Sarah Zaricki

NEW YORK (March 17, 2025)—Leading financial services provider Merchants Capital today announced $120 million in financing for the construction of Museum Parc, a 250-unit mixed-income, mixed-use and retail development in downtown Newark, N.J. The development will integrate housing units with the 4,120 square-foot Newark Museum of Art (NMOA) gallery and approximately 2,300 square feet of ground-floor retail space, serving as an anchor to the Newark Arts & Education District. Merchants Capital secured $58 million, comprising a Freddie Mac 9% Low-Income Housing Tax Credit (LIHTC) Forward permanent loan and a $62 million construction loan from Merchants Bank for Museum Parc. "This deal represents Merchants’ streamlined internal collaboration, and we are proud of the efficiency demonstrated across the organization to arrange key components in the capital stack,” said Michael Milazzo, Senior Vice President of Originations at Merchants Capital. “Likewise, Museum Parc is a unique concept, representing the innovative ways our partners are providing affordable housing solutions nationwide. We look forward to witnessing its impact in Newark.” Of the 250 apartments, 20 percent will be income restricted. Forty-five units will be affordable to households earning 50 percent of AMI and the remaining five will be reserved for households earning 30 percent of AMI. The development is designed to foster community and connection to NMOA via indoor and outdoor space. It will include a six-story building and a 12-story structure, housing, a fitness center, co-working space, lobby, bicycle room, game room, lounge and speakeasy, as well as a 3,000-square-foot roof terrace accessed through the garden room and commercial kitchen area. Museum Parc is co-developed by LMXD and MCI Collective. As the mixed-income and market-focused member of the L+M family of companies, one of the nation’s leading builders and developers of affordable housing, LMXD focuses on culture, community and sustainability in the Northeast and across the country. Urban revitalization firm MCI Collective delivers quality housing and retail by reimagining urban spaces, with an emphasis on arts and culture to enhance design and value.   “Museum Parc will help anchor the Newark Arts & Education District by providing much-needed mixed-income rental housing, the expansion of the Newark Museum of Art, and ground-floor retail to activate the streetscape,” said Jake Pine, Managing Director at LMXD. “We are grateful for our partners at Merchants Capital for helping make this project happen.” “This project wouldn’t be possible without a top-tier partner like Merchants Capital, whose expertise brought our vision to life,” said Siree Morris, Managing Partner at MCI Collective. “It’s a game-changer for Newark, strengthening arts and culture while supporting the Newark Museum.” Museum Parc is expected to be completed by 2027. 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. (March 14, 2025)—Leading financial services provider Merchants Capital today announced that it provided $7 billion in debt and equity financing for 2024, ending the year with more than $26 billion in assets under management. The firm remains focused on growing market share by leveraging Merchants Bank's dynamic balance sheet to facilitate agency business with existing and new sponsors across the country. "The ability to provide a combination of debt and equity for affordable housing development fueled this year’s production volume," said Mat Wambua, Vice Chairman and head of Merchants Capital’s New York office. "The hard work and collaboration across Merchants’ regional offices and platforms has been exceptional, and I congratulate our team for its proactivity in providing solutions for clients." Merchants Capital achieved top government sponsored entity (GSE) lender rankings in 2024, including: Freddie Mac: #2 Optigo® Targeted Affordable Housing Lender in 2024 Freddie Mac: Top Lender of Forward Rate-Locks for 2024 The company also attained rankings that include: U.S. Department of Housing and Urban Development (HUD): #3 HUD Initial Endorsements by Lender (MAP Applications) of 2023 Multi-Housing News: #7 of Top 20 Mortgage Banking and Brokerage Firms of 2024 Commercial Property Executive:  #10 of Top 20 Mortgage Banking and Brokerage Firms of 2024 "Merchants' strategic loan securitization program provides us with increased balance sheet capacity to more effectively manage capital and support growth objectives," said Evan Gibson, Executive Vice President of Capital Markets at Merchants Capital. "We are well-positioned to continue as one of the top multifamily and healthcare bridge lenders in the country." Merchants’ Capital Markets team executed three securitizations totaling $1.5 billion in 2024, including a $324.6 million Freddie Mac Q-series transaction (the company’s fifth since 2022), a $543.5 million CDS backed by multifamily loans and a $628.9 million cash securitization backed by healthcare commercial real estate (CRE). "Merchants has built internal expertise to manage more aspects of multifamily finance,” said Marsha Goff, Executive Vice President of Originations and head of Merchants Capital’s Minneapolis-St. Paul office. “Clients are benefitting from Merchants’ local market knowledge, ability to execute nationally and services that span from originations to loan servicing.” "We are aligned with partners who provide creative solutions for market rate and affordable housing financing, including historic renovations and office conversions,” said Lee Oller, Executive Vice President of Originations and head of Merchants Capital’s Chicago office. “We’re seeing value being placed on maintaining and creating neighborhoods and communities, which will improve everyone’s quality of life. These projects are particularly rewarding for Merchants.” Merchants Capital is headquartered in Carmel, Ind. with offices in New York City, Minneapolis-St. Paul, Chicago, Boston and Washington, D.C. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Andrew Weil NEW YORK (March 6, 2025)—Leading financial services provider Merchants Capital today announced the additions of industry veterans Andrew Weil and Justin Ginsberg, both with the title of Executive Vice President of Originations, to lead its fifth debt sales team nationwide. In these positions, Weil and Ginsberg will provide leadership and expertise to enhance Merchants Capital's national multifamily and affordable housing debt and equity footprint. Weil and Ginsberg have worked together in the affordable housing industry for more than 30 years. At Centerline Capital Group, they led the affordable housing tax credit and debt platform. For the last 12 years, they were the co-heads of the affordable housing agency lending platform at Grandbridge, a subsidiary of Truist Bank. Justin Ginsberg "Andy and Justin are highly regarded for their expertise in affordable housing and agency lending. With limited customer overlap, this additional team allows for maximum reach across the industry to execute on Merchants’ pursuit to be the premier affordable housing financing provider nationwide," said Michael Dury, President and CEO of Merchants Capital. "Their extensive industry knowledge and experience, combined with our active balance sheet lending and tax credit equity platform, will position them to best serve existing and new relationships." Merchants Capital consistently ranks among the top agency lenders in the United States, holding licenses with Fannie Mae, Freddie Mac and HUD/FHA. This expertise, combined with Merchants’ bank balance sheet products, provide sponsors with beginning-to-end financing solutions that adapt to market changes. 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 (Feb. 25, 2025)—Leading financial services provider Merchants Capital today announced more than $316 million in construction, permanent and equity financing for the second phase of Alafia (Alafia Phase II), a mixed-use development in East New York, Brooklyn, N.Y. Part of an expansive affordable housing development and the Vital Brooklyn Initiative community development program, the second phase of Alafia will provide 634 affordable and supportive housing units, and 22,000 square feet of retail and community facility space. This marks the second deal in the state to utilize a Freddie Mac Unfunded Permanent TEL Forward loan.  Merchants Capital, in partnership with the New York State Housing Finance Agency (HFA), provided $48.7 million Freddie Mac Unfunded Permanent TEL Forward financing for of the second phase of Alafia. The $192.7 million construction loan was provided by Bank of America in conjunction with Merchants Capital. In partnership with Bank of America, Merchants Capital closed $174.8 million in 4% Low-Income Housing Tax Credit (LIHTC) equity. The second phase of Alafia is part of a multi-phase effort led by Empire State Development (ESD) to revitalize Brooklyn and serve the neighborhood with ample affordable and supportive housing, outdoor space and facilities for healthcare and community needs.   Alafia Phase II is being co-developed by RiseBoro Community Partnership, Inc., L+M Development Partners, LLC and Apex Building Group. RiseBoro Community Partnership has more than four decades of experience offering services designed to support the needs within their communities.    Apex Building Group has created or preserved more than 7,400 affordable housing units throughout New York and New Jersey. L+M Development Partners is a nationally recognized affordable developer. With its affiliates, L+M has over 57,000 high-quality residential units in construction or that have been acquired, preserved, or completed. Alafia Phase II includes two 14-story residential buildings—A1-A2 and B1—with studio, one-, two- and three-bedroom apartments restricted for households earning between 40% and 70% of the Area Median Income (AMI). In building A1-A2, 47 supportive housing units will be set aside for seniors re-entering the community from incarceration and 59 units will be designated for formerly homeless youth and their families, along with a daycare center and retail space. Additional affordable apartments and residential parking will comprise building B1. Shared amenities among both buildings include a fitness center, children’s playroom, community rooms and outdoor courtyards. Free Wi-Fi will be available to residents in their apartments and common areas.    "RiseBoro is committed to building strong, thriving communities and Alafia Phase II is a testament to that mission," said Kieran Harrington, CEO of RiseBoro Community Partnership. "This development goes beyond affordability—it creates opportunities for stability, connection and growth by integrating deeply affordable and supportive housing with essential community services.”  “L+M Development Partners is thrilled to advance Alafia Phase II, bringing much-needed affordable housing to East New York,” said L+M Development Partners CEO Lisa Gomez. “We are grateful to our partners for their dedication to this transformative project and the community it will serve.”  "Apex is immensely proud of the work we are doing here in Brooklyn at Alafia, as this development is transforming the community by creating an entire new neighborhood,” said Apex Building Group CEO Lee Brathwaite. “The project enables Apex to further its mission of producing quality affordable housing while also establishing a healthy and welcoming environment for the people of East New York."  Construction of a new public street, Abule Avenue, is part of Phase II. It will connect Fountain Avenue and Erskine Street to provide access for pedestrians and vehicles and support further phases of Alafia redevelopment.   Construction began in December 2024 and is expected to be completed by the summer of 2027.  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 (Feb. 12, 2025)—The New York office of leading financial services provider Merchants Capital today announced a total production volume of $2.2 billion for 2024, setting a new threshold for debt and tax credit equity investments in multifamily affordable housing. These numbers financed the construction and preservation of affordable, multifamily and senior housing nationwide. Merchants Capital’s New York office provided $1.9 billion in debt, leveraged from government-sponsored enterprise (GSE) loans and Merchants Bank’s balance sheet, and $213 million in equity investments. "Merchants draws on a great deal of internal debt and equity expertise to execute various financing structures for affordable housing development," said Mat Wambua, Vice Chairman and EVP, Agency Lending at Merchants Capital. "This, combined with our streamlined approach, is fueling Merchants’ growth despite a challenging market, while also creating efficiency for our clients. Together, we are making a tangible impact in the affordable housing industry." Nationally, Merchants Capital was recently named: Freddie Mac: #2 Optigo® Targeted Affordable Housing Lender in 2024 Freddie Mac: Top Lender of Forward Rate-Locks for 2024 MHN : #7 of Top 20 Mortgage Banking and Brokerage Firms of 2025 CPE:  #9 of Top 20 Commercial Mortgage Banking and Brokerage Firms of 2025 Commercial Observer: #33 on the Power Finance 2024 List; among the 50 most influential players in commercial real estate Merchants Capital regularly collaborates with the New York City Housing Authority (NYCHA), New York City Housing Development Corporation (HDC), Department of Housing Preservation & Development (HPD), New York State Housing Finance Agency (HFA), Freddie Mac and Fannie Mae. 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. (Jan. 28, 2025)—Merchants Capital today announced $1.08 billion in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2024. The firm’s capital raise, which has surpassed $2.1 billion since the platform launched in 2021, comprises $900 million in multi-investor offerings, $68.8 million in state credit syndications and $1.1 billion in proprietary fund investments. In January 2025, the firm closed Merchants Capital Tax Credit Equity Fund 21, LLC, a $131.2 million multi-investor fund with eight bank investors. In September 2024, the firm closed Merchants Capital Tax Credit Equity Fund 19, L.P., its largest ever fund capital raise at $293 million with a large institutional investor. "Successfully raising $1.08 billion in tax credit equity in one year is a remarkable achievement," said Julie Sharp, Executive Vice President at Merchants Capital. "In only four years, we have built a $2.1 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for the construction and preservation of safe, quality affordable housing for more than 19,000 families in 26 states." "Our success is a testament to our team, the support of our investor and developer partners and the innovative platform we have built across all business lines at Merchants Capital," said Linda Hill, Executive Vice President at Merchants Capital. "It has been extremely rewarding to build out an equity originations platform in a firm that offers industry-leading debt products and balance sheet solutions for affordable housing developers,” said Josh Reed, Executive Vice President of Acquisitions at Merchants Capital. “We are grateful to our developer and investor partners, who make our success possible."    "Our remarkable production results reflect strongly on the capabilities and investments we have made in our asset, fund and risk management team of professionals who are steadfast in their dedication to our investor and developer partners," said Chris Messmann, Executive Vice President of Syndications and Tax at Merchants Capital. 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 (Jan. 21, 2025)—Leading financial services provider Merchants Capital today announced $129.1 million in financing for the New York City Housing Authority (NYCHA) $419.6 million renovation of Boston Road Plaza, Boston Secor, and Middletown Plaza (BBM) in the East Bronx. The renovations will span three housing developments and six residential buildings that total 952 units. Merchants Capital provided a $129.1 million New York Housing Development Corporation (NYHDC) Freddie Mac Risk Share Loan to support rehabilitations under the Permanent Affordability Commitment Together (PACT) program. To date, Merchants has provided approximately $2 billion in financing towards roughly 9,000 units as part of PACT projects throughout New York City. The BBM developments will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program as part of HUD’s Rental Assistance Demonstration (RAD) conversion program to further support property modernization, long-term assistance and affordability. “Our work to support and preserve affordable housing throughout New York City endures via renovated NYCHA deals that are improving neighborhoods incrementally,” said Mat Wambua, Vice Chairman at Merchants Capital. “The Bronx will be vitally enriched as a result of these enhancements. We appreciate the opportunity to apply our structuring expertise and align once again with our PACT partners who are committed to making a difference." BBM renovations are being led by the Bronx Revitalization Collaborative (BRC), a joint venture between Beacon Communities, Kalel Companies and MBD Community Housing Corp. Beacon Communities is an owner, developer and manager of affordable and mixed-income housing across the northeast, with nearly 19,000 apartments in 11 states. MBD Community Housing has constructed and renovated more than 2,300 units of housing; its portfolio contains 39 buildings and 1,200 housing units. New York City-based Kalel Companies is a minority-owned business enterprise (MBE) with experience in NYCHA PACT renovations. “We are thrilled to be partnering with NYCHA, fellow PACT team members, and the residents of Boston Secor, Boston Road Plaza, and Middletown Plaza to preserve and improve existing housing stock while dramatically enhancing quality of life,” said Beacon Communities Chief Executive Officer Dara Kovel. “Beacon is privileged to continue our commitment to providing high-quality housing through comprehensive physical improvements, resident engagement, and enhanced service provision. The project exemplifies Beacon’s 40-year history of responding to residents in large-scale revitalization projects and partnerships with public housing authorities.” “The Kalel team is thrilled to continue this partnership with NYCHA, Beacon, MBD and our financing partners to preserve and create housing opportunities for residents throughout New York City,” said Kalel Companies Founding Principal Pierre Downing. “We are eager to commence work alongside the residents, families, and resident leadership to deliver the comprehensive renovations and expanded services provided through NYCHA’s PACT program across the Boston Secor, Middletown Plaza and Boston Road Plaza communities.” “MBD is proud to be part of PACT for Boston Road Plaza, Boston Secor, and Middletown Plaza,” said MBD Community Housing Corporation Chief Executive Officer Derrick Lovett. “This endeavor, which will enhance the quality of life for nearly 1,600 residents across 951 units through extensive renovations, improved property management, and expanded social services, aligns closely with MBD’s mission to preserve and expand affordable housing opportunities throughout the Bronx. We are excited to collaborate with tenant leadership, our development and management partners, as well as NYCHA, to bring this project to fruition. This partnership highlights the power of cross-sector collaboration in positively transforming our communities.” Upgrades to unit interiors, exteriors and shared spaces are planned. Units will receive improvements to bathrooms and kitchens, new doors and flooring and fresh paint. All three developments will be outfitted with new roofs, modernized elevators, free Wi-Fi for households and electrical, heating, cooling, plumbing and ventilation upgrades. The grounds will be restored with landscaping, concrete pavement, new seating areas, bike racks, walking paths and playgrounds. Repairs are underway and are expected to be completed in 2026. 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. (Jan. 6, 2025)—Leading financial services provider Merchants Capital today announced that it secured more than $88 million in financing for Union at Bluffs Run, a new 192-unit affordable housing community in Council Bluffs, Iowa. The financing supports the expansion of The Annex Group’s affordable housing footprint. Union at Bluffs Run will be the developer’s fourth in the state. Merchants Capital secured a $24.9 million Fannie Mae Forward MBS Tax-Exempt Bond (M.TEB) permanent loan and $22.5 million in low-income housing tax credit (LIHTC) equity. A $41.5 million construction loan was provided by Merchants Bank. Affordability for the development will be supported via tax increment financing (TIF) from the City of Council Bluffs and rent restriction to residents earning at or below 60% of area median income (AMI). Union at Bluffs Run is being developed by leading impact housing developer The Annex Group, specialists in creating affordable, workforce, student and market-rate housing communities. The Annex Group has overseen $975 million in single family, multi-family, mixed-use and other commercial projects, including redevelopment and ground-up construction. Located on more than 10 acres, Union at Bluffs Run will comprise four, three-story apartment-style buildings with 72 one-bedroom, 96 two-bedroom, 24 three-bedroom units. Common areas, including a community room, fitness center and leasing office, will be contained in an additional building. Amenities include a playground, dog park and picnic area. “Entering the Council Bluffs area is a natural fit for The Annex Group,” said Ryan Clark, Senior Vice President of Development at The Annex Group. “As an organization, we’ve expanded our footprint in Iowa and see this as another opportunity to bring affordable housing to a growing area that truly needs it. We look forward to becoming a part of this great community.” Union at Bluffs Run is expected to open in fall 2026. 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 (Dec. 5, 2024)—Leading financial services provider Merchants Capital today announced that it secured $19.1 million for the acquisition of Mall West End Revitalization, a 12-acre historic site in Atlanta, Ga. that will be converted into a $450 million mixed-use development comprising a hotel, retail space and 1,045-unit residential housing restricted for seniors, students and workforce. Merchants Capital arranged a $19.1 million land acquisition loan. The financing was provided by Merchants Bank, parent company of Merchants Capital. Renowned locally as a cultural hub, Mall West End will transform 12 acres one mile southwest of downtown Atlanta and support redevelopment planned by co-developers BRP Companies and The Prusik Group, Atlanta Urban Development and Atlanta Beltline, Inc. The site sits within a federal opportunity zone with tax incentives, including tax abatements for new developments. Mall West End is being developed via a joint venture between BRP Companies and The Prusik Group. Prusik Group specializes in the development and repositioning of retail real estate assets, with more than 3 million square feet under management. BRP Companies provides fully integrated real estate development, construction, property management and financial services. Its portfolio contains more than 3,600 units of multifamily housing and more than $6.8 billion in completed and current transactions. “We are proud to revitalize the property into its next chapter, bringing much-needed affordable and workforce housing to the West End community,” said Meredith Marshall, Co-Founder and Managing Partner of BRP Companies. “Through this redevelopment, we look forward to celebrating the cultural heritage of the West End neighborhood while we work to transform the property into a vibrant destination that becomes a central hub for the community.” “The acquisition of the Mall West End is a testament to the power of persistence and determination, and we are immensely proud of the partnerships we've built with the incredible West End Community, the Atlanta University Center, and the City of Atlanta, to whom we extend our heartfelt gratitude for believing in our vision,” said S. Andrew Katz, Co-CEO of The Prusik Group. “We look forward to developing an inclusive mixed-use development that builds on the past and leads to a brighter future.” Residential housing in three of Mall West End’s buildings will include 245 senior housing units, 596 conventional multifamily units and 204 student housing units. In addition, 893 mixed-income workforce rental units that will be restricted at 70% for workforce housing, 20% will be affordable at 50% of the Greater Atlanta Area Median Income (AMI) and 10% at 80% of AMI. Residential amenities will include a fitness center, pool, resident lounge, landscaped terrace, bike and car parking and package room. The development will be located on a public green space one block from a Metro Atlanta Rail Transit Authority (“MARTA”) station. Construction on Mall West End is expected to begin in 2025, with phase one completion slated for 2026. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

WASHINGTON (Nov. 4, 2024)—Leading financial services provider Merchants Capital today announced $46.6 million in financing for the acquisition of two affordable housing developments for Dominium, a  leading affordable housing owner, developer and manager. The acquisition financing was provided by Merchants Bank, parent company to Merchants Capital. Permanent and mezzanine loans totaling $28.3 million were secured for Villa Hermosa, a 288-unit multifamily development in Albuquerque, N.M., Dominium’s first property in the state. Similarly, more than $18.3 million was secured for Cholla Ranch Apartments, a 180-unit multifamily development in Buckeye, Ariz. Both properties are affordable, with rehabilitation and re-syndication of tax credits being planned. A $13 million tenant-in-place rehabilitation is expected to begin in spring of 2025 at Villa Hermosa with the re-syndication of tax credits. There will be upgrades to unit interiors and common area amenities. One hundred percent of Villa Hermosa’s units are currently restricted to 60% area median income (AMI) and the affordability will remain in place post re-syndication. Dominium will begin a $7 million tenant-in-place rehabilitation and tax credit re-syndication in early 2025 for Cholla Ranch Apartments. One hundred twenty-four units are currently restricted for tenants at 30%, 40%, 50% and 60% AMI; the remaining units are market rate. The re-syndication will render the project fully affordable, with the conversion of market-rate units to units restricted at 70% AMI. The other restrictions will remain in place. Founded in 1972, Dominium builds and manages high-quality affordable homes. The company owns and manages more than 40,000 units in 20 states.Villa Hermosa offers 48 one-bedroom units, 216 two-bedroom units, 24 three-bedroom units with washer and dryer connections and a balcony or patio. The property’s amenities include swimming pool, clubhouse, fitness center and secured gate access and has convenient access to Interstate 40. Cholla Ranch Apartments offers 2- and 3-bedroom units and a clubhouse, pool, spa, playground, covered parking, laundry facility, storage spaces, gym, BBQ/picnic area and courtyards. Located within the growing Phoenix Metropolitan area about 30 miles west of the center of Phoenix, the property is in proximity to employment opportunities in major industries that include aerospace, finance, healthcare, IT, manufacturing, and warehousing and distribution. “We appreciate the partnership of Merchants Capital in helping Dominium further its mission of persevering and building much-needed affordable housing across the United States,” said Mark Lambing, Dominium Vice President and Project Partner. “These two acquisitions enable us to preserve the affordability of nearly 475 apartment homes in Arizona and New Mexico, which will benefit these communities and their residents for years to come.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.