Press Release

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.

CARMEL, Ind. (Nov. 21, 2025)—Leading financial services provider Merchants Capital today announced $152.3 million in total financing for The Aries Lofts, a 315-unit affordable housing community in Columbus, Ohio developed by LDG Development, LLC. Merchants Capital secured a $42.7 million Freddie Mac Forward TEL permanent loan, a $60 million tax-exempt construction loan, and an $8 million equity bridge loan provided by Merchants Bank. As the syndicator, Merchants Capital provided $41.6 million in 4% low-income housing tax credit (LIHTC) equity financing. "This deal is emblematic of the complex capital stack structuring that Merchants is able to execute for our clients,” said Nick Miller, Assistant Vice President of Originations at Merchants Capital. “It is particularly rewarding to collaborate on an effort that has garnered strong public partner support to bring an impressive number of new affordable homes to the Columbus area." The rehabilitation of the project site and development of family-focused affordable housing has garnered state, city and county support. LDG Development was awarded Brownfield Remediation Funds from the Ohio Department of Development for environmental remediation of the project site, formerly the Wirthman Brothers Junkyard. A 15-year payment in lieu of taxes (PILOT) agreement was awarded from the city of Whitehall, granting a Community Reinvestment Area (“CRA”) Tax Exemption. A grant was awarded by the Franklin County Economic Development & Planning Department. The project was also financed with a bridge loan from The Affordable Housing Trust for Columbus and Franklin County and in partnership through a Capital Lease with the Columbus-Franklin County Finance Authority. Upon completion, The Aries Lofts will set aside 66 units for families at 50% area median income (AMI), 183 units at 60% AMI and 66 units at 70% AMI. "The tax credit equity financing, combined with various government programs, provide a means to efficiently deliver affordable housing where it is needed in the city,” said Linda Hill, Executive Vice President of Tax Credit Equity at Merchants Capital. “This is a community effort to serve local families over the long-term." LDG Development has developed more than 25,000 units of affordable housing for working families and seniors across nine states. The company champions a community model with various resident services. The Aries Lofts will feature one-, two- and three-bedroom apartment homes across two modern, four-story buildings. Each residence will include upgraded flooring, countertops, walk-in closets, washer/dryer hookups and a patio/balcony. Residents will have access to a multi-purpose community room, business and fitness centers, a pool, playground and outdoor grilling and picnic areas designed to encourage connection, wellness and engagement. “The families who will one day call Aries Lofts home will have quick access to enhanced public transportation, local retail outlets and neighboring employment centers and improvements made to the area’s infrastructure that will allow this community to continue to grow,” said Chris Dishinger, Co-founder and Co-principal of LDG Development. “LDG is proud to be a part of the growth within this area, and we look forward to providing high-quality housing families will be proud to call home.” Located in a highly walkable area, the community will place residents near essential services, public transit, grocery stores and parks. The Aries Lofts will also offer on-site resident services to support long-term family stability. Construction on The Aries Lofts commenced in November and is expected to be completed in 2027. 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. (Oct. 29, 2025)—Leading financial services provider Merchants Capital today announced more than $56 million in total financing for the acquisition and substantial rehabilitation of Cumberland Crossing, a 232-unit affordable housing development in Fishers, Ind. developed by Birge & Held. The resyndication of tax credits will extend Cumberland Crossing’s affordability period for an additional 30 years, with rent restrictions for half of the units at 50% of area median income (AMI) and the other half of the units at 60% (AMI). Birge & Held acquired the property via transfer of physical assets (TPA) and assumed the existing $14.4 million U.S. Department of Housing and Urban Development (HUD) 223(f) loan, which was originated in 2019 in a much lower interest rate environment than exists today. Merchants Capital simultaneously closed a $17.2 million HUD 241(a) supplemental permanent mortgage for Cumberland Crossing, which will be drawn as renovations progress. Additionally, Merchants Capital provided $19.9 million in federal low-income housing tax credits (LIHTC) and $4.4 million in solar tax credits, with equity bridge loan financing provided by a third-party bank. "By leveraging a rare loan assumption and layering in supplemental HUD financing and tax credit equity, we’ve helped preserve affordability for another generation,” said Eddie Dietrick, Vice President at Merchants Capital. “This transaction exemplifies the kind of creative, uniquely structured financing that defines Merchants Capital and our ability to innovate in a challenging interest rate environment. It’s a powerful example of how innovative capital solutions can make a lasting impact in communities.” “This deal showcases how thoughtful tax credit structuring can unlock real value for affordable housing preservation,” said Josh Reed, Executive Vice President of Tax Credit Acquisitions at Merchants Capital. “By combining LIHTC and solar tax credits with bridge financing, we were able to support Birge & Held with efficiency. It’s a great example of how our equity platform can be leveraged to meet both financial and community goals.” Birge & Held is a national private equity real estate investment, management and construction firm that specializes in the multifamily sector. Birge & Held has acquired more than 25,000 units and currently services more than 125 residential properties across 14 states and has more than $4 billion in assets under management. “Renovating Cumberland Crossing is more than preserving affordable housing in Fishers—it’s about redefining what affordability looks like,” said Tag Birge, Co-CEO & Founder of Birge & Held. “Birge & Held is committed to delivering finishes and a resident experience that rival market-rate communities, ensuring that affordability doesn’t mean compromise.”  Cumberland Crossing features one, two and three-bedroom garden style apartments. Its tenant in-place rehab includes the installation of solar power for Cumberland Crossing’s electricity and common area and exterior updates, including new siding and windows, garage and carport repairs, updated landscaping, sidewalk improvements and parking lot resurfacing. Interiors will receive new LVT flooring, new kitchen cabinets, granite counter tops, new sinks, faucets and bath accessories, new lighting fixtures, smoke detectors and door hardware. Unit renovations include new electric HVAC equipment, water heater, upgraded electrical panels and drywall repair. Cumberland Crossing is located in close proximity to Interstate 69, the revitalized downtown Fishers area, and among growing residential, retail and commercial development. 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. (Oct. 9, 2025)—Leading financial services provider Merchants Capital today announced $70 million in financing for the new construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart, Ind. developed by Holladay Properties. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank for Flats at Pinecreek. Flats at Pinecreek will be supported via an 18-year Tax Incremental Financing (TIF) structure and will provide roughly 25% of its units between 60% and 80% area median income (AMI), with the remaining units at market rate. The development will be located on the southwest side of downtown near major manufacturers of trucks, trailers and RVs. Elkhart is a major recreational vehicle (RV) manufacturing hub with a significant healthcare and logistics presence. “Merchants is seeing demand across the country for affordable housing tailored to working professionals—it is very rewarding to meet Elkhart’s housing need with key capital stack financing, collaborating with Holladay Properties and partners to support the city’s growth,” said JW Demaree, Assistant Vice President of Originations at Merchants Capital. “We look forward to seeing the positive impact that Flats at Pinecreek will have on local employers and throughout the greater community.” Holladay Properties is a vertically integrated commercial real estate firm, with more than 70 years of development and management experience. It currently manages more than 1,300 multifamily units and 10M+ square feet of commercial space over a $3 billion portfolio valuation across 15 states. Flats at Pinecreek includes seven three-story buildings, a clubhouse building and 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom units. It features gourmet bar kitchens, quartz countertops with tile backsplash, stainless steel appliances, designer fixtures and finishes, a smart thermostat and smart door locks, walk-in closets, full-size washer/dryer, patios and balconies. Community amenities will include a 24-hour fitness center, pool, pup park, dog washing stations, residential lounge and coffee bar, grill stations, mail and package delivery hub and gas fire pits. Construction began in July 2025 and is expected to be completed in January of 2027. 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. (Oct. 7, 2025)—Leading financial services provider Merchants Capital today announced that it secured $35.1 million in tax credit equity financing for the historic adaptive reuse of Lofts at 40 Long, an affordable multifamily housing development in Columbus, Ohio developed by Woda Cooper Companies with co-developer IMPACT Community Action (IMPACT). Merchants Capital secured $18.5 million in 4% low-income housing tax credit equity (LIHTC), $11.4 million in federal historic tax credits (HTC) and $5.2 million in Ohio LIHTC for Lofts at 40 Long. Ohio Housing Finance Agency allocated the federal and state housing tax credits, and the National Park Service allocated the federal historic credits. In addition to the equity provided by Merchants Capital, other funding sources included city and county, agency and private sources. A key planned opportunity site included in the 2022 Downtown Columbus Strategic Plan, the project will convert a vacant YMCA building into 121 modern apartments, including one studio, 72 one-bedroom units, 38 two-bedroom units and 10 three-bedroom units. The units will be restricted to families earning between 30% to 80% area median income (AMI). “Merchants Capital is proud to play a key role in this transformative project, contributing more than $35 million in equity that will deliver 121 homes for families in the community—while also preserving the rich history of the YMCA building,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “Woda Cooper Companies is demonstrating exceptional expertise in renovating a nearly 100-year-old historic, seven-story masonry building in the heart of the downtown area. Lofts at 40 Long is a unique and exemplary redevelopment that will become a cornerstone of downtown Columbus.” Owner and operator of more than 365 properties and 18,000 housing units across 18 states, Woda Cooper Companies has a development portfolio of more than $3 billion. The company has completed more than 20 projects leveraging federal and/or state historic tax credits. “Being selected as the development company to revitalize and restore the former YMCA building is an honor for our company,” said Woda Cooper Founder Jeffrey J. Woda. “We thank the City of Columbus and Downtown Columbus, Inc., and Franklin County, together with our partners, including Merchants Capital, for entrusting us to perform this extensive transformation now underway. We look forward to providing housing for 121 families and working with our co-developer IMPACT Community Action to support them.” The rehabilitation of Lofts at 40 Long will include the demolition of the existing boarding rooms, restroom facilities and common spaces, except for the historic areas, which will be restored according to historic requirements. The building will feature three elevators, multiple stair towers, a trash chute and unit amenities, including central air conditioning and vinyl plank flooring, ENERGY STAR dishwasher and ENERGY STAR refrigerator, oven and garbage disposal. Common amenities include a basketball court for free play and indoor play area in the former gym area, indoor bicycle storage, community room with kitchenette, fitness center, laundry facilities, co-workspace, pet wash room and package room. Accessibility improvements will also be implemented, including the installation of lifts and ramps. Co-developer IMPACT Community Action will provide resident services. IMPACT is one of 48 community action agencies in Ohio and one of 1,100 nationwide focused on fighting poverty and promoting self-sufficiency. The organization offers services that include emergency financial assistance, job training, housing support and financial wellness programs. Jewish Family Services is also connected to provide resident services. “This project is about more than bricks and mortar,” said IMPACT CEO Bo Chilton. “It’s about people. It’s about families who deserve the dignity of a place to call home. Thank you Woda Cooper and all of the partners who collaborated to ensure that our residents have opportunities for better health, stronger educational outcomes, and most importantly, the peace of mind that comes from knowing you don’t have to choose between rent, food or keeping the lights on.” Located in downtown Columbus, Lofts at 40 Long is within walking distance of retail outlets and commercial and office buildings, in addition to hotels, parking and additional multifamily properties. A Central Ohio Transit Authority bus stop sits on the property site. Construction on Lofts at 40 Long began in August 2025 and is expected to be completed in late 2027. 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 (Aug. 25, 2025) Leading financial services provider Merchants Capital today announced $25.2 million in financing as part of the recapitalization and rehabilitation of Westbeth Artists Housing, a 384-unit historic, mixed-use affordable artist housing development in New York City. Westbeth Artists Housing is the oldest and largest affordable artist housing development in the United States and is listed on the national, state and city historic registries. The building is located along the West Side Highway at Bethune Street, with direct views of the Hudson River. Merchants Capital secured financing via a Freddie Mac Capital Markets Execution (CME) straight-to-permanent loan. The project is also supported by $63 million from New York State Homes and Community Renewal‘s (HCR) Multifamily Preservation Program. Located in the West Village neighborhood of Lower Manhattan, Westbeth Artists Housing spans an entire city block. In addition to 383 affordable housing units and one superintendent’s unit, Westbeth has 64 commercial spaces, including 46 affordable artist workspaces for residents, rehearsal studios, arts programming and exhibition spaces. Westbeth Artists Housing is home to major cultural institutions, including the Martha Graham Dance Company, The Kitchen and The New School Graduate Drama Program. Originally built for Western Electric in 1868, the site became the headquarters for Bell Telephone Laboratories and the site of innovations in early sound film, video transmission, lasers and the binary computer. It was transformed into artist housing in 1970 and is a national model for converting industrial buildings into residential spaces. “Westbeth Artists Housing carries an extraordinary legacy. For decades, Westbeth has provided affordable housing for its artist residents and served as a vibrant hub for the local community,” said Ben Levine, Senior Vice President of Originations at Merchants Capital. “Merchants Capital is honored to support the Westbeth mission, contribute financing towards improvements of this historic building and preserve long term affordable housing within the West Village neighborhood.” Affordability will now be enhanced via a new regulatory agreement with HCR that will stabilize rents and restrict 383 units. A total of 85 permanent Section 8 subsidized units will be available. “Partnering with Merchants Capital, New York State HCR and Chase is allowing Westbeth the opportunity to undertake the property’s most comprehensive renovation since the 1970 conversion to apartments,” said Peter Madden, Westbeth’s Executive Director. “Westbeth is an invaluable resource to the artists who call it home, and this investment will allow generations of artists and their families to call Westbeth home far into the future. As a nonprofit, we are fortunate to work with these lenders who are supportive of our mission and have gone to great lengths to ensure the success of this complex project.”   “This project is transforming the historic Westbeth Artists Housing into safe, modern and energy-efficient apartments that nearly 400 households will be able to afford,” said New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas. “We are proud that our $63 million investment and regulatory agreement will help improve livability and affordability for this development. We are grateful to Governor Hochul for her commitment to preserving model affordable housing developments like these and we thank our partners for their dedication.” The $86.1 million rehabilitation will include capital improvements to replace roofing, elevators, windows and radiators; restoration of the historic façade; full renovation of 32 apartments and energy efficiency upgrades, including the installation of green roofs. 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.