Press Release

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.

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.

CARMEL, Ind. (March 23, 2026)—Leading financial services provider Merchants Capital today announced more than $7 billion in financing provided in 2025, with assets under management reaching $30 billion. Marking its 35th anniversary, the company continued to leverage Merchants Bank’s robust balance sheet, LIHTC syndication platform and long-established agency lending relationships to deliver impactful financing solutions for its clients nationwide. "Merchants offers a comprehensive mix of solutions that support market rate, workforce and affordable lending,” said Andy Weil, Executive Vice President of Originations at Merchants Capital. “By pairing these solutions, with the flexibility to lend from Merchants Bank’s balance sheet, Merchants can deliver an expanding range of creative structures with greater speed and efficiency.” "With a renewed focus on our West Coast operations, Merchants continues to expand its national footprint, and the strength of our agency relationships is creating meaningful opportunities with new and existing sponsors,” said Justin Ginsberg, Executive Vice President of Originations at Merchants Capital. “We are carrying the energy and momentum of 2025 into the year ahead.” Merchants Capital also closed more than $700 million in equity investments across multi-investor, proprietary and state credit offerings—further strengthening the firm’s year-long performance and delivering innovative solutions to meet our clients’ needs. Merchants Capital achieved top government sponsored entity (GSE) lender rankings in 2025, including: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025  Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025  HUD: Top 10 HUD Lender in 2025  Other notable rankings include:   Freddie Mac: Top Lender of Forward Rate-Locks for 2024  AHF: #4 Affordable Housing Lender of 2024   MHN: #6 Top Multifamily Finance Firms of 2026  CPE:  #10 Top Commercial Real Estate Finance Firms of 2026  MBA: #2 Multifamily Affordable Total Originations for 2024  Commercial Observer: #33 on the Power Finance 2025 List; among the 50 most influential players in commercial real estate "Merchants Capital’s performance underscores the power of a collaborative and mission-driven culture,” said Mat Wambua, Vice Chairman and Executive Vice President of Agency Lending at Merchants Capital. “We are proud of the longstanding partnerships Merchants has built with developer partners and the shared commitment to improving the quality of life within the communities we serve.” 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 16, 2026) – Leading financial services provider Merchants Capital today announced the promotion of Jillian Standish to Executive Vice President and Chief Credit Officer for its national tax credit syndication platform. Since joining Merchants Capital in 2020, Standish has played a pivotal role in its growth, having managed the underwriting and credit risk for nearly 200 partnerships, representing more than $2.7 billion in equity under management across Merchants’ multi-investor, proprietary and state credit fund offerings. "Jillian has been a key executive leader on our platform since its inception, and I congratulate her on this well-deserved promotion,” said Julie Sharp, Executive Vice President of Tax Credit Equity at Merchants Capital. “Her diligence and commitment are well reflected in the areas she leads, and she brings a remarkable technical command of the nuances in tax credit equity to her role, along with a meaningful passion for the communities this industry supports.” Jillian Standish Prior to Merchants Capital, Standish provided consulting services for 10 years at Ernst & Young’s Tax Credit Investment Advisory Services group. She advised on federal and state monetizable tax credits, including low-income housing tax credit (LIHTC), the Historic Rehabilitation Tax Credit (HTC), New Markets Tax Credit (NMTC), renewable energy investments and production tax credits. Standish began her career as a child advocate at a family homeless shelter in East Boston and worked as a Section 8 and Massachusetts Rental Voucher Program Representative at Metro Housing Boston. She also served as a project manager for affordable housing developments receiving federal and state soft debt financing at Massachusetts Executive Office of Housing and Livable Communities. Currently, Standish serves as Treasurer and is a member of the board of directors of the Housing Corporation of Arlington in Massachusetts. She holds a Master of Business Administration (MBA) from Boston University’s Questrom School of Management and a Bachelor of Arts (BA) from Bucknell University. To learn more about Merchants Capital and its services, visitwww.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. (Feb. 19, 2026)—Merchants Capital today announced more than $700 million in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2025. The firm’s capital raise, which has surpassed $2.8 billion since the platform launched in 2021, comprises $1.1 billion in multi-investor offerings, $81 million in state credit syndications and $1.7 billion in proprietary fund investments. In 2025, the firm’s fund closings included $161.2 million in multi-investor funds and more than $546 million in proprietary and state credit funds with large institutional investors. "It was a difficult year in the tax credit equity market—the program achieved a landmark legislative victory in 2025 tax legislation that resulted in a large expansion of the affordable housing tax credit,” said Julie Sharp, Executive Vice President at Merchants Capital. “Naturally, the supply demand imbalance resulted in uncertainty in the market. Given these headwinds, I am extremely proud of our ability to continue to execute at a high level and provide solutions to our investor and developer clients.” "In only five years, we have built a $2.8 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for safe, quality affordable housing for more than 21,000 families in 30 states,” said Josh Reed, Executive Vice President at Merchants Capital. "The success of this platform is a testament to our people,” said Linda Hill, Executive Vice President at Merchants Capital. “I want to thank our team—along with our investor and developer clients—for their trust and partnership."   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. 6, 2026)—The New York office of leading financial services provider Merchants Capital today announced a total production volume of $2.65 billion for 2025, setting a new benchmark for debt investments in multifamily affordable housing. This milestone reflects Merchants’ commitment to financing the construction and preservation of affordable, multifamily and senior housing nationwide. Merchants Capital New York office's debt investments included government-sponsored enterprise (GSE) and Merchants Bank balance sheet loans, underscoring its ability to deliver flexible, tailored financing solutions. "Merchants continues to demonstrate resilience in a dynamic market through our unique business model, strong collaborative culture, community focus and longstanding partnerships,” said Mat Wambua, Vice Chairman and EVP, Agency Lending at Merchants Capital. “We are well positioned for the year ahead to support our clients with expansive financing solutions and an innovative approach that enhances affordable housing development.” Nationally, Merchants Capital was recently named: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025 Freddie Mac: Top Lender of Forward Rate-Locks for 2024 Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025 AHF: #4 Affordable Housing Lender of 2024 MHN: #6 Top Multifamily Finance Firms of 2026 CPE:  #10 Top Commercial Real Estate Finance Firms of 2026 MBA: #2 Multifamily Affordable Total Originations for 2024 Commercial Observer: #33 on the Power Finance 2025 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), New York State Homes and Community Renewal (HCR), Freddie Mac and Fannie Mae. To learn more about Merchants Capital and its services, visitwww.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (Dec. 15, 2025)—Leading financial services provider Merchants Capital today announced the completion of its third Freddie Mac-sponsored Q-Series transaction in 2025, a $173 million securitization backed by five properties in Indiana, Pennsylvania and Illinois. Merchants Capital securitized $783 million in 2025, including the first single asset securitization via the Freddie Mac Q program.  As one of the most active Freddie Mac Q-Series issuers, Merchants Capital has securitized 93 loans totaling $2.2 billion across eight Freddie Mac Q-Series transactions since April 2021, when the company entered the program. "Our production this year and over the last five years continues to demonstrate the tremendous collaboration between Merchants Capital and Freddie Mac,” said Darren King, Senior Vice President of Capital Markets at Merchants Capital. “We are proud to leverage our internal resources and relationships with the investor community to deliver efficient, cost-effective debt financing to Merchants’ borrowing clients.”  The Freddie Mac Q-Deal Program supports affordable multifamily housing by providing liquidity to small financial institutions, sponsors and originators of affordable taxable collateral. 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.