organization formed by General Electric’s female employees, The Elex represents phase II of The Electric Works redevelopment, a complex comprising 18 historical buildings, office space, education and innovation space, retail, residential, hotel and entertainment venues developed across the three phases. As a residential property, The Elex provides housing for employees working in the West Campus, developed as phase I of the complex, which offers commercial space, a medical clinic, a STEM school and food hall, all anchored by corporate headquarters. The addition of an industrial West Campus and an East Campus with residential, office, health, education and hotel facilities in both adaptive reuse and new construction will take place in phase III. “The Elex represents the next chapter in the transformation of Electric Works and reflects what can happen when public and private partners work together with a long-term vision,” said Kevan Biggs, President and owner of Biggs Group. “We are proud to help bring much-needed workforce and affordable housing to Fort Wayne while honoring the history and character of this iconic campus.” As specialists in all facets of multifamily housing, Biggs Group provides real estate investment, subdivision development, community development, apartment development and multifamily management services throughout Indiana, Lower Michigan and Northwest Ohio. The Elex includes two multifamily housing buildings with ground-level commercial space. It offers residents direct access to a parking garage and the Electric Works campus. Common amenities for residents include a community room, bistro lounge and coffee bar, with a common courtyard, sports courts, playground, outdoor entertainment area and private park. A fitness and wellness center, early childhood learning center and commercial space will be completed in future phases of the project. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.