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CARMEL, Ind. – Leading financial services provider Merchants Capital today announces the company has earned a top-ranking position on the prestigious Mortgage Bankers Association (MBA) Commercial/Multifamily Originators listing, ranking in as the #3 affordable multifamily lender nationwide in 2021 – up from #4 last year. In total, Merchants Capital closed $3.7 billion in multifamily and affordable loans across 300 transactions, with an average transaction size of $12.3 million. This ranking follows suit with a historic year for the company, closing nearly $7 billion in debt financing across its six regional offices in 2021 and shattering the firm’s previous record of $4.7 billion set in 2020. Merchants’ affordable housing debt production comprised $3.7 billion of the total $7 billion, representing a 50% increase year over year. In New York specifically, the firm provided approximately $1.15 billion in debt financing in 2021 for affordable housing development and preservation within the region, earning the company recognition as a top multifamily affordable housing financier in the area. The MBA report is a comprehensive set of listings of 141 different commercial/multifamily mortgage originators, their 2021 volumes and the different roles they play. The report presents origination volumes in more than 140 categories, including by role, investor group, property type, financing structure type and the location of the originating office. It is available for purchase through MBA’s Online Store. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

NEW YORK – The New York office of leading financial services provider Merchants Capital today announces it has provided more than $104 million in financing for Harlem River Houses and the adjacent Harlem River II Campus, collectively known as Harlem River Houses I and II. The New York City Housing Authority (NYCHA) property dates back to the 1930s and represents a significant milestone in public housing as one of the first two properties in New York funded, developed and owned by the federal government. Constructed in 1936 and debuting in 1937, Harlem River Houses was built as an attempt to amend the poor housing opportunities for African American residents in the Harlem neighborhood. At the time, public housing was segregated in New York City and the limited options available to African Americans were deteriorating and significantly overcrowded. As such, construction of Harlem River Houses served great importance to many local residents by offering affordable and safe housing at a time when other options were scarce. In 1979 after 42 years in service, Harlem River Houses was recognized on the National Register of Historic Places for both its noteworthy architecture and social history in the New York City community. Located between West 151st Street and West 153rd Street along Harlem River Drive and Macombs Place, Harlem River Houses currently features 690 apartments offered at 100% affordability to low-income residents in the area. Upon renovation, the property will offer 693 apartments spread across eight residential buildings that house more than 1,400 residents. Merchants Capital provided more than $104 million on behalf of a joint venture between the Settlement Housing Fund and West Harlem Group Assistance to support comprehensive renovation of the properties. The financing structure consisted of a straight-to-permanent New York City Housing Development Corporation (NYCHDC) Freddie Mac Risk Share loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. To date, Merchants has provided nearly $480 million in financing towards more than 3,300 units as part of the NYCHA PACT projects throughout New York City. As the largest public housing authority in North America, NYCHA is home to 1 in 15 New Yorkers. Rehabilitation to the property is expected to begin this spring, and the renovation is expected to be completed between 2024 and 2025. Renovations will include upgrades to apartments, common areas, elevators, security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored and new playgrounds, benches and activity spaces will be installed for residents' use. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced. “We are so excited to get to work on the restoration of Harlem River Houses,” said Alexa Sewell, President of Settlement Housing Fund, Inc. “This investment is a huge win for public housing, for the neighborhood, and most importantly, for the residents of Harlem River Houses. We wouldn’t be here without the creativity and tenacity of the Merchants team.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CARMEL, Ind. – Leading financial services company Merchants Capital today announces that Darren King has joined the firm as Vice President of Capital Markets. With more than 20 years of real estate experience, King is a recognized authority in the industry, possessing substantial knowledge in commercial mortgage-backed securities (CMBS), commercial real estate (CRE) and structured products. Darren King King joins Merchants Capital from Trepp, where he served as head of CMBS, responsible for product management. Prior to this role, he held a senior position as a CRE credit specialist at Davidson Kempner Capital Management and served as a portfolio manager at both Semper Capital Management and Jerica Capital Management. He also served as an executive director at UBS Investment Bank where he focused on CMBS trading and capital markets. In his new role, King will focus on expanding Merchants Asset Management, a New York-based registered investment advisor, which is focused on the launch of several bridge loan debt funds and new permanent financing products. King holds a bachelor’s degree in computer science from the University of Virginia and is based out of the company’s New York office. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

NEW YORK – The New York office of leading financial services provider Merchants Capital today announces the company provided approximately $1.15 billion in debt financing during 2021 for affordable, multifamily and senior housing preservation and development within the region, earning recognition as a top housing financer in the New York area. The milestone reflects Merchants Capital New York’s continued success and expansion into a diverse base of offerings for clients, including on-book, Freddie Mac, Fannie Mae and Federal Housing Administration (FHA) loan products. Merchants’ lending volume extends to a broad swath of affordable projects, including acquisition, preservation and new construction loans for 4%, 9%, Section 8, public, supportive and mixed-income housing projects. Merchants Capital New York is one of Merchants’ six production hubs nationwide, in addition to Indianapolis, Chicago, Saint Paul, Boston and Washington, D.C., which opened in 2021. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind. – Merchants Capital closed a record $7 billion in debt production in 2021, shattering the firm’s previous record of $4.7 billion in financing in 2020. The firm achieved explosive growth in all product offerings, including a 72% increase in FHA financing to $1.97 billion, a 143% increase in Fannie Mae and Freddie Mac production approaching $1 billion, and a 65% increase in Merchants Bank balance sheet financing with over $4 billion in volume in 2021. The firm’s affordable housing debt production soared to $3.1 billion, representing a 50% increase year over year. This announcement follows the 2020 honor from the Mortgage Bankers Association that recognized Merchants Capital as the #4 multifamily affordable lender nationwide. Merchants Capital strives to deploy innovative financing structures in multifamily housing, including affordable housing, workforce, market-rate, and luxury development across the United States. Merchants Capital is headquartered in Indianapolis, with five additional production hubs nationwide located in Boston, Chicago, New York City, Saint Paul and Washington, D.C. Since 2019, Merchants’ staff has grown by 83% as the firm has added additional product offerings and opened regional offices in Washington D.C. and Boston. To learn more about Merchants Capital and to view open positions, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind.  – Leading financial services provider Merchants Capital announced today it has arranged $13 million in debt financing and $7.2 million in equity financing to support the renovation and redevelopment of Adcock Joyner Apartments in Oakland, California. The mixed-use property is a historic development, originally constructed in 1915 as a hotel and converted into affordable housing in the early 1990s. Situated at 532 16th St. in the heart of downtown Oakland, Adcock Joyner provides housing for residents earning no greater than 50% or 60% of the area median income (AMI). The property features 25 studio and 25 one-bedroom apartments with excellent walkability to Oakland’s public transportation and major thoroughfares. The first floor of the mixed-used development features more than 2,500 square feet of commercial space occupied by a local nonprofit that helps homeless, poor and disabled individuals achieve health and self-sufficiency. To finance the renovation, Merchants Capital provided more than $20 million in total debt and equity financing, which will fully fund the project through the 4% Low-Income Housing Tax Credit (LIHTC) program. Following completion of the renovation, the property will operate under a new Housing Assistance Payments (HAP) contract covering 100% of the revenue-generating units, ensuring the property will remain affordable for residents in the years to come. “Right now, the need for quality, affordable housing is exponential in the U.S. but especially in the state of California,” said Eddie Dietrick, Vice President at Merchants Capital. “With our full-service lending platform, we are able to better serve the needs of our clients and support their work in revitalizing affordable housing properties across the country. We are grateful to have partnered on this project and look forward to expanding Merchants’ presence along the West Coast.” “The California housing market is truly unlike any other in the country, and we are thrilled to showcase Merchants’ commitment to the area by serving as the financier for this important redevelopment project,” said Linda Hill, Executive Vice President of Tax Credit Equity at Merchants Capital. “We are working to expand our presence nationally and having the opportunity to partner on such a significant California property is a step in the right direction for our company.” Significant renovations will be made in each residential unit, including upgrades to all kitchen surfaces and appliances, all bathroom surfaces and fixtures, plumbing, flooring, electrical updates and more. Exterior renovations include repairs to the building’s fire escape, new roofing, new HVAC units, elevator upgrades, enhanced security systems and more. The first-floor commercial space will be reconfigured and renovated, with new kitchen cabinets, fixtures and flooring among others. “We are excited about the project and our partnership with Merchants Capital and Progressive Affordable Development,” said James Hill, President of Adcock Joyner Preservation. “This renovation helps us continue our long-term objective of providing stable affordable housing in the downtown Oakland sector. We value our relationship with Merchants Capital and are most grateful for the expertise and support provided while we bring our vision into reality.” Renovation to the property began in November 2021 and is expected to be completed by January 2023. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CHICAGO – The Chicago office of leading financial services provider Merchants Capital recently secured more than $110 million in total financing for Parkside 8 and Parkside 10, two mixed-use, workforce housing developments located in Ward 7 in Washington, D.C. Upon completion, Parkside 8 and 10 will feature 230 total residential units and approximately 14,000 square feet of commercial retail space. The projects are being co-developed by City Interests Development Partners and Ravinia Capital Group and they closed on the joint venture (JV) equity with the Opportunity Zone strategy managed by Bridge Investment Group. The projects will address the need for workforce housing in an expensive market, offering rental housing for low- and moderate-income households. Parkside 8 and 10 are part of a larger, 3.1-million-square-foot and master-planned development known as Parkside. The aggregate Parkside mixed-use development will include between 1,500 and 2,000 residential units, up to 50,000 square feet of retail space, 860,000 square feet of office space, a one-acre park and a new pedestrian bridge that crosses over Kenilworth Avenue and I-295 linking the Eastland Gardens, Kenilworth and Parkside neighborhoods with the Minnesota Avenue Metrorail Station. Additionally, Parkside offers four neighborhood educational institutions and a primary care clinic that serves both the developments’ residents and adjacent neighborhoods. “Workforce housing is such an important component of a city’s housing plan as it supports employment populations that are critical in making the city operate. We need teachers, fire fighters, members of the police force and government employees living and working in our communities," said Peter J. Farrell, Managing Partner at City Interests Development Partners, LLC. "Adding Parkside 8 and 10 to our mixed income housing footprint is another step in the evolution of Parkside as a live, work, play mixed-use development. Thank you to the Merchant Capital team for a job well done.” “We are delighted with our ongoing partnership with City Interests in providing workforce housing at Parkside," said Jim Solomon, Managing Principal of Ravinia Capital Group. "Parkside 8 and 10 is part of Ravinia’s ongoing commitment to the Parkside community as well as the city of Washington, DC. We feel that it is critically important to provide housing that’s so much in demand. Thank you, Merchants Capital, for being part of our team.” Parkside 8 and 10 will create workforce housing without the need for federal tax credit subsidies typically required for affordable developments. Within the new properties, select units will be reserved for residents earning between 80% and 120% of area median income (AMI). The new developments are located within the Mayfair/Parkside Opportunity Zone which has seen significant investment through the opportunity zone structure. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram. To finance the properties, Merchants Capital secured $56 million of construction loans provided by Merchants Bank of Indiana and $59 million in permanent financing through Freddie Mac Non-Low-Income Housing Tax Credit (LIHTC) Forward Commitments and Freddie Mac Permanent Loans.

CARMEL, Ind. – Merchants Capital today announces the promotion of Julie Sharp and Linda Hill to Executive Vice Presidents. Sharp and Hill lead Merchants’ tax credit equity division and previously served as Senior Vice Presidents. Since launching the division in late 2020, Sharp and Hill have overseen the creation of a robust equity platform with unprecedented growth. In its first full year, the team successfully completed an equity raise of more than $248.3 million in both proprietary and multi-investor funds that will create or preserve more than 3,200 units in 13 states. Sharp joined Merchants in 2020 after serving at one of the nation’s largest tax credit equity syndicators where she was involved in raising capital and structuring fund investments valued at more than $1 billion across the U.S. In 2021, she was appointed to the Board of Directors for the Affordable Housing Tax Credit Coalition (AHTCC), a national advocacy group based in Washington, D.C. and is also a board member for the Indiana chapter of the Women’s Affordable Housing Network. Hill is an accomplished and recognized leader in the industry with a career spanning more than 25 years at two of the nation’s top syndicators and investment platforms. She joined Merchants in April 2021 and is responsible for managing equity relationships with top affordable housing sponsors across the country. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

SAINT PAUL, Minn. – Leading financial services provider Merchants Capital recently secured more than $141 million in financing for Waterfront Station II, a multifamily, mixed-income and mixed-use property currently under construction in the Southwest neighborhood of Washington, D.C. The community is a joint venture between the for-profit Hoffman & Associates, not-for-profit affordable developer AHC Inc., City Partners and Paramount Development. Situated at 1000 4th Street SW, Waterfront Station II will bring 449 units of market-rate and affordable apartments to the area. Within the 449 total units, 313 will be available at market-rate and 136 will be affordable. Sixty-eight units will be available to households earning at 30% of the area median income (AMI) and an additional 68 will be available for households earning at 50% AMI. Made possible through an innovative financing model, the affordable housing units were financed using both 4% and 9% Low-Income Housing Tax Credits (LIHTC). Ninety-four of the total affordable units are attributed to the 4% LIHTC while 42 of the total affordable units are attributed to the 9% LIHTC. Land acquisition occurred in 2020, at which time the Waterfront Station II development team executed a 99-year ground lease with the District’s Office of the Deputy Mayor for Planning and Economic Development (DMPED). Merchants Capital financed the property with three Merchants Bank of Indiana (MBI) construction loans, totaling $141.25 million: a $123.5 million loan, a $2 million loan for the construction of the 9% LIHTC units and a $15.4 million 4% LIHTC loan required for the tax-exempt bond financing. In addition, Merchants provided financing for three separate Fannie Mae 42-month forward commitments for the permanent financing. Each forward commitment had different loan terms to meet the requirements of the market rate, the 9% LIHTC and the 4% LIHTC units, as well as the goals of the borrowers and equity investors. The full development will consist of a single, 12-story apartment building with approximately 29,000 square feet of retail, educational and commercial space on the ground level with below-grade parking. The commercial space is anchored by AppleTree Public Charter School, a DC-based early childhood education provider and a neighborhood restaurant by Good Company Doughnuts, with an additional 7,000 square feet of retail space available for lease. Designed by architect Torti Gallas Urban with interiors by interior designer Hickok Cole, the project will include more than 19,000 square feet of outdoor and interior amenity space across four floors of the building. These amenities include a coworking and communal gathering space, an expansive fitness center as well as both entertainment and hospitality lounges with dedicated meeting spaces and an intimate library. Beyond the indoor amenity spaces, Waterfront Station II will feature a second-floor courtyard, a rooftop terrace and pool, all of which will be enhanced by the work of landscape architect, Michael Vergason. Unique to Waterfront Station II is the number of private balconies and terraces that create the building façade’s signature design. In total, 147 balconies and terraces averaging 150-200 square feet give residents sweeping views of the Washington Monument, the Capitol Building and both the Potomac and Anacostia Rivers. Designed as a LEED Gold project, another exterior feature of Waterfront Station II is the inclusion of solar panels. Installed across the roof of the building, this added sustainability measure will improve the site’s overall energy efficiency. Anticipated delivery for Waterfront Station II is winter 2023. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind. – Leading financial services company Merchants Capital today announces that Lauren Campbell has joined the firm as Senior Vice President and General Counsel. Campbell is recognized in the industry as a rising star in the legal space, with significant expertise in structuring Low-Income Housing Tax Credit (LIHTC) equity investment funds and multifamily real estate transactions with tax-exempt bonds, monetizable tax credits, federal and state subsidies and agency financing. Campbell joins Merchants from Ice Miller LLP in Indianapolis, where she primarily represented developers on affordable housing real estate transactions. Prior to that, Campbell spent more than seven years as an associate within the tax credit transactions practice group for Holland & Knight LLP in Boston. While at Holland & Knight, Campbell represented nationally recognized tax credit equity syndicators in national fund offerings as well as project-level investments and proprietary investment funds. In her new role, Campbell will join Merchants’ management team and serve as an advisor for upper management, offering guidance on issues relevant to investment fund formation, asset management, tax matters and complex financing structures. She will also serve as a liaison for outside counsel. Campbell holds a bachelor’s degree from the University of Chicago and a Juris Doctor from Boston College. Campbell will be based out of the company’s headquarters in Carmel. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.