Loan Closings

CARMEL, Ind. (Oct. 31, 2024)—Leading financial services provider Merchants Capital today announced more than $66.3 million in total financing for the new construction of Maple Block Flats, a 204-unit workforce housing project in Petoskey, Michigan, a growing vacation destination. Merchants Capital provided a $29.6 million Freddie Mac Unfunded Non-LIHTC Forward permanent loan for the development, and its parent company, Merchants Bank, provided a $36.7 million construction loan. Maple Block Flats is the first project in Michigan to receive Michigan State Housing Development Authority (MSHDA’s) Affordable Housing Tax Increment Financing (AHTIF), which accounts for $6 million of the $14 million in tax increment financing being granted for the development. More than $12 million was provided in state grants and loans, with strong support from Michigan Economic Development Corporation (MEDC); the Michigan Department of Environment, Great Lakes and Energy (EGLE); the City of Petoskey; the Emmet County Brownfield Redevelopment Authority and numerous local businesses. Maple Block Flats will feature seven garden-style apartment buildings with 18 studios, 72 one-bedroom units and 114 two-bedroom units. Fifty percent of the units will be restricted to residents who earn between 60% to 120% of the area median income (AMI). Ten percent of the total units will be income and rent restricted for those making less than 80% of the AMI. “Our construction loan closing is the culmination of over three years of pre-development work on a very challenging project,” said Jeff Smoke, Managing Director and Principal at Great Lakes Capital. “We were able to work with Merchants to close a complicated capital stack that involved incentives from five different government entities, with the MDSHA Missing Middle incentive being the most impactful. This is a catalytic project for Northern Michigan and our second in the region. We look forward to providing more large scale housing solutions for West Michigan communities, utilizing the state’s newly created housing development incentives.” Maple Block Flats is being developed by real estate development and private equity firm Great Lakes Capital, specialists in multifamily properties; including affordable housing, mixed income and market rate; medical office; general office and retail. The company has invested more than $1.9 billion in real estate projects throughout the Midwest and western United States. Each unit at Maple Block Flats will contain a washer/dryer, solid surface countertops, efficient HVAC and vinyl plank flooring. In addition to the clubhouse, residents will also have access to pickleball courts, a pool, playground and dog park. The development site spans 12.4 acres on the Bear River one mile from downtown Petoskey. A 30-month construction timeframe is estimated to complete in May 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 (Oct. 1, 2024)—Leading financial services provider Merchants Capital today announced that it secured more than $100 million in debt and equity proceeds for the acquisition and rehabilitation of Travis Park Apartments, an affordable housing development in Austin, Texas. "Merchants was able to demonstrate our array of innovative affordable housing financing products economically and efficiently to deliver for Sena Affordable Communities in an expedited timeframe,” said Michael Milazzo, Senior Vice President of Originations at Merchants Capital. “The collaboration between Sena and our debt and tax credit equity platforms was truly outstanding, and we are honored to be a part of securing Travis Park’s long-term affordability in the Austin market.” Merchants Capital provided a $69.15 million Freddie Mac 4% Low-Income Housing Tax Credit (LIHTC) Immediate TEL loan and $37.6 million in LIHTC equity as the syndicator. Merchants Bank provided a $29 million equity bridge loan during the rehab period. “We are excited to continue our relationship with L+M Development Partners and TCC Hill Country Development Corp,” said Marcin Dzido, Vice President of Acquisitions at Merchants Capital. “The Travis Park renovation ensures that 199 low-income families have safe, high-qualify housing for years to come.” Sena Affordable Communities, an affiliate of L+M Fund Management (LMFM), is a dedicated acquisition rehabilitation business known for strengthening communities with innovative affordable housing solutions to significantly reposition assets with Low-Income Housing Tax Credits and tax-exempt bond financing. The Travis Park Apartments rehabilitation will involve improvements to the grounds, building exteriors, unit interiors and deferred maintenance across 22 buildings. The scope of work includes the addition of new outdoor recreation areas, playgrounds, extensive accessibility upgrades, window replacement, new boiler and cooling towers, kitchen and bathroom improvements, new energy star appliances, replacement of original fan coil units for heating and cooling, building envelope upgrades, roof replacement and signage. A Freddie Mac Impact Sponsor, L+M Development Partners and its affiliated companies, including LMFM and Sena, have more than 55,000 high-quality residential units in construction or acquired, preserved or completed in markets across the United States. "With funding now secured for Travis Park Apartments, we look forward to protecting its long-term affordability and delivering critical improvements that will enhance the quality of life for all residents," said Jeffrey Moelis, Managing Director, Sena Affordable Communities. "Our planned upgrades, combined with Travis Park's optimal location near downtown Austin, will ensure this community can thrive for decades to come, especially as the area continues to boom. We are grateful to our partners at Merchants Capital for their work in helping us reach this milestone." Travis Park Apartments is located in South Central Austin, with regional access to Interstate 35, US Highway 290 and MoPac Expressway, and near downtown entertainment districts and outdoor attractions, including the riverwalk. Renovations are 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. Travis Park Apartments, image courtesy of SVN Affordable | Levental Realty

WASHINGTON (Sept. 24, 2024)—Leading financial services provider Merchants Capital today announced more than $59 million in financing for the rehabilitation of Amber Commons, a 198-unit multifamily housing development in Gaithersburg, Maryland. Merchants Capital provided a $37.7 million Freddie Mac Immediate TEL permanent loan, and Merchants Bank provided a $21.3 million equity bridge loan for the rehabilitation. Previously a market-rate property with several moderately priced dwelling units (MPDUs), Amber Commons will be an affordable housing development with an average rent restriction of 60% area median income (AMI). Affordability is supported by the LIHTC syndication with the Maryland Department of Housing and Community Development (DHCD). "Amber Commons is expanding the amount and quality of affordable housing in Gaithersburg with these upgrades, which are on par with, and in some cases, surpasses the current housing comparables in the market area,” said Ayanna Grasty, Vice President of Originations at Merchants Capital. “We applaud MRK Partners’ detailed approach to improving the quality of life in communities and our partners’ commitment to providing expansive affordable housing solutions.” Amber Commons is being developed by real estate investment and asset management company MRK Partners, specialists in acquisition, preservation, and repositioning of affordable housing. The company currently has more than 4,000 units under management. Interior and exterior enhancements will be rolled out across Amber Commons’ 17 three-story garden apartment buildings and common areas, including new roofing, windows and exterior lighting, new flooring, water heaters, HVAC condenser and furnace replacement and kitchen/bathroom upgrades. Accessibility upgrades will be made across the property, and sustainable improvements will achieve Enterprise Green Communities Criteria (EGCC). “We are deeply proud of the transformation of Amber Commons from a market-rate property to affordable housing, providing 198 affordable units for at least the next 30 years,” said Sydne Garchik, Founder and President of MRK Partners. “Equally exciting is the comprehensive renovation underway, which will provide upgraded units, energy efficiency updates and enhanced community spaces. We believe that everyone deserves access to quality, affordable housing, and we are especially proud to bring this vision to life in the city of Gaithersburg. This achievement is made possible through mission-driven partnerships, including our collaboration with Merchants, our nonprofit partner PSCDC, our equity partner R4 Capital, and our bond issuer Maryland CDA. We want to give special recognition to Montgomery County, our county loan lender, for their crucial support.” The renovation is expected to be completed in August 2025, following a 13-month construction period. 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. 15, 2024)—Leading financial services provider Merchants Capital today announced that it secured more than $14.3 million for the development of Union at Purple Heart Trail, a 240-unit affordable housing community in Wichita, Kansas.   Merchants Capital provided a tax-exempt $14.3 million forward committed private placement loan for Union at Purple Heart Trail. It is the first 4% tax-exempt private placement loan closed with Merchants Bank. Developed by leading impact housing developer The Annex Group,® Union at Purple Heart Trail will offer one, two and three-bedroom units across two four-story buildings. The development will sit on ten acres of land and include a community center with a fitness center, media center, business learning center, an outdoor gazebo, playground, bark park, walking path and picnic areas. The Annex Group is also creating a customized Community Impact Plan (CIP) to link residents with local businesses, employers and resources to encourage personal and professional growth. “The Annex Group is thrilled to expand our footprint in Kansas with the addition of Union at Purple Heart Trail, which will bring hundreds of new affordable housing units to Wichita,” said Ryan Clark, Senior Vice President of Development at The Annex Group. “We're excited to offer diverse housing options in an amenity-rich area on the east side of town and contribute to solving the affordable housing shortage with a vibrant new community.” The $61 million community will be located at 300 S. 127th St. E. and 390 S 127th St. E. Construction on the property is underway, with an anticipated opening in early 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. (July 16, 2024)—Leading financial services provider Merchants Capital today announced that it secured $17.1 million in financing for The Marvetta & Anthony Grimes Family Center, a 36-unit Indianapolis-based supportive housing development for households recovering from addiction. Merchants Capital provided $9.5 million in low-income housing tax credit equity (LIHTC) financing, and Merchants Bank provided a $7.6 million equity bridge loan. Financing from The Indiana Housing & Community Development Authority (IHCDA) included a $750,000 Development Fund Loan in addition to 9% low-income housing tax credits as part of the Emerging Developer 2023 Rental Housing Tax Credit (RHTC) General Set-Aside. Additional partners include First Merchants Bank and The National Bank of Indianapolis. 2 Thirty-Eight Properties, LLC (2 Thirty-Eight) developed Marvetta & Anthony Grimes Family Center in collaboration with Seeds of Hope to accommodate a shortage of recovery centers in the area. RealAmerica Companies is the development consultant and general contractor; RealAmerica Management will serve as the property management company. Volunteers of America Ohio and Indiana and Seeds of Hope will provide on-site services and support for families in recovery, and St. Mary’s Early Childhood Center will provide daycare services. The development comprises two two-story garden-style buildings that house 24 two-bedroom units, 12 three-bedroom units and an on-site daycare center, medical offices and community and supportive services. Tenants will be referred by the Father Glen O’Connor Home, a Seeds of Hope-owned property, and a referral network that includes Indianapolis-area organizations: Heart Rock Recovery House, Wheeler Mission Center for Women & Children, The Salvation Army Women & Children, Dove Recovery House and Firefly Children and Family Alliance. “I'm thrilled to be a part of a housing development that's changing the lives of current and future generations,” said Frederick Yeakey, Principal & Founder of 2 Thirty-Eight Properties. “With this being my first development, it was important to address a need that can impact housing and other factors that can greatly affect the cycle of poverty. My development team was incredible, and our partners on this project will provide the expertise and council needed for years to come.” The Marvetta & Anthony Grimes Family Center will be located in West Indianapolis, 0.7 miles east of Interstate 465, in close proximity to an IndyGo bus stop, restaurants, grocery and various retail outlets. Construction began in May 2024 and is scheduled for completion in July 2025. 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, 2023) – Leading financial services provider Merchants Capital today announced that it has secured more than $81 million in total financing on behalf of Magnus Capital Partners (Magnus) for HōM Flats at 24 East, a mixed-use, mixed-income ground-up development in Holland, Mich. HōM Flats is a best-in-class workforce housing platform that prioritizes affordability, quality and community engagement. HōM Flats at 24 East is financed through private and public funding sources, including a 4% low-income housing tax credit (LIHTC) allocation from Michigan State Housing Development Authority (MSHDA). Merchants Capital provided $14.2 million in LIHTC equity, a $27.9 million Freddie Mac unfunded forward tax-exempt loan (TEL) and Merchants Bank provided a $31 million construction loan and $8 million equity bridge loan. “This was a team effort across the board—with all of the stakeholders aligned, we executed efficiently,” said Joseph Krengel, Senior Vice President of Originations at Merchants Capital. “Merchants is proud of our partnership with Magnus Capital Partners and collaboration throughout this innovative transaction. We look forward to witnessing the impact of HōM Flats at 24 East’s workforce housing solutions in the area.”  The project will feature 202 residential units, more than 13,000 square feet of new retail space and amenities common in Class A luxury properties, including kitchen islands, full-size washer and dryer, secured key fob access and open floor plans. Magnus has already identified a locally owned childcare provider for 8,800 square feet and will share details as construction progresses. Magnus also created the Preferred Employer and PASS partnership programs to connect local employees with quality housing options and promote patronage of local businesses. “HōM Flats at 24 East brings the best of rental housing, childcare and locally owned businesses to a rapidly growing economic corridor,” said Magnus Capital Partners CEO and Founder Vishal Arora. “We are delighted to see this project move forward.” “We are proud to partner with Magnus Capital Partners and MSHDA to provide $14.2 million in LIHTC equity—and bring 202 units of affordable housing to the community of Holland, Michigan,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. The project comprises 64 one-bedroom units, 108 two-bedroom units and 30 three-bedroom units. It is being designed and constructed according to the National Green Building Standard Silver Certification. The property will feature common resident spaces, including a pickleball court, fitness studio, co-working lounge, cafe, indoor and outdoor children’s play areas, secure package delivery area, pet washing stations, indoor bike storage, rooftop terraces and walking paths. HōM Flats at 24 East will be located at 717 East 24th Street, adjacent to a Macatawa Express bus stop and near US-31 and 196 highways, both major transit corridors in West Michigan. Community resources include three grocers, a pharmacy, a medical provider, Van Raalte Farm Park, Holland Heights Park, Morningside Park, Lake Michigan beaches, public schools and higher education facilities, including Holland Early College, GRCC Lakeshore Campus and Hope College.  Construction on HōM Flats at 24 East began in April 2024, with an expected completion within 20 months. Magnus hosted a groundbreaking event on June 6. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Island Terrace Apartments image courtesy of POAH. CHICAGO, Ill. (Feb. 26, 2024)—The Chicago office of leading financial services provider Merchants Capital today announced that it provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable apartment complex located across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. Preservation of Affordable Housing, Inc. (POAH), a national non-profit affordable housing developer and owner of Island Terrace, closed the complex financing structure on December 20, 2023. Merchants Capital maximized LIHTC equity via a structure called “twinning,” which leveraged both 4% and 9% tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. Island Terrace is one of the first HUD-insured housing properties to use this unique type of financing. The 4% and 9% equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021.  “It was exciting to draw on the many capabilities we have at Merchants to put this complex transaction together,” said Emmett Donovan, Senior Vice President of Originations at Merchants Capital. “From the initial acquisition funding to the equity, HUD-insured construction / permanent loan and the equity bridge loan, Merchants’ ability to originate all components of the capital structure is truly unique in the market. These debt and equity sources will allow POAH to modernize the Island Terrace property and preserve this important affordable housing asset for the Woodlawn community for generations.” The planned Island Terrace renovations are extensive and will include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 apartments. Prior to the recapitalization, only 88 of the project’s 240 units carried affordable restrictions, which could have been canceled at any time, while the balance of the units was unrestricted. The new financing structure enabled POAH to expand the affordability restrictions to include nearly all units while extending the restrictions for at least 30 more years. “Island Terrace is a critical source of affordable housing in this part of Chicago, and we are delighted to invest in its future,” said POAH Vice President for Development Molly Ekerdt in a recent announcement. “With the investments of public and private partners and the involvement of residents, this property will serve low- and moderate-income families for many years to come.” Additional funding sources for the project include a combined $24 million of secondary loans from the IHDA and the City of Chicago. The AFL-CIO Housing Investment Trust also contributed funds to the transaction through its purchase of the securitized HUD Loans.   “The preservation of Island Terrace means there will be more housing that’s affordable to families in Chicago,” said Chang Suh, CEO of the AFL-CIO Housing Investment Trust. “Together we’re getting a lot done, and more needs to be done. That’s what makes this kind of successful, collaborative project so important.” 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. 15, 2024)—The New York office of financial services company Merchants Capital today announced that it has provided a $348 million Mortgage-Backed Securities (MBS) loan from Fannie Mae to support the rehabilitation of New York City Housing Authority (NYCHA)’s Reid Apartments and Park Rock Consolidated (Reid Park Rock), a $635.6 million Permanent Affordability Commitment Together (PACT) project that will bring comprehensive renovations for nearly 3,500 residents living in 87 buildings across Brooklyn. The development team of BRP Companies, Fairstead and Urbane, tapped by NYCHA in 2021, will deliver more than $600 million in comprehensive repairs and upgrades to modernize Reid Park Rock. The partners are responsible for property management, enhanced social services and community programs to maintain long-term housing assistance and stability. The Local Development Corporation of East New York will provide tenant and community outreach services.  The straight-to-permanent financing provided by Merchants is designed to recapitalize the PACT Reid Park Rock project, preserve cash and provide immediate rehabilitation support for 15 developments located in Brooklyn’s East New York and Brownsville neighborhoods. Merchants worked with NYCHA and the New York City Housing Development Corporation (HDC) to finalize the deal. “We were able to provide a more expansive financing structure and strengthen counterparty relationships with the inclusion of Fannie Mae products in the transaction,” said Michael Milazzo, Senior Vice President of Originations at Merchants Capital. “It is an honor to support NYCHA and the outstanding development team on additional PACT affordable housing projects.” “We are thrilled to be one step closer to delivering revitalized and transformed residences to nearly 3,500 NYCHA residents across East Brooklyn,” said Meredith Marshall, Co-Founder & Managing Partner of BRP Companies. “We look forward to our continued partnership with NYCHA, Merchants Capital, Fairstead, Urbane, The Local Development Corporation of East New York and The Vistria Group as we look to break ground and advance the project to final fruition that will elevate the overall community experience and ensure long-term housing stability for the residents.” "Fairstead is proud to partner with Merchants Capital New York to realize our shared vision for the future of Reid Park Rock," said Fairstead CEO Jeffrey Goldberg. “Public-private partnerships like PACT are essential for the revitalization of public housing, and we are honored to work with all of our partners as we bring much-needed improvements to the nearly 3,500 residents that call Reid Park Rock home." "We are excited to enter this next phase of partnership with Merchants Capital to provide high-quality public housing improvements and a comprehensive economic empowerment strategy to nearly 3,500 residents at Reid Park Rock," said James Johnson-Piett, Principal and CEO of Urbane. "This investment catalyzes the ability to leverage a best-in-class public-private partnership with the Reid Park Rock partners and the NYCHA residents to position Reid Park Rock as a hub for community wealth creation catalyzed within public housing communities." Merchants Capital collaborated with the development team and affordable housing partners, including project sponsors BRP Companies, Fairstead, Urbane and The Vistria Group; and NYCHA, Fannie Mae, New York City HDC, The Local Development Corporation of East New York, Blank Rome LLP, Nixon Peabody LLP, Sidley Austin LLP, Katten Muchin Rosenman LLP and ArentFox Schiff LLP. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

WASHINGTON (Feb. 12, 2024) – The Washington, D.C. office of leading financial services provider Merchants Capital today announced it has secured more than $86.2 million in Freddie Mac 4% Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) Forwards for the construction of Juniper Square, a senior living community, and 67 Flats, a family housing development, both to be constructed in Glendale, Arizona. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 million for 67 Flats. The projects are also supported by $89 million in equity bridge loans from Merchants Bank and $179 million in construction loans from Barclays Capital, Inc. Juniper Square and 67 Flats will maintain affordability through 2053, which will restrict 100% of units at 60% or less of the Area Median Income (AMI). “We are humbled to be the trusted Freddie Mac Targeted Affordable Housing lender responsible for executing a complex structure with Barclays and US Bank, effectively and efficiently, and recognize the innovative leadership demonstrated by Dominium’s development team,” said Dwayne George, Executive Vice President of Agency Production at Merchants Capital. “We look forward to witnessing Dominium’s transformative vision for affordable senior and family housing unfold in the Glendale community." Juniper Square and 67 Flats are being developed by Dominium, Inc., the fourth largest affordable apartment development and management company in the nation.  “Dominium is excited to start construction on 600 units of much-needed affordable housing in the Phoenix community,” said T.J. McElroy, Senior Vice President of Capital Markets at Dominium. “Dwayne George and the Merchants Capital team went above and beyond to move fast and execute on a complicated transaction in a difficult market. The execution from the entire Merchants team was seamless and showed why they are a leader in the affordable housing space.” Juniper Square will be a 221-unit, 55+ age-restricted property consisting of two four-story residential buildings. Common area amenities include onsite management, elevators, a swimming pool, clubhouse, sports court, central laundry, fitness center, media/theater room, library, hairdresser, pub/game room, recreation and picnic areas. 67 Flats will be a 384-unit midrise multifamily property consisting of 14 three-story residential buildings and four single-story non-residential buildings, including a leasing office, clubhouse and fitness center. Common area amenities include onsite management, a swimming pool, sports court, central laundry, recreational and picnic areas, a playground, game room and indoor kids’ playroom for families and children. In-unit amenities for both properties will include patios/balconies, drapes/blinds, carpet/vinyl plank flooring, central air conditioning, coat closets, ceiling fans, washer/dryer connections, stainless steel appliance packages and walk-in closets. Dominium, the sponsor, officially closed the projects simultaneously in December 2023 and will soon begin construction. Completion of both properties is expected within 24 months, followed by 12 months of leasing. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram. 67 Flats rendering courtesy of Dominium, Inc.

NEW YORK (Aug. 18, 2023) – The New York office of leading financial services provider Merchants Capital today announces it has provided more than $320 million in financing to support comprehensive renovations at Edenwald Houses in The Bronx. The second largest New York City Housing Authority (NYCHA) property in the state and the largest in The Bronx, Edenwald Houses dates back to the 1950s and currently provides affordable housing to more than 5,000 residents. “Maintaining the integrity of developments like Edenwald Houses is critical for the people of New York City, creating a haven where residents can forge their lives and futures in dignity,” said Mat Wambua, Vice Chairman and Executive Vice President, Agency Lending at Merchants Capital. “We appreciate the opportunity to collaborate with our public partners, including NYCHA, HDC, HPD and Freddie Mac, on pivotal NYCHA Permanent Affordability Commitment Together (PACT) deals. Our goal as one of the nation’s top lenders is to provide innovative financing solutions that match the specific needs of our clients. Structuring this intricate deal is a testament to the creativeness of our New York originations team and our commitment as a firm to support developments of every caliber.” Merchants Capital secured a $320 million New York Housing Development Corporation (NYHDC) Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property, one of New York City’s oldest housing developments. “The investment from Merchants Capital, Freddie Mac and the NYC Housing Development Corporation in Edenwald Houses will positively impact the lives of over 5,000 people,” said Rick Gropper, Principal at Camber Property Group. “Through our partnership with NYCHA, we will make the most of this opportunity, improving the complex and demonstrating what happens when people come together to preserve and elevate the affordable housing so many New Yorkers rely on. We are looking forward to putting these funds to good use and are grateful for Merchants Capital’s commitment to Edenwald Houses and the community it represents.” As part of the larger Edenwald Community Plan, the property will be registered on the New York state and national historic registries in an effort to unlock additional necessary funding through the Federal Historic Rehabilitation Investment Tax Credit. Also, as a new development under the PACT program, Edenwald Houses will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program enabling supplemental federal funding. To date, Merchants has provided approximately $1 billion in financing towards more than 5,300 units as part of PACT projects throughout New York City. “We are very pleased to provide financing to support the transformation of Edenwald Houses, a historic property that plays an incredibly impactful role in this community,” said Stephen Johnson, Senior Vice President, Head of Production and Sales at Freddie Mac. “Working alongside Merchants Capital, Camber Property Group, and the New York Housing Development Corporation, Freddie Mac helped ensure that one of the largest affordable rental communities in the Bronx can remain home for more than 5,000 families. At Freddie Mac, everything we do is grounded in supporting affordability and equity in the rental market, and this transaction demonstrates the critical role our renovation financing can play to revitalize communities across the nation.” Over the last several years, Edenwald Houses residents, NYCHA and the PACT team worked collaboratively to identify the scope and design of the property’s renovation. Currently underway, the $530 million scope of work for property upgrades includes masonry and facade repairs, mechanical building modifications such as improved heating and cooling systems, elevators and solar panels, strengthened security through new surveillance systems and more. Merchants Capital proudly worked alongside notable industry partners, including project sponsors Camber Property Group, SAA | EVI and Henge Development in addition to NYHDC, Freddie Mac, JP Morgan Chase, Sidley Austin, Ballard Spahr LLP, and Nixon Peabody. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.