Press Release

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.

Brandon Conway Carmel, Ind. (May 28, 2025)—Leading financial services provider Merchants Capital today announced the appointment of Brandon Conway as Executive Vice President of Tax Credit Equity Asset Management. The addition reflects the growth of Merchants’ tax credit equity platform, which has raised more than $2.1 billion in capital since its inception in 2021. Brandon will be based in Merchants Capital’s Carmel headquarters. Conway brings more than 20 years of low-income housing tax credit (LIHTC) asset management experience, including seven years of special assets and dispositions experience to his role. Most recently he served as Senior Vice President at CREA, LLC, where he established a new department to resolve complex asset management issues. "Brandon’s deep experience and expertise in navigating the entire life cycle of a LIHTC transaction is a huge asset to our platform,” said Julie Sharp, Executive Vice President of Tax Credit Equity at Merchants Capital. “We could not be more proud to have him lead our asset management division into the future.” In January, Merchants announced the closing of $1.08 billion in fund investments across multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2024. The company was recently ranked #4 Affordable Housing Lender of 2024 by Affordable Housing Finance. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

MINNEAPOLIS (May 12, 2025)—Leading financial services provider Merchants Capital today announced $32.9 million in financing for the construction of East 7th Street, a 60-unit affordable and supportive multifamily housing development in St. Paul, Minn. Merchants Capital provided $18.9 million in 9% low-income housing tax credit (LIHTC) equity and secured a $14 million bridge loan from Merchants Bank for the development. East 7th Street includes 17 units designated for individuals earning 30% of area median income (AMI) and 43 units designated for individuals earning up to 60% of AMI. Seven units will be set aside for people with disabilities and seven units will be reserved for high-priority homeless housing via Ramsey County Housing Support Program and Coordinated Entry System. Developed by Project for Pride in Living (PPL), the East 7th Street affordable housing development was designed to accommodate “grandfamilies” with large family-kindship. Families, in particular, will be well served by the accommodating space and long-term affordability available at East 7th Street,” said Marsha Goff, Executive Vice President of Originations at Merchants Capital. “PPL continues to enrich the Twin Cities with programs, services and affordable homes, and we are proud to leverage Merchants’ debt and tax credit equity expertise to serve as a financing partner for this development.” "Merchants Capital is proud to provide nearly $19 million in equity to help PPL’s vision of East 7th Street become a reality,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “This project embodies the mission of PPL and the low-income housing tax credit program by providing quality housing and career readiness services for 60 households in St. Paul.” PPL is a provider of affordable housing and support services designed to revitalize the Twin Cities. PPL owns and manages 1,762 units of affordable housing and operates programs focused on career training and retention, housing stability and income growth. An additional 212 units will be available by the end of the year. “PPL and its partners are bringing a great multigenerational apartment building to the East Side of Saint Paul,” said Karla Henderson, President & Chief Executive Officer at Project for Pride in Living. “The 892 East 7th Street project is an affordable housing development that comes at a time when supply is tight and need is great in the community, mostly for large families with large family kindship.”   East 7th Street will offer one to five-bedroom apartments with washer/dryer, LVT flooring and stainless-steel appliances. Community amenities include a fitness center and wellness room, package lockers, on-site management and maintenance, bike storage, storage units, playground, lounge area, conference room and an elevator. Construction began in December 2024 and is expected to be completed in 12 months. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (May 7, 2025)—Leading financial services provider Merchants Capital today announced $56.5 million in debt and tax credit equity financing for the acquisition of Rock Ridge Apartments, a 152-unit multifamily housing development in Woonsocket, R.I. developed by The BLVD Group (BLVD).   Merchants Capital provided $23.8 million in Fannie Mae Immediate Tax-Exempt Bond Collateral (MTEB) permanent financing and $18.7 million in 4% low-income housing tax credit (LIHTC) equity as the syndicator. It also secured a $14 million equity bridge loan from Merchants Bank for the development. "Through the renovation of these 152 affordable homes in Woonsocket, BLVD is committing to the improvement of the community and lives of the residents,” said Matt Kaercher, Senior Vice President of Originations at Merchants Capital. “We are proud to support their dedication to affordable housing development and preservation.” Substantial external and in-unit renovations for Rock Ridge Apartments will be facilitated via tax exempt bonds issued by Rhode Island Housing (RIH) and equity from the sale of 4% LIHTCs and Renewable Energy Tax Credits (RETCs). Replacement of the roof, water heaters and windows are planned, in addition to new appliances, flooring, lighting and painting. The development will also benefit from the Fannie Mae Green Rewards Program. High efficiency electrical and water solutions and a 666-kW solar energy generation system will be installed that will produce the bulk of the building’s power needs. Substantial external and in-unit renovations for Rock Ridge Apartments will be facilitated via tax exempt bonds issued by Rhode Island Housing (RIH) and equity from the sale of 4% LIHTCs and Renewable Energy Tax Credits (RETCs). Replacement of the roof, water heaters and windows are planned, in addition to new appliances, flooring, lighting and painting. The development will also benefit from the Fannie Mae Green Rewards Program. High efficiency‑ electrical and water solutions and a 666-kW solar energy generation system will be installed that will produce the bulk of the building’s power needs. “Tax credit programs at the state and federal level are not just successfully enabling the creation of additional affordable homes nationwide, they are also facilitating energy efficient improvements that lower the cost burden,” said Laurie DiBona, Vice President of Equity Acquisitions at Merchants Capital. “This collaboration with Merchants Capital preserves vital community housing in Woonsocket and advances our mission to deliver sustainable, high-quality homes—complete with energy-efficient design and solar power—for families in need,” said Rob Budman, Managing Principal at BLVD. National multifamily investment and development firm The BLVD Group, which specializes in family and senior restricted properties, owns and operates more than 5,500 units in 17 states and has served more than 13,000 families. Rock Ridge Apartments includes 14 two-story apartment buildings with one to three-bedroom units and a community building, leasing center, business center, playground and basketball court. Upon completion, all units will be available to families earning up to 50% or 60% of the area median income (AMI). Construction began in April 2025 and is expected to be completed in 18 months. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

MINNEAPOLIS (April 14, 2025)—Leading financial services provider Merchants Capital today announced $25.5 million in debt and equity financing for the construction of Prairie Pointe, a 42-unit affordable and supportive housing development in Shakopee, Minn. Merchants Capital provided $14.1 million in 9% Low-Income Housing Tax Credit (LIHTC) equity and secured a $11.4 million bridge loan from Merchants Bank for the construction of Prairie Pointe. Developed by leading Twin Cities-based developer Beacon Interfaith Housing Collaborative (Beacon), Prairie Pointe is the only housing development in the area offering on-site supportive services and rents restricted at 30% Area Median Income (AMI). Twenty-eight units will be permanently set aside for people experiencing homelessness and/or people with disabilities, and 14 affordable units will be restricted at 50% AMI. The permanent supportive housing units will operate under the Minnesota Department of Human Services Housing Support rental subsidy program through Scott County, as well as private subsidy provided by Beacon. Volunteers of America Minnesota and Wisconsin (VOA) will provide on-site supportive services. "It was a privilege to lean into Merchants’ in-house equity expertise and collaborative process to structure this transaction for Prairie Pointe,” said Joseph Krengel, Senior Vice President of Originations at Merchants Capital. “Beacon is making remarkable strides in providing comprehensive affordable housing solutions throughout the Twin Cities, and we look forward to future collaborations." "Beacon’s multi-faceted approach is extremely successful in helping communities, and we are proud to partner in this effort to bring additional affordable homes to the area,” said Kelly Berg, Vice President of Acquisitions at Merchants Capital. “The deep affordability and supportive services available at Prairie Pointe will provide great relief for tenants, as well as serve the critical need for affordable housing in the larger community.”   Prairie Pointe will include 1-, 2-, 3- and 4-bedroom units with fully equipped kitchens, laminate countertops, vinyl and carpet flooring and laundry rooms on each floor. Community space includes a gym, donations room, computer and study rooms, children’s playroom and playground. Beacon’s service partner will provide onsite case management, housing stability skills, employment assistance, mental health support and educational programming as needed for residents. "We're so proud to be bringing 42 affordable homes to Shakopee to serve families who have experienced housing insecurity. We know that stable homes are the key to helping parents and children flourish, and for communities to thrive," says Beacon CEO Chris LaTondresse. “And these homes will be made stronger through our partnership with VOA. They have a proven track record of providing high-quality and responsive supportive services to families and individuals to help people meet their goals, achieve housing stability, build their income and access health and community services." Beacon has provided 950 affordable homes and more than 400 LIHTC units to the Twin Cities. More than 650 of these homes are supportive housing, with on-site supportive services available to residents. Construction for Prairie Pointe began in January 2025 and is expected to be completed by December 2025. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Pete Nichol SAN FRANSISCO (April 9, 2025)—Leading financial services provider Merchants Capital today announced the addition of Pete Nichol as Senior Vice President of Originations to expand its footprint to the West Coast. Based in San Franciso, Nichol joins the sales team of Andrew Weil and Justin Ginsberg, both Executive Vice Presidents of Originations. Nichol previously served as Managing Director at Grandbridge, a subsidiary of Truist Bank, Director of Affordable Housing at The Reliant Group and Director at Centerline Capital Group. Nichol brings a broad affordable housing background comprising debt and tax credit equity to his position, along with longstanding relationships with Weil and Ginsberg. The trio has worked together for more than 20 years. "We’re excited to be working together once again—particularly with the opportunities that exist in leveraging Merchants Bank’s balance sheet to better support clients’ financing needs," said Justin Ginsberg, Executive Vice President of Originations at Merchants Capital. “Pete’s knowledge of affordable housing is expansive—he’s very experienced in the nuances that exist on the equity and debt sides of the industry,” said Andrew Weil, Executive Vice President of Originations at Merchants Capital. “With Pete on board, Merchants is strengthening its reach westward to ensure that it is well positioned as a national affordable housing financing platform,” said Michael Dury, President and CEO of Merchants Capital. “He has an impressive background, and we look forward to adding his expertise to the team.”  Merchants Capital consistently ranks among the top agency lenders in the United States. It was recently named #2 in 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 (March 17, 2025)—Leading financial services provider Merchants Capital today announced $120 million in financing for the construction of Museum Parc, a 250-unit mixed-income, mixed-use and retail development in downtown Newark, N.J. The development will integrate housing units with the 4,120 square-foot Newark Museum of Art (NMOA) gallery and approximately 2,300 square feet of ground-floor retail space, serving as an anchor to the Newark Arts & Education District. Merchants Capital secured $58 million, comprising a Freddie Mac 9% Low-Income Housing Tax Credit (LIHTC) Forward permanent loan and a $62 million construction loan from Merchants Bank for Museum Parc. "This deal represents Merchants’ streamlined internal collaboration, and we are proud of the efficiency demonstrated across the organization to arrange key components in the capital stack,” said Michael Milazzo, Senior Vice President of Originations at Merchants Capital. “Likewise, Museum Parc is a unique concept, representing the innovative ways our partners are providing affordable housing solutions nationwide. We look forward to witnessing its impact in Newark.” Of the 250 apartments, 20 percent will be income restricted. Forty-five units will be affordable to households earning 50 percent of AMI and the remaining five will be reserved for households earning 30 percent of AMI. The development is designed to foster community and connection to NMOA via indoor and outdoor space. It will include a six-story building and a 12-story structure, housing, a fitness center, co-working space, lobby, bicycle room, game room, lounge and speakeasy, as well as a 3,000-square-foot roof terrace accessed through the garden room and commercial kitchen area. Museum Parc is co-developed by LMXD and MCI Collective. As the mixed-income and market-focused member of the L+M family of companies, one of the nation’s leading builders and developers of affordable housing, LMXD focuses on culture, community and sustainability in the Northeast and across the country. Urban revitalization firm MCI Collective delivers quality housing and retail by reimagining urban spaces, with an emphasis on arts and culture to enhance design and value.   “Museum Parc will help anchor the Newark Arts & Education District by providing much-needed mixed-income rental housing, the expansion of the Newark Museum of Art, and ground-floor retail to activate the streetscape,” said Jake Pine, Managing Director at LMXD. “We are grateful for our partners at Merchants Capital for helping make this project happen.” “This project wouldn’t be possible without a top-tier partner like Merchants Capital, whose expertise brought our vision to life,” said Siree Morris, Managing Partner at MCI Collective. “It’s a game-changer for Newark, strengthening arts and culture while supporting the Newark Museum.” Museum Parc is expected to be completed by 2027. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.