CARMEL, Ind. (Oct. 8, 2026)—Leading financial services provider Merchants Capital today announced $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit, two-phased affordable multifamily property in Newport News, Va. developed by Vitus Group. Merchants Capital secured $62.8 million in U.S. Department of Housing and Urban Development (HUD) 221(d)(4) permanent financing and $35 million in equity bridge loans provided by Merchants Bank. Stuart Gardens’ capital stack also includes low-income housing tax credit (LIHTC) equity, federal and state historic tax credits and Green and Resilient Retrofit Program (GRRP) financing via HUD for energy efficient improvements. “Merchants is proud to serve as a financing partner for Stuart Gardens and support its development through various stages, most recently in providing interim financing in advance of additional funding,” said Matt Kaercher, Senior Vice President of Originations at Merchants Capital. “Merchants’ experience and relationship with HUD played a key role in serving the project, and we celebrate Vitus Group’s effort to rehabilitate 491 affordable homes in the Newport News community.” Stuart Gardens comprises 109 two-story buildings, with 489 of 491 units across both properties, 100% of the residential units, restricted to families earning 60% area median income (AMI), under a Section 8 Housing Assistance Payment (HAP) contract. Constructed in 1940, it has been designated as a historic property by the Virginia Board of Historic Resources. External repairs will include a new playground, connections to an adjacent park and walking path, roofing, siding and exterior doors and windows. In-unit repairs will include replacement of existing flooring, updated appliances, new kitchen cabinetry and updated bathrooms. “Stuart Gardens has been home to Newport News families for more than 80 years, and this renovation ensures it will remain affordable for decades to come,” said Samantha Cullen, Director of Development at Vitus. “We're grateful to Merchants Capital for helping us secure the financing to deliver modernized homes, lower energy costs and new resident services, all while preserving the community's historic character.” During the past 30 years, Vitus Group has provided more than 130 properties and 25,000 affordable multifamily units across 30 states. The company is among the nation’s leading experts in affordable housing, with a proficiency in acquiring, renewing and preserving federally subsidized housing. Upon completion, Stuart Gardens will offer updated one, two and three-bedroom apartments with refinished hardwood flooring, fully equipped kitchens, washers and dryers and renovated bathrooms. The property will feature a playground, clubhouse and onsite management. Located in a mixed-use neighborhood southeast of downtown Newport News, Stuart Gardens sits within a 1.5-mile radius of schools, public transportation, recreation areas, fire and police stations and grocery stores. Construction began in August 2026 and is expected to be completed in January 2028. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (Sept. 2, 2026)—Leading financial services provider Merchants Capital today announced more than $138 million in financing secured for North White Plains Workforce Transit Hub, a mixed-use community developed by BRP Companies, with 296 residences, retail and community space located in a fast-growing transit corridor in Westchester County, N.Y. It is the first project to close on financing under New York State Homes and Community Renewal’s (HCR) Housing Acceleration Fund (HAF) program. Merchants Capital secured a $120.5 million construction loan provided by Merchants Bank for North White Plains and facilitated $18 million from the HAF, a revolving loan fund that provides financing for shovel-ready mixed-income multifamily developments requiring additional gap funding. “As an approved lender and one of the first awardees of the Housing Acceleration Fund, Merchants Capital is proud to be part of an initiative aggressively focused on increasing affordable housing supply and finding ways to overcome potential hurdles in bringing such housing to fruition,” said Mark Branigan, Transaction Manager at Merchants Capital. “North White Plains is poised to support the community in a multi-faceted way.” North White Plains will comprise two six-story buildings with studio, one and two-bedroom apartments, with five homes restricted to households earning between 50% and 60% area median income (AMI) and 25 homes restricted to households earning up to 110% AMI. Two hundred sixty-six units will be rented at market rate. The development will comply with LEED Silver certification and New York State Energy Star standards, supporting long-term environmental performance and operational efficiency. “Governor Hochul’s innovative Housing Acceleration Fund is part of New York’s all-of-the-above approach to increasing housing supply,” said HCR Commissioner RuthAnne Visnauskas. “By providing low-cost financing for mixed-income housing projects, we are jumpstarting construction of new apartments that will benefit families, seniors, young adults, and those looking for a modern place to live. We are thankful to the Governor for her bold vision on creating this cutting-edge program and are grateful to all the North White Plains project partners for bringing nearly 300 new homes to the city of White Plains.” “North White Plains reflects the future of residential development, creating thoughtfully designed communities that connect people to housing, transit and opportunity,” said Steven Smith, Partner of BRP Companies. “As housing demand continues to grow throughout the region, developments like this play an important role in expanding access to high-quality homes while strengthening surrounding communities, and we are grateful to all of our financing partners for helping bring this vision to life.” An innovator in developing mixed-use, mixed-income, walkable urban housing with high-quality and energy efficient properties, BRP Companies manages an over $6.7 billion portfolio with more than 7,400 units of multifamily housing and 16.9 million square feet of planned, current and completed development. North White Plains will support community interaction and activity throughout its walkable grounds. The development will include a fitness center, resident lounge, co-working and event space, with 1,000 square feet of ground floor retail space to house a coffee shop, a 15,000 square foot public park and two-level parking garage. Construction began in July 2026 and is expected to be completed in Q2 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. (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.