Loan Closings

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.

New York City (March 3, 2026)—Leading financial services provider Merchants Capital today announced $26.3 million in total financing for the rehabilitation of Three Arts Club, a 62-unit historic multifamily development in New York City developed by West Side Federation for Senior and Supportive Housing, Inc. (WSFSSH). Merchants Capital secured an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan participation from Merchants Bank. Three Arts Club will also receive $11.4 million in historic tax credits. “Three Arts Club has a remarkable history, initially built in the 1920s as dormitory-style housing dedicated for aspiring women artists,” said Ben Levine, Senior Vice President of Originations at Merchants Capital. “We are proud to support the next chapter in providing vital affordable housing to local senior citizens and formerly homeless individuals in need.” Three Arts Club will provide permanent and supportive housing for seniors (62 years old and older) upon its conversion. Historic spaces will be maintained and include a dining room with commercial kitchen, library, music room and common lounge areas. The property benefits from a Housing Assistance Payment (HAP) Contract, under which tenants earning up to 50% area median income (AMI) will pay 30% of their income towards rent. Twenty-five units will be dedicated for formerly homeless individuals. WSFSSH will provide supportive services on-site available to all tenants. “We’re grateful to Merchants Capital for recognizing that preservation, sustainability, and supportive housing can go hand in hand,” said Nicole Marrocco, Director of Real Estate Development at WSFSSH. “Three Arts Club will transform former SRO units into modern, energy-efficient studios for low-income older adults and formerly homeless New Yorkers, ensuring they can age in place with dignity.” Nonprofit affordable housing developer, property manager and service provider, WSFSSH houses and offers supportive services at 31 buildings to more than 2,480 low-income New Yorkers, including independent seniors, families, and individuals with serious mental illness, histories of homelessness and/or physically handicapping conditions. Renovation of Three Arts Club began in late 2025 and is expected to convert to permanent financing in 32 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. (Dec. 4, 2025)—Leading financial services provider Merchants Capital today announced $74.1 million in debt and $16.7 million in low-income housing tax credit (LIHTC) equity financing for HōM Flats at 28 West Phase 3, a new mixed-use, mixed-income workforce housing development in Wyoming, Mich., developed by Magnus Capital Partners. Merchants Capital secured a $30.6 million Freddie Mac 4% unfunded forward tax-exempt loan (TEL), $16.7 million in 4% LIHTC equity financing and a $43.5 million construction bridge loan provided by Merchants Bank for the development. Pioneered by Magnus Capital Partners, the HōM Flats brand represents a series of communities built in strategic locations to foster thriving neighborhoods. The brand also connects local employers and small businesses with residents by offering workforce housing opportunities through its Preferred Employer Program and driving local business patronage through its PASS Partner Program. "We leaned into Merchants’ structuring expertise and collaborative process to provide a mix of debt and equity financing that would best serve the third phase of HōM Flats at 28 West,” said Joseph Krengel, Senior Vice President of Originations at Merchants Capital. “The evolution of this residential community into its final stage is exciting to witness, and we look forward to its integration into a walkable town center.”  Part of the City of Wyoming’s City Center redevelopment plan, HōM Flats at 28 West Phase 3 adds a residential community adjacent to 28 West Place, a walkable shopping area, and connects to an extensive trail system, a pedestrian bridge and Courtside by HōM Flats, a seasonal food truck park. The project also signals a major step forward in the City of Wyoming’s architectural evolution. While not a “high rise,” a new five-story building will add height and presence to an otherwise flat 28th Street landscape. Affordability will be maintained for 162 mid-rise residential units, which will be restricted between 40% - 80% area median income (AMI). Thirty-eight market rate units will also be added to the multi-phase initiative, which introduced and leased 226 units in Phase 1 and 160 units in Phase 2. "This phase of the project added more units to underserved AMI bands to meet the affordable housing need in the area,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “With 162 additional affordable units and programs that also support workforce development, HōM Flats at 28 West will offer residents various opportunities to thrive.” Asset management and real estate investment firm Magnus Capital Partners has developed five HōM Flats workforce housing communities. The firm has over $1 billion in investments to date, including value-add and multifamily and commercial property development throughout the United States. “At Magnus, we are excited to reach this next stage in expanding high-quality workforce housing in Wyoming. Our goal has always been to strengthen, engage with and invest in the community as long-term stakeholders,” said Magnus CEO and Founder Vishal Arora. “We are grateful for the continued support of our financing, construction and municipal partners who help make this vision possible.” Upon completion, HōM Flats at 28 West Phase 3 will include 63 one-bedroom units, 114 two-bedroom units, 23 three-bedroom units and 8,894 square feet of ground floor commercial space within four elevator-serviced buildings. A childcare center, Grō Childcare Academy, will be included in the commercial space, with residents receiving priority enrollment. Unit amenities include key fob entry, luxury vinyl tile flooring, walk-in closets and full-size washer and dryer. Fully equipped kitchens with pendant lighting, custom cabinetry, kitchen island, garbage disposal and stainless-steel appliances, including refrigerator, dishwasher, built-in microwave and self-cleaning oven will also be included. Residents will have access to indoor bike storage, a fitness studio with free classes, rooftop terraces, walking paths, indoor and outdoor dog park, dog washing stations, community room, indoor and outdoor children’s play areas, outdoor green space, secure package delivery room, resident café with free coffee, remote workspace with free printing, game room, art studio and on-site management. The HōM Flats at 28 West Phase 3 site is within walking distance of eight public bus transit stops and sits on M-11, a major transit corridor in West Michigan. It is in close proximity to three grocers, two pharmacies, medical providers and hospital systems, a public park, library, schools, banks and higher education institutions. 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 (Nov. 24, 2025)—Leading financial services provider Merchants Capital today announced more than $100 million in total financing for the acquisition, recapitalization and substantial rehabilitation of Metro North Plaza & Gaylord White Houses, a Permanent Affordability Commitment Together (PACT) project comprising two existing affordable housing developments and 523 units in New York City. "With the preservation of more than 500 permanently affordable homes and the enhancement of social services to the East Harlem neighborhood of New York City, PACT partners are strengthening community in an enduring way," said Mat Wambua, Vice Chairman and Executive Vice President of Agency Lending at Merchants Capital. "We celebrate the shared commitment to preserving and expanding affordable housing." More than 146 New York City Housing Authority (NYCHA) developments (representing more than 39,000 apartments) are in pre-development, under construction or have completed construction through the PACT program.  Listed on the National Register of Historic places, Metro North Plaza and Gaylord White Houses comprise four residential buildings that have been converted to Project-Based Section 8 through the federal Rental Assistance Demonstration (RAD) program.  The PACT partner team, comprising The Community Builders, Inc. and Ascendant Neighborhood Development Corporation, will oversee the significant rehabilitation, involving improvements to unit and building interiors, systems and public spaces, façade and roof repair or replacement, new windows and elevators. Security upgrades and LED lighting will be implemented. The team will also provide expanded social services through The Community Builders’ Community Life team and existing on-site and local teams. MDG Design & Construction will serve as the general contractor, and Wavecrest Management will be the property manager. The Community Builders (TCB) has built and rehabilitated more than 30,000 units of housing in more than 350 developments in 14 states. It champions the Community Life model, which creates homes, neighborhood amenities and opportunity initiatives for families, seniors and adults with disabilities.  Ascendant Neighborhood Development is an East Harlem-based non-profit that connects residents and community partners to build and preserve affordable housing and cultivate thriving, resilient neighborhoods. It has 2,178 units in development, has completed 22 historic redevelopments and operates 817 affordable apartments.   “This investment underscores TCB’s commitment to preserving and revitalizing affordable housing in New York City,” said Jesse Batus, Senior Vice President of Real Estate Development for The Community Builders. “Through PACT and RAD, we’re not only safeguarding more than 500 homes but also enhancing quality of life with modern upgrades and expanded social services. Together with our partners, we’re building stronger, more resilient communities for generations to come.”  “To advance a project as complex and transformative as the rehabilitation of Metro North Plaza and Gaylord White Houses requires collaboration with partners who are nimble, creative and passionate about improving the lives of public housing residents,” said Chris Cirillo, Executive Director/President of Ascendant Neighborhood Development Corporation.  “TCB and Ascendant are grateful for our partnership with the team at Merchants Capital, who share our commitment to preserving these historic NYCHA developments and investing in the bright future of East Harlem.”  Upon completion, the development will offer 53 studio units, 272 one-bedroom units, 79 two-bedroom units, 77 three-bedroom units, 20 four-bedroom units, 15 five-bedroom units and seven units designated as non-residential or a super’s unit. PACT Metro North White Houses will include four community facilities, an outdoor playground and a common laundry facility.  The proposed construction rehab started in September 2025 and is expected to be completed in three years.   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. (Nov. 21, 2025)—Leading financial services provider Merchants Capital today announced $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Columbus, Ohio developed by LDG Development, LLC. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan, and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4% low-income housing tax credit (LIHTC) equity financing. "This deal is emblematic of the complex capital stack structuring that Merchants is able to execute for our clients,” said Nick Miller, Assistant Vice President of Originations at Merchants Capital. “It is particularly rewarding to collaborate on an effort that has garnered strong public partner support to bring an impressive number of new affordable homes to the Columbus area." The rehabilitation of the project site and development of family-focused affordable housing has garnered state, city and county support. LDG Development was awarded Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. A 15-year payment in lieu of taxes (PILOT) agreement was awarded from the city of Whitehall, granting a Community Reinvestment Area (“CRA”) Tax Exemption. A grant was awarded by the Franklin County Economic Development & Planning Department. The project was also financed with a bridge loan from The Affordable Housing Trust for Columbus and Franklin County and in partnership through a Capital Lease with the Columbus-Franklin County Finance Authority. Upon completion, The Aries Lofts will set aside 66 units for families at 50% area median income (AMI), 183 units at 60% AMI and 66 units at 70% AMI. "The tax credit equity financing, combined with various government programs, provide a means to efficiently deliver affordable housing where it is needed in the city,” said Linda Hill, Executive Vice President of Tax Credit Equity at Merchants Capital. “This is a community effort to serve local families over the long-term." LDG Development has developed more than 25,000 units of affordable housing for working families and seniors across nine states. The company champions a community model with various resident services. The Aries Lofts will feature one-, two- and three-bedroom apartment homes across two modern, four-story buildings. Each residence will include upgraded flooring, countertops, walk-in closets, washer/dryer hookups and a patio/balcony. Residents will have access to a multi-purpose community room, business and fitness centers, a pool, playground and outdoor grilling and picnic areas designed to encourage connection, wellness and engagement. “The families who will one day call Aries Lofts home will have quick access to enhanced public transportation, local retail outlets and neighboring employment centers and improvements made to the area’s infrastructure that will allow this community to continue to grow,” said Chris Dishinger, Co-founder and Co-principal of LDG Development. “LDG is proud to be a part of the growth within this area, and we look forward to providing high-quality housing families will be proud to call home.” Located in a highly walkable area, the community will place residents near essential services, public transit, grocery stores and parks. The Aries Lofts will also offer on-site resident services to support long-term family stability. Construction on The Aries Lofts commenced in November and is expected to be completed in 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. (Oct. 29, 2025)—Leading financial services provider Merchants Capital today announced more than $56 million in total financing for the acquisition and substantial rehabilitation of Cumberland Crossing, a 232-unit affordable housing development in Fishers, Ind. developed by Birge & Held. The resyndication of tax credits will extend Cumberland Crossing’s affordability period for an additional 30 years, with rent restrictions for half of the units at 50% of area median income (AMI) and the other half of the units at 60% (AMI). Birge & Held acquired the property via transfer of physical assets (TPA) and assumed the existing $14.4 million U.S. Department of Housing and Urban Development (HUD) 223(f) loan, which was originated in 2019 in a much lower interest rate environment than exists today. Merchants Capital simultaneously closed a $17.2 million HUD 241(a) supplemental permanent mortgage for Cumberland Crossing, which will be drawn as renovations progress. Additionally, Merchants Capital provided $19.9 million in federal low-income housing tax credits (LIHTC) and $4.4 million in solar tax credits, with equity bridge loan financing provided by a third-party bank. "By leveraging a rare loan assumption and layering in supplemental HUD financing and tax credit equity, we’ve helped preserve affordability for another generation,” said Eddie Dietrick, Vice President at Merchants Capital. “This transaction exemplifies the kind of creative, uniquely structured financing that defines Merchants Capital and our ability to innovate in a challenging interest rate environment. It’s a powerful example of how innovative capital solutions can make a lasting impact in communities.” “This deal showcases how thoughtful tax credit structuring can unlock real value for affordable housing preservation,” said Josh Reed, Executive Vice President of Tax Credit Acquisitions at Merchants Capital. “By combining LIHTC and solar tax credits with bridge financing, we were able to support Birge & Held with efficiency. It’s a great example of how our equity platform can be leveraged to meet both financial and community goals.” Birge & Held is a national private equity real estate investment, management and construction firm that specializes in the multifamily sector. Birge & Held has acquired more than 25,000 units and currently services more than 125 residential properties across 14 states and has more than $4 billion in assets under management. “Renovating Cumberland Crossing is more than preserving affordable housing in Fishers—it’s about redefining what affordability looks like,” said Tag Birge, Co-CEO & Founder of Birge & Held. “Birge & Held is committed to delivering finishes and a resident experience that rival market-rate communities, ensuring that affordability doesn’t mean compromise.”  Cumberland Crossing features one, two and three-bedroom garden style apartments. Its tenant in-place rehab includes the installation of solar power for Cumberland Crossing’s electricity and common area and exterior updates, including new siding and windows, garage and carport repairs, updated landscaping, sidewalk improvements and parking lot resurfacing. Interiors will receive new LVT flooring, new kitchen cabinets, granite counter tops, new sinks, faucets and bath accessories, new lighting fixtures, smoke detectors and door hardware. Unit renovations include new electric HVAC equipment, water heater, upgraded electrical panels and drywall repair. Cumberland Crossing is located in close proximity to Interstate 69, the revitalized downtown Fishers area, and among growing residential, retail and commercial development. 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. (Oct. 9, 2025)—Leading financial services provider Merchants Capital today announced $70 million in financing for the new construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart, Ind. developed by Holladay Properties. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank for Flats at Pinecreek. Flats at Pinecreek will be supported via an 18-year Tax Incremental Financing (TIF) structure and will provide roughly 25% of its units between 60% and 80% area median income (AMI), with the remaining units at market rate. The development will be located on the southwest side of downtown near major manufacturers of trucks, trailers and RVs. Elkhart is a major recreational vehicle (RV) manufacturing hub with a significant healthcare and logistics presence. “Merchants is seeing demand across the country for affordable housing tailored to working professionals—it is very rewarding to meet Elkhart’s housing need with key capital stack financing, collaborating with Holladay Properties and partners to support the city’s growth,” said JW Demaree, Assistant Vice President of Originations at Merchants Capital. “We look forward to seeing the positive impact that Flats at Pinecreek will have on local employers and throughout the greater community.” Holladay Properties is a vertically integrated commercial real estate firm, with more than 70 years of development and management experience. It currently manages more than 1,300 multifamily units and 10M+ square feet of commercial space over a $3 billion portfolio valuation across 15 states. Flats at Pinecreek includes seven three-story buildings, a clubhouse building and 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom units. It features gourmet bar kitchens, quartz countertops with tile backsplash, stainless steel appliances, designer fixtures and finishes, a smart thermostat and smart door locks, walk-in closets, full-size washer/dryer, patios and balconies. Community amenities will include a 24-hour fitness center, pool, pup park, dog washing stations, residential lounge and coffee bar, grill stations, mail and package delivery hub and gas fire pits. Construction began in July 2025 and is expected to be completed in January 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.