Press Release

CARMEL, Ind. (July 20, 2026)—Merchants Capital today announced the closing of Merchants Capital Tax Credit Equity Fund 31, a $160 million multi-investor fund with 10 institutional investors. Merchants Fund 31 will infuse equity into nine affordable housing properties that will create or preserve more than 1,400 affordable homes in Rhode Island, Ohio, Kentucky, Pennsylvania, Connecticut, Utah and Michigan. The investors included both bank and economic investors and included seven repeat and three new investors to the Merchants Capital tax credit platform. “The successful closing of Fund 31 reflects the strength of the relationships we have built with our investor partners and their continued confidence in both our firm and the mission of affordable housing,” said Ryan Thompson, Senior Vice President of Syndications and Investor Relations at Merchants Capital. “We are deeply grateful for the trust they place in our team. Together with our development partners, we are investing in communities, expanding housing opportunities and creating lasting impact for families and residents across the country.” The firm’s capital raise, which has now surpassed $3 billion since the platform launched five years ago, comprises approximately $1.3 billion in multi-investor offerings, $1.6 billion in proprietary fund investments and $91 million in state credit syndications. "Together with our partners, our investments have supported construction and preservation of more than 24,600 units of affordable housing in 31 states across more than 200 properties,” said Julie Sharp, President of Equity Investments at Merchants Capital. “It is incredibly rewarding to work alongside such a dedicated team and platform of investors and developers who share our vision of delivering high-quality, stable, safe and affordable housing for all.” To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

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.

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.