Press Release

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.

CARMEL, Ind. (July 31, 2025)—Leading financial services provider Merchants Capital today announced the completion of its sixth Freddie Mac-sponsored Q-Series transaction, a $373.3 million securitization of 18 stabilized multifamily mortgage loans—the largest number of loans Merchants Capital has securitized in a single Q-Series transaction. It is also Merchants Capital’s largest Q-Series closing to date. The loans comprise 3,047 multifamily units with significant concentrations in Indiana, Iowa, Florida and South Carolina. More than 64% of the units are designated as affordable housing, reserved for households earning at or below 80% of the area median income (AMI). Merchants Capital is among the most active Freddie Mac Q-Series issuers. Since April 2021 when it entered the program, Merchants has securitized 87 loans totaling $1.76 billion. Freddie Mac products and Q-Series transactions have increased Merchants’ lending capacity and innovation in devising multifamily and affordable housing financing solutions,” said Evan Gibson, Merchants Capital’s Executive Vice President of Capital Markets. “We are grateful for our partnership and shared commitment in support of affordable housing development.” Gibson launched Merchants’ capital markets platform in 2020 and has since built it into a high performing team responsible for executing more than $5 billion in securitizations; four credit risk transfer (CRT) transactions totaling $3.5 billion are included among these securitizations. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (July 29, 2025)—Leading financial services provider Merchants Capital today announced $60.5 million in total financing for Tredway’s acquisition and preservation of Ocean Park Apartments, a 602-unit affordable housing community in Far Rockaway, N.Y. Merchants Capital secured a $60.5 million balance sheet acquisition loan provided by Merchants Bank to stabilize and extend affordability for the 602 units, preventing substantial imminent rent increases and providing the necessary capital to complete critical repairs. Ocean Park Apartments consists of two 26-story towers with one, two and three-bedroom apartments and four commercial spaces. All of its units are rent stabilized according to Tredway’s new regulatory agreement with the  Department of Housing Preservation & Development (NYC HPD), with affordability of 423 units being extended at 60% area median income (AMI) and 179 units at 80% AMI.    "The structural integrity of Ocean Park Apartments and affordability of more than 600 multifamily units are being supported and well maintained due to the collaboration and commitment of Tredway and partners involved in this deal,” said Michael Milazzo. “We are proud to contribute to this community-enhancing effort." The rehabilitation is designed to repair deterioration due to its beachfront exposure. The scope of work planned includes critical structural repairs, the replacement of the parking deck, extensive waterproofing, window weatherization and improvements related to Local Law 11. Energy efficient improvements, a key focus for Tredway, are also planned for Ocean Park Apartments, including installation of low-flow fixtures, heating and cooling controls and other electricity and water conservation measures. Tredway is a real estate development firm that acquires, develops, revitalizes and preserves affordable housing. The company currently has more than 5,600 actionable units in its pipeline and more than 1,000 in active development. “Tredway is pleased to complete this preservation in partnership with Merchants Capital and to significantly strengthen Ocean Park’s affordability, ensuring it remains a beacon of opportunity for the entire Far Rockaway community,” said Will Blodgett, Founder & CEO of Tredway. “We are deeply grateful for the support of our public and private partners. Your teamwork and collaboration are key to our success.” Ocean Park Apartment residents will have access to a swimming pool, onsite parking, multiple playgrounds, a spacious community room and more than 9,000 square feet of retail space that houses a physical therapy center, pharmacy and quick service retail. Residents will also benefit from expanded monthly food distributions in partnership with City Harvest and swim and water safety programming provided by the nonprofit Rising Tides Effect. Renovation work began in May and is expected to be completed in 2026. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (July 1, 2025)—Leading financial services provider Merchants Capital today announced the addition of Serah Lee as Senior Vice President of Originations. Based in the company’s New York office, Lee joins the sales team of Andrew Weil and Justin Ginsberg, both Executive Vice Presidents of Originations, and Senior Vice President of Originations Pete Nichol. The new team will enhance Merchants Capital’s national multifamily and affordable housing debt and equity footprint. Lee brings more than 12 years of experience from Grandbridge Real Estate Capital, where she originated, structured and closed agency debt financing via Freddie Mac, Fannie Mae and U.S. Department of Housing and Urban Development (HUD). As a key member of the Affordable Housing team, Lee worked in tandem with Grandbridge’s affiliated tax credit equity group and provided leadership in forward agency financing. Serah Lee Lee also served on the Investments team at a commercial real estate hedge fund. She holds a Master of Business Administration from The Wharton School and a Bachelor of Business Administration from The University of Michigan Ross School of Business. “Having worked with Serah previously at Grandbridge, we have a cohesive process and a high regard for her talent and accomplishments,” said Andrew Weil, Executive Vice President of Originations at Merchants Capital. “We’re very excited to bring her into Merchants’ ecosystem, where we are leveraging the bank balance sheet, agency products and tax credit equity platform to provide end-to-end financing solutions.”   Merchants Capital consistently ranks among the top agency lenders in the United States. It was recently named the #4 Affordable Housing Lender of 2024 by Affordable Housing Finance and #2 in 2024 Multifamily Affordable Originations by Mortgage Bankers Association (MBA). To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (June 12, 2025)—Leading financial services provider Merchants Capital today announced $231 million in total financing for the renovation of Eastchester Gardens, a $391 million New York City Housing Authority (NYCHA) Permanent Affordability Commitment Together (PACT) project that spans 10 residential buildings in The Bronx. Eastchester Gardens is one of the oldest public housing developments in New York City and the second oldest in The Bronx. Among the financing Merchants Capital secured was a $221.7 million 30-year Freddie Mac CME permanent loan it provided for the development. All units will be restricted to individuals at 60% area median income (AMI). Eastchester Gardens will be listed on the National Register of Historic Places, enabling the use of federal historic tax credits to support the project’s revitalization through the NYCHA PACT program. "Preserving infrastructure and long-term affordability is a cornerstone of this deal, and we are very pleased to provide critical financing to meet this need,” said Mat Wambua, Vice Chairman at Merchants Capital. “Improvements of this scale will have a tremendous impact on the lives of Eastchester Gardens’ residents. We celebrate the collaboration and innovation demonstrated by all partners to create a comprehensive affordable housing solution for the broader community in The Bronx.” Eastchester Gardens is being developed by the PACT partner team of MDG Design + Construction (MDG), Infinite Horizons and Wavecrest Management. The partners will address the capital needs of the development and fully rehabilitate all apartments, shared spaces, grounds and building infrastructure. Historic elements and the original campus design will be preserved, which includes upgrades to heating and cooling systems, plumbing, new lighting (including LED additions) and flooring, electrical systems, kitchens and bathrooms. Americans with Disabilities Act (ADA) compliance and improvements to community and outdoor spaces are also planned. MDG specializes in the rehabilitation and new construction of residential apartment buildings in New York City and Long Island with a focus on affordable housing. Minority Business Enterprise (MBE) affordable housing development firm Infinite Horizons specializes in moderate and substantial rehabilitation and the new construction of residential mixed-use buildings. Wavecrest Management is one of the largest management companies in New York City, with more than 40 years of experience in providing opportunities that improve residents’ lives. "Through NYCHA's PACT program, the revitalization of Eastchester Gardens stands as a powerful example of what’s possible when public and private partners work closely with residents to preserve affordability and invest in meaningful change. At the heart of this transformation is the Eastchester Gardens Tenant Association, whose leadership and engagement helped to shape each phase of the project, from design decisions to specialized social services and amenities,” said Susan Camerata, Chief Financial Officer of Wavecrest Management and Principal of RDC Development. “The development team—including Infinite Horizons, Wavecrest Management and MDG Design & Construction—has worked hand-in-hand with the Eastchester Gardens Tenant Association through countless meetings, workshops, and site tours to ensure their voices guide the process. We know that consistent, transparent communication is the key to delivering real impact and we look forward to our continued partnership with the Eastchester Gardens Tenant Association, the broader resident community, NYCHA and all our partners,” said Matthew Rooney, Chief Executive Officer of MDG Design & Construction and Principal of RDC Development. “Infinite Horizons is proud to be part of PACT for Eastchester Gardens,” said Infinite Horizons Co-founder and Principal Roland Powell Jr. “This endeavor, which will enhance the quality of life for nearly 2,000 residents across 877 units through extensive renovations, improved property management, and expanded social services, aligns closely with Infinite Horizons’ mission to preserve and expand affordable housing opportunities throughout the Bronx. We are excited to collaborate with tenant leadership, MDG and Wavecrest Management as our partners, as well as NYCHA, to bring this project to fruition. We believe this partnership highlights the power of cross-sector collaboration by positively impacting communities through these developments.” Congratulations to the residents at Eastchester and our PACT partners for reaching this important milestone,” said NYCHA Executive Vice President for Real Estate Development Jonathan Gouveia. “Our partnership together ensures that Eastchester will be restored as a place of pride for the community and that the investments made reflect the priorities of the people who live there. This project is a great example of how collaboration can lead to real results for our NYCHA community. The revitalization will also enhance existing community assets, including the Community Center and Senior Center, operated by Neighborhood Initiatives Development Corp. (NIDC) and Regional Aid for Interim Needs (R.A.I.N.). Through a partnership with BronxWorks, it will introduce new onsite supportive services, including individual case management and group programming, counseling, mental health referrals, benefits enrollment assistance and financial education, employment training, job placement assistance and nutrition resources. Construction on Eastchester Gardens is currently in progress and anticipated to be completed in the next few years. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.