Press Release

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.
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Merchants Capital New York Provides $348 Million in Fannie Mae Financing for the Rehabilitation of 87 Brooklyn NYCHA Properties
67 Flats Rendering
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.
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Merchants Capital Secures $175.1 Million+ for the Development of Adjacent Multifamily Properties 67 Flats and Juniper Square in Arizona
CARMEL, Ind. (Jan. 19, 2024) – Merchants Capital today announced large capital raises, including $506.7 million in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2023. The firm raised an additional $365 million in tax credit equity in January 2024. The firm’s capital raise, which has surpassed $1.4 billion since the platform launched in 2021, comprises $725 million in multi-investor offerings, $26 million in state credit syndications and $664 million in proprietary fund investments. In December 2023, the firm closed Merchants Capital Tax Credit Equity Fund 16, LLC, a $160 million multi-investor fund with 12 bank investors, including three new investors. In January 2024, the firm closed Merchants Capital Tax Credit Equity Fund 14, L.P., its largest ever fund capital raise at $263 million with a large institutional investor. “Successfully raising $1.4 billion in tax credit equity since launching our platform three years ago is a remarkable achievement—it sets Merchants Capital apart from other new entrants in the tax credit equity syndication space,” said Julie Sharp, Executive Vice President at Merchants Capital. “Our success is a testament to our team, the support of our investor and developer partners and the innovative platform we have built across all business lines at Merchants Capital,” said Linda Hill, Executive Vice President at Merchants Capital. The announcement of record-breaking results in the tax credit equity division follows Merchants Capital’s recognition by Affordable Housing Finance as the #2 largest lender for affordable housing in the United States. “It has been extremely rewarding to build out an equity originations platform in a firm that offers industry-leading debt products and balance sheet solutions for affordable housing developers,” said Josh Reed, Executive Vice President of Acquisitions at Merchants Capital. “We are grateful to our developer and investor partners, who make our success possible.” Merchants Capital’s asset management portfolio includes tax credit equity investments in more than 13,000 affordable homes in 23 states. “Our remarkable production results reflect strongly on the capabilities and investments we have made in our asset, fund and risk management team of professionals who are steadfast in their dedication to our investor and developer partners,” said Chris Messmann, Executive Vice President of Syndications and Tax at Merchants Capital. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.
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Merchants Capital Surpasses $1.4B in Equity Raised Since Inception, with Back-to-Back Closings of $160M Multi-investor Fund and $270M in Proprietary Funds
Image Courtesy of Cohen-Esrey Development Group
Job and Life Skill Services at Launchpad Apartments to Create Opportunity for Homeless Youth CARMEL, Ind. (Nov. 29, 2023) – Leading financial services provider Merchants Capital today announced it has secured $23 million in total financing for the construction of Launchpad Apartments, a permanent supportive housing (PSH) development in Colorado Springs, Colorado. Launchpad is the first Transition Aged Youth (TAY) development in the primary market area (PMA) and part of a community effort to halt the cycle of homelessness. Cohen-Esrey Development Group (CEDG) partnered with nonprofit The PLACE to provide housing and services for youth experiencing homelessness, including assistance with job placement, life skills, counseling and healthcare. The 50-unit property will be restricted to TAY households earning 30% or less of the area median income (AMI), in addition to those aged 18 to 24 who are experiencing, or are at risk of, homelessness. Launchpad’s 50 units of supportive housing have the capability of resolving up to 69.4% of youth homelessness in El Paso County, Colorado, according to the 2023 Point in Time count of homelessness. Merchants Capital provided $10.9 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the project. Merchants Bank provided a $12.1 million construction bridge loan. Additional project funding includes $113,739 in 45L tax credit equity, $5.25 million in soft debt, $3.1 million in permanent debt and $300,000 in city fees rebates. The property will operate under a 20-year Section 8 housing assistance payment (HAP) contract covering 100% of the units. “It has been an honor to be part of an effort to protect at-risk youth, and we are proud to work alongside The PLACE and CEDG to bring this project to fruition,” said Linda L. Hill, Executive Vice President, Tax Credit Equity at Merchants Capital. “We launched our tax credit syndication platform back in 2020, and it’s been incredible to work alongside partners who share a passion and mission for making affordable housing a reality for all Americans. Launchpad Apartments serves as an important step towards this communal goal.” “Elevating people in diverse communities aligns with Merchants’ mission,” said Dwayne George, Executive Vice President, Agency Production at Merchants Capital. “We look forward to seeing the positive influence this project will have on the neighborhood and its residents.” Launchpad Apartments will sit in the “very walkable” neighborhood of Old Colorado City in western Colorado Springs. The site is adjacent to essential goods, employment opportunities and recreation areas. It is also 400 feet from the metro transit stop. “We are very proud to have the opportunity to partner with Merchants Capital on Launchpad,” said Lisa Sorensen, Development Director of Cohen-Esrey Development Group. “This collaboration is a testament to the power of community partnerships and their ability to affect positive change. Our shared vision is to provide young adults in need with more than just a roof over their heads – we're offering them a fresh start with Launchpad. We’d like to extend a special thank you to all our partners for helping make this a reality.” Launchpad Apartments is currently under construction and is set to be completed in October 2024. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram. Image Courtesy of Cohen-Esrey Development Group
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Merchants Capital Secures $23MM+ in Total Financing for Colorado Springs-Based Supportive Housing
Reserve on Park Place, image courtesy of R3B Architecture
CARMEL, Ind. (Nov. 27, 2023) – Leading financial services provider Merchants Capital today announced it has secured $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the new construction of Reserve on Park Place, an affordable senior property in Fort Wayne, Indiana. The property will bring 187 age- and income-restricted units to a high-demand area for affordable housing. "This project is emblematic of Merchants’ collaborative, full-service approach and commitment to affordable housing,” said Ben Trussell, Vice President of Acquisitions at Merchants Capital. “We are proud to provide a range of financing sources that support affordable housing development, particularly in closing funding gaps. We deeply value our partnership with Brown Capital Group, Leo Brown Group and Rogers Development Group." Developers Brown Capital Group, Leo Brown Group and Rogers Development Group bring significant multifamily and senior housing experience to Reserve on Park Place. Restricted to seniors aged 55 and older, the three-story low-rise property comprises 15 studio units, 136 one-bedroom units and 36 two-bedroom units limited to residents earning 40%, 60% and 80% of the area median income (AMI). The units are designed to support senior and special needs, with amenities that include handrails, grab bars, intercoms, limited access and video surveillance. “Given the numerous challenges amidst development projects, specifically in the affordable housing sector, Merchants Capital was an anchor in an unpredictable financing environment,” said Jarod Brown, CEO of Brown Capital Group. “We are delighted to bring affordable housing to an area which has such a high concentration of jobs for our future residents.” Reserve on Park Place will sit in a neighborhood among single-family and multi-family homes, with easy access to restaurants, hotels, a grocery store, a pharmacy and local businesses along State Route 1. Construction is expected to be completed in April 2025. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram. Reserve on Park Place image courtesy of R3B Architecture.
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Merchants Capital Provides $17.4MM+ in LIHTC Equity Financing for Indiana-Based Affordable Senior Property
NEW YORK (Nov. 16, 2023) – The New York office of leading financial services provider Merchants Capital today announces it has provided more than $225 million in financing to support the New York City Housing Authority (NYCHA) Permanent Affordability Commitment Together (PACT) Union Avenue Consolidated project in the Bronx, which involves a massive refinance and rehabilitation of seven properties. The PACT Union Avenue Consolidated project consists of seven affordable housing developments, 18 buildings and a total of 983 apartment units. Merchants Capital’s Freddie Mac Capital Markets Execution (CME) loan will be used to refinance the property and rehabilitate the units with building-wide improvement plans. The scope of work includes kitchen upgrades (counters, appliances, cabinets), plumbing improvements and common area maintenance. Additionally, the financing will provide extensive capital needs and repair costs ranging from heating infrastructure to building security improvements. The upgrades will also include the development and implementation of a social services program tailored to the individual needs of the Union Avenue community. Though all units will be modernized and upgraded, all apartments will maintain permanent affordability and preserve tenants’ rights and protections. Construction began in October 2023 and is expected to be completed by September 2025. To date, Merchants Capital has provided more than $1 billion in financing towards the PACT projects throughout New York City. Most recently, the firm provided $320 million to support comprehensive renovations at Edenwald Houses, the second-largest NYCHA property in the state. “Our continued contribution to the residents of New York City proves that the work to solidify and support affordable housing for all is never done,” said Mat Wambua, Vice Chairman and Executive Vice President, Agency Lending at Merchants Capital. “We once again appreciate the opportunity to collaborate with our public partners on these critical NYCHA PACT deals that are making a true difference in the lives of so many in the Bronx, Brooklyn, and other New York neighborhoods. Finding and securing innovative financing solutions that match the specific needs of our clients is what we do – our New York team’s creativity and expertise in structuring this intricate deal is a huge success.” The Bronx Housing Preservation Experience LLC is a joint venture by project sponsors The Arker Companies, SBV RE Investments LLC (formerly Omni NY) and Dabar Development Partners – all three accomplished leaders in the affordable housing, community development and real estate industries. Those parties, including Merchants Capital, bring extensive real estate experience in working with NYCHA through the collaboration on the NYCHA PACT Brooklyn Bundle II, an earlier project focused on major repairs and renovations for nine Brooklyn developments. Merchants Capital proudly worked alongside prominent affordable developers and industry partners for the Union Avenue Consolidated, including the aforementioned project sponsors, Nuveen, NYCHA, Freddie Mac, New York City Housing Department Corporation (NYCHDC), Sidley Austin LLP, 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, X, LinkedIn and Instagram.
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Merchants Capital New York Provides $225MM+ for the Rehabilitation of Seven Affordable Properties in the Bronx
CARMEL, Ind. (Nov. 6, 2023) – Leading financial services provider Merchants Capital today announces it has secured a total of $184 million in Merchants direct seven-year loans for the refinancing of seven separate workforce housing properties located within Indiana, Kentucky and Ohio. The deal was completed in partnership with Zidan Management Group (ZMG), a prominent Midwest-based multifamily operator and developer with more than 20 properties throughout the region. Properties to benefit from this refinancing include: Barton Farms Apartment Homes, Greenwood, Ind., 262 units Bexley Village, Greenwood, Ind., 276 units Creekside at Meadowbrook, Lowell, Ind., 192 units Tymberwood Trace Apartments, Louisville, Ky., 160 units Crestview Apartments, Louisville, Ky., 224 units Camelot East Apartments, Fairfield, Ohio, 492 units Meadow View Apartments & Townhomes, Springboro, Ohio, 180 units “Merchants Capital and ZMG have the shared goal of supporting and amplifying the affordable housing landscape here in the Midwest and its surrounding states,” said Merchants Capital Vice President, Originations Eddie Dietrick. “With more than 1,500 units in this portfolio, these properties represent immense opportunities for the future. This refinancing lays the groundwork for improving the ongoing ecosystem of each given community.” These seven workforce housing properties offer naturally occurring affordable housing (NOAH) with rent pricing affordable to households earning at or below 80% of the area median income (AMI). “Merchants’ collaborative approach to mitigating execution risk allowed for a seamless process and closing(s),” said Zidan Management Group. “ZMG is committed to providing quality housing for all. With partners like Merchants Capital, ZMG is able to fulfill that commitment.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram. Image courtesy of Barton Farms, one of the seven properties involved in the deal.
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Merchants Capital Provides $184MM+ Total Refinancing for Seven Midwest Workforce Affordable Housing Properties
CARMEL, Ind. (Oct. 2, 2023) – Leading financial services provider Merchants Capital announces today it has successfully completed a $303 million securitization of 11 multifamily housing loans via its fourth Freddie Mac-sponsored Q-Series transaction. The loans, ranging from $4 million to $62 million, were used for the acquisition or refinance of multifamily properties spanning eight states, with Florida, Indiana, Colorado and New Jersey making up 81% of the loan balance. Most of the properties are workforce housing developments, with a significant portion of the units’ composition comprising less than 80% of the area median income (AMI). This is Merchants’ fourth Freddie Mac Q transaction in the last two and a half years, totaling $1.1 billion in crucial real estate loans securitized nationwide. It is the second Q-Series transaction of 2023. Merchants has been the loan seller in four of the last nine Freddie Mac Q transactions, making Merchants Capital Freddie Mac’s largest Q-Series loan seller two years in a row. This news comes on the heels of a record-breaking year for the Capital Markets platform at Merchants, having executed its second and third Q-Series deals in 2022. Since its inception in 2020, the Capital Markets group has executed more than $3.5 billion in securitizations and accumulated more than $1 billion in loan purchases. “Executing on this securitization shows our strength and performance as a regional bank in this volatile financial climate,” said Evan Gibson, Merchants Capital’s Senior Vice President and head of Capital Markets. “In a down year for commercial real estate (CRE) securitizations, Merchants is completing complex securitizations to finance affordable housing in a responsible manner. We are proud to continue growing our relationship with Freddie Mac.” The transaction supports financing of affordable housing in underserved markets, qualifying as “Social Bonds” within the Social Bonds Framework published on Freddie Mac’s website. Proceeds from Social Bonds are used to provide liquidity to social impact financial institutions (community development financial institutions, housing finance agencies and small financial institutions), including parent company Merchants Bank of Indiana. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.
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Merchants Capital Completes $303MM+ Freddie Mac Q-Series Transaction
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.
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Merchants Capital Secures $320MM+ for Largest Public Housing Development in The Bronx, New York
Merchants Capital logo with Building Image
CARMEL, Ind. (July 20, 2023) – Merchants Capital is pleased to announce the closing of Merchants Capital Tax Credit Equity Fund 15, L.P. (Merchants Fund 15). Merchants Fund 15 represents the company’s largest and most diverse national fund with a total capital raise of $196.5 million from 14 institutional investors, including 10 repeat and four new investors. Merchants Fund 15 will infuse equity into 19 affordable housing properties that will create or preserve more than 2,300 affordable homes in 13 states. “The successful closing of Merchants Fund 15 would not be possible without the unwavering support from an extraordinary partnership of developers, investors and the Merchants team, and our shared commitment to address the critical need for affordable housing across the United States,” said Ryan Thompson, Vice President of Syndications and Investor Relations at Merchants Capital. “Since launching our national equity platform in 2021, Merchants Capital has raised more than $800 million in tax credit equity and originated over $15 billion in debt to support multifamily housing across the United States,” said Julie Sharp, Executive Vice President of Merchants Capital. “This remarkable achievement has solidified Merchants Capital as an industry leader in affordable housing finance and is a testament to the strength of our team, the steadfast support of our investor and developer partners and the innovative platform we have built.” The closing of Merchants Fund 15 comes on the heels of Merchants Capital’s recent recognition by Affordable Housing Finance as the #2 largest lender for affordable housing in the United States. “We are proud to be at the forefront of affordable housing finance,” said Linda Hill, Executive Vice President at Merchants Capital. “We are incredibly grateful to the team that made this possible and the investors and developers who have entrusted us with the financing for key affordable housing projects throughout the United States.” The 19 properties included in Merchants Fund 15 are located in Minnesota, Indiana, Ohio, Florida, Texas, Wisconsin, Michigan, North Carolina, Illinois, Pennsylvania, Kentucky, Colorado and California. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.
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Merchants Capital Closes $196.5MM Multi-Investor Tax Credit Fund to Support Over 2,300 Affordable Homes in 13 States