New Hire

April Moreland WASHINGTON, D.C. (May 13, 2026)—Leading financial services provider Merchants Capital today announced the addition of April Moreland as SVP, GSE Chief Underwriter, based in the company’s Washington, D.C. office. The hire supports the expansion of Merchants’ Government Sponsored Enterprise (GSE) platform with an elevated focus on operational consistency, transparency in underwriting decisions and efficient transaction execution. “April has established a legacy of driving growth, client engagement and risk management in commercial real estate and community banking,” said Naureen Dhanani, Executive Vice President of Credit and Operations at Merchants Capital. “Her leadership and proficiency at balancing credit discipline with diverse stakeholders’ needs will enable Merchants’ GSE platform to support more complex and scalable opportunities, adding greater value for our clients.” Moreland brings more than 15 years of leadership in GSE and affordable housing underwriting to her role, with expertise in low‑income housing tax credit (LIHTC), workforce housing, targeted affordable housing and complex agency executions. Previously, Moreland served as Director of Specialty Products at Citibank Community Capital, where she led agency strategy and execution, as well as balance sheet conversion initiatives, within its national affordable housing platform. She played a key role in strengthening credit quality, enhancing risk management frameworks and deepening agency relationships. Prior to that, she worked at Freddie Mac where, over six years, she progressed from Underwriting Professional within the Multifamily Specialty Products platform to Senior Director of Specialty Products. In that role, she directed the agency’s national Targeted Affordable Housing (TAH) underwriting platform and a staff of 40 specialists. Moreland holds a Bachelor of Science in Finance from the University of Illinois Chicago and a Master of Professional Studies (MPS) in Real Estate from Georgetown University. As one of the largest affordable lenders, Merchants Capital leverages Merchants Bank’s balance sheet and agency relationships to provide integrated, streamlined financing solutions for developers and owners. The company has achieved top GSE rankings, including: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025   Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025   To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Naureen Dhanani CARMEL, Ind. (Aug. 21, 2025)—Leading financial services provider Merchants Capital today announced the appointment of Naureen Dhanani as Executive Vice President of Credit and Operations, a newly established role reporting directly to the president and chief executive officer. Dhanani will oversee Merchants Capital’s Fannie Mae, Freddie Mac and FHA credit and closing teams, including the chief appraiser. She will ensure seamless collaboration across Merchants’ platforms and with external stakeholders, manage key agency relationships and resolve credit and production-related challenges alongside borrowers, originators, underwriters and agency counterparts. “This new position reflects our commitment to advancing housing through leadership that is both visionary and grounded in execution,” said Michael R. Dury, President and CEO of Merchants Capital. “Naureen’s deep expertise and passion for impact-driven finance make her an ideal fit for this critical role.” Dhanani brings more than a decade of experience in affordable housing finance to Merchants. Most recently, she served as a senior manager at Freddie Mac Multifamily, where she led a high-performing team responsible for more than $6 billion in annual originations, addressing critical affordable housing needs nationwide. Dhanani’s career is distinguished by her drive to innovate; she designed mission-aligned loan products under FHFA’s Duty to Serve, modernized underwriting processes and expanded impact financing in underserved markets. Her collaborative approach with Optigo® lenders, capital markets teams and housing sponsors has consistently delivered meaningful results. She holds a Master of Business Administration in Innovation, Leadership and Management, as well as a Bachelor of Business Administration in Finance, Economics and Humanitarian Affairs from James Madison University. Dhanani’s appointment marks a strategic step forward for Merchants Capital as it continues to scale its platform and reimagine the future of affordable housing finance. Consistently ranked among the top agency lenders in the United States, Merchants Capital was named the #4 Affordable Housing Lender of 2024 by Affordable Housing Finance and #2 in 2024 Multifamily Affordable Originations by Mortgage Bankers Association (MBA). 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 (July 1, 2025)—Leading financial services provider Merchants Capital today announced the addition of Serah Lee as Senior Vice President of Originations. Based in the company’s New York office, Lee joins the sales team of Andrew Weil and Justin Ginsberg, both Executive Vice Presidents of Originations, and Senior Vice President of Originations Pete Nichol. The new team will enhance Merchants Capital’s national multifamily and affordable housing debt and equity footprint. Lee brings more than 12 years of experience from Grandbridge Real Estate Capital, where she originated, structured and closed agency debt financing via Freddie Mac, Fannie Mae and U.S. Department of Housing and Urban Development (HUD). As a key member of the Affordable Housing team, Lee worked in tandem with Grandbridge’s affiliated tax credit equity group and provided leadership in forward agency financing. Serah Lee Lee also served on the Investments team at a commercial real estate hedge fund. She holds a Master of Business Administration from The Wharton School and a Bachelor of Business Administration from The University of Michigan Ross School of Business. “Having worked with Serah previously at Grandbridge, we have a cohesive process and a high regard for her talent and accomplishments,” said Andrew Weil, Executive Vice President of Originations at Merchants Capital. “We’re very excited to bring her into Merchants’ ecosystem, where we are leveraging the bank balance sheet, agency products and tax credit equity platform to provide end-to-end financing solutions.”   Merchants Capital consistently ranks among the top agency lenders in the United States. It was recently named the #4 Affordable Housing Lender of 2024 by Affordable Housing Finance and #2 in 2024 Multifamily Affordable Originations by Mortgage Bankers Association (MBA). To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Brandon Conway Carmel, Ind. (May 28, 2025)—Leading financial services provider Merchants Capital today announced the appointment of Brandon Conway as Executive Vice President of Tax Credit Equity Asset Management. The addition reflects the growth of Merchants’ tax credit equity platform, which has raised more than $2.1 billion in capital since its inception in 2021. Brandon will be based in Merchants Capital’s Carmel headquarters. Conway brings more than 20 years of low-income housing tax credit (LIHTC) asset management experience, including seven years of special assets and dispositions experience to his role. Most recently he served as Senior Vice President at CREA, LLC, where he established a new department to resolve complex asset management issues. "Brandon’s deep experience and expertise in navigating the entire life cycle of a LIHTC transaction is a huge asset to our platform,” said Julie Sharp, Executive Vice President of Tax Credit Equity at Merchants Capital. “We could not be more proud to have him lead our asset management division into the future.” In January, Merchants announced the closing of $1.08 billion in fund investments across multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2024. The company was recently ranked #4 Affordable Housing Lender of 2024 by Affordable Housing Finance. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Pete Nichol SAN FRANSISCO (April 9, 2025)—Leading financial services provider Merchants Capital today announced the addition of Pete Nichol as Senior Vice President of Originations to expand its footprint to the West Coast. Based in San Franciso, Nichol joins the sales team of Andrew Weil and Justin Ginsberg, both Executive Vice Presidents of Originations. Nichol previously served as Managing Director at Grandbridge, a subsidiary of Truist Bank, Director of Affordable Housing at The Reliant Group and Director at Centerline Capital Group. Nichol brings a broad affordable housing background comprising debt and tax credit equity to his position, along with longstanding relationships with Weil and Ginsberg. The trio has worked together for more than 20 years. "We’re excited to be working together once again—particularly with the opportunities that exist in leveraging Merchants Bank’s balance sheet to better support clients’ financing needs," said Justin Ginsberg, Executive Vice President of Originations at Merchants Capital. “Pete’s knowledge of affordable housing is expansive—he’s very experienced in the nuances that exist on the equity and debt sides of the industry,” said Andrew Weil, Executive Vice President of Originations at Merchants Capital. “With Pete on board, Merchants is strengthening its reach westward to ensure that it is well positioned as a national affordable housing financing platform,” said Michael Dury, President and CEO of Merchants Capital. “He has an impressive background, and we look forward to adding his expertise to the team.”  Merchants Capital consistently ranks among the top agency lenders in the United States. It was recently named #2 in Multifamily Affordable Originations by Mortgage Bankers Association (MBA). 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.

CARMEL, Ind. (May 21, 2023) – Leading financial services provider Merchants Capital today announced the addition of Michael Larsen to its executive leadership team in the new role of Chief Financial Officer. Larsen oversees Merchants’ accounting and finance platform and is based in the New York office. The position was created in response to Merchants’ organizational growth and platform complexity with expansion in low-income housing tax credit (LIHTC) syndications, multifamily & healthcare securitizations and growing agency platform. Michael Larsen Larsen brings more than 20 years of industry experience to the position. He most recently served as President and Chief Operating Officer at Lument, a leading agency lender. In these roles, he provided executive leadership for all aspects of real estate lending and investment management for a platform with $16 billion in annual volume and $50 billion in assets under management. Prior to that role, he was Chief Operating Officer and Chief Financial Officer at Hunt Real Estate Capital and Centerline Capital Group, a publicly traded mortgage banking and investment management company. Larsen began his career in real estate consulting and structured finance practices at Arthur Andersen. “Mike brings a deep understanding of both agency lending and LIHTC syndications, which are core to Merchants’ growth plans,” said Michael Dury, President and Chief Executive Officer at Merchants Capital. “His skillsets and leadership proficiency complement those of our executive team, and I can’t wait to see the positive impact he will have on our entire organization.” Larsen received a Bachelor of Arts from the University of Pennsylvania and a Master of Business Administration from Columbia University. 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 (June 6, 2023) – Leading financial services provider Merchants Capital announces the hiring of Min Park as Senior Vice President, Balance Sheet Construction. Park joins the firm’s New York office, which recently celebrated another year of record-breaking success, having closed more than $1.3 billion in debt financing in 2022. Park brings more than two decades of real estate finance and construction asset management experience to the role, having most recently served as a director at Citi Community Capital. While Merchants originates multifamily and affordable loans on a national scale, strengthening the company’s local presence in the New York market enables better decision making and customer service in this fast-growing region. Min Park “Many companies tout their production numbers, and rightfully so, but Merchants is also proud to celebrate the accomplishments and evolution of our loan servicing team who continue to provide superior service to our clients and investors as we’ve scaled the platform,” said Brian Sullivan, Executive Vice President and Chief Operating Officer at Merchants Capital. “The leadership team has grown through a mix of in-house talent and selective outside hires when the right person is available. Min was clearly the right fit from an experience and cultural standpoint, and we can’t wait to see the impact she’ll have on our team.” Recently, the firm surpassed $20 billion in unpaid principal balance in its servicing portfolio. With this growth, Merchants continues to strengthen its asset management team and technology platform to be best in class. Park will lend her expertise to the construction lending team to proactively oversee and manage risk nationally for the firm’s institutional investors, including parent company Merchants Bank of Indiana. In addition to her prior role at Citi Community Capital, Park also served at Hypo Real Estate Capital Corporation and Equity Office Properties. She holds an undergraduate degree from Cornell University and earned her Master of Science in Real Estate Finance and Investments from the Schack Institute of Real Estate at New York University. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind. – Leading financial services provider Merchants Capital today announces that Margaret Lehto has joined the firm as Chief Architect. She will be based out of the company’s Chicago office. Lehto is a demonstrated leader in the architectural industry, with expertise tied to verifying that affordable housing developments meet local, state and federal requirements. Her experience encompasses oversight of assessments, architectural and engineering design and construction administration for a wide variety of public and private sector clients and projects. She is a licensed architect in the states of Illinois and Wisconsin, a member of both the American Institute of Architects and the Association of Licensed Architects and she holds a Leadership in Energy and Environmental Design (LEED) professional accreditation. In her new role with Merchants, Lehto will be responsible for ensuring compliance with underwriting guidelines for debt and equity investments across the company. She will also manage the review of construction due diligence and third-party construction reports throughout the duration of all projects. Additionally, Lehto will use her skillset and knowledge of construction documentation and budget review to ensure projects are appropriately budgeted from the start so that Merchants and its customers will avoid critical issues that may arise later in the project life cycle. Prior to joining Merchants, Lehto’s over 20 years of experience included overseeing all aspects of architectural and engineering projects as well as design and construction services for thousands of affordable housing units and complexes across the Chicago metro area. Lehto is a graduate of Northwestern University with a bachelor’s degree, and she holds a master’s degree in architecture from the University of Illinois.

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