Press Release

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.

CARMEL, Ind. (March 14, 2025)—Leading financial services provider Merchants Capital today announced that it provided $7 billion in debt and equity financing for 2024, ending the year with more than $26 billion in assets under management. The firm remains focused on growing market share by leveraging Merchants Bank's dynamic balance sheet to facilitate agency business with existing and new sponsors across the country. "The ability to provide a combination of debt and equity for affordable housing development fueled this year’s production volume," said Mat Wambua, Vice Chairman and head of Merchants Capital’s New York office. "The hard work and collaboration across Merchants’ regional offices and platforms has been exceptional, and I congratulate our team for its proactivity in providing solutions for clients." Merchants Capital achieved top government sponsored entity (GSE) lender rankings in 2024, including: Freddie Mac: #2 Optigo® Targeted Affordable Housing Lender in 2024 Freddie Mac: Top Lender of Forward Rate-Locks for 2024 The company also attained rankings that include: U.S. Department of Housing and Urban Development (HUD): #3 HUD Initial Endorsements by Lender (MAP Applications) of 2023 Multi-Housing News: #7 of Top 20 Mortgage Banking and Brokerage Firms of 2024 Commercial Property Executive:  #10 of Top 20 Mortgage Banking and Brokerage Firms of 2024 "Merchants' strategic loan securitization program provides us with increased balance sheet capacity to more effectively manage capital and support growth objectives," said Evan Gibson, Executive Vice President of Capital Markets at Merchants Capital. "We are well-positioned to continue as one of the top multifamily and healthcare bridge lenders in the country." Merchants’ Capital Markets team executed three securitizations totaling $1.5 billion in 2024, including a $324.6 million Freddie Mac Q-series transaction (the company’s fifth since 2022), a $543.5 million CDS backed by multifamily loans and a $628.9 million cash securitization backed by healthcare commercial real estate (CRE). "Merchants has built internal expertise to manage more aspects of multifamily finance,” said Marsha Goff, Executive Vice President of Originations and head of Merchants Capital’s Minneapolis-St. Paul office. “Clients are benefitting from Merchants’ local market knowledge, ability to execute nationally and services that span from originations to loan servicing.” "We are aligned with partners who provide creative solutions for market rate and affordable housing financing, including historic renovations and office conversions,” said Lee Oller, Executive Vice President of Originations and head of Merchants Capital’s Chicago office. “We’re seeing value being placed on maintaining and creating neighborhoods and communities, which will improve everyone’s quality of life. These projects are particularly rewarding for Merchants.” Merchants Capital is headquartered in Carmel, Ind. with offices in New York City, Minneapolis-St. Paul, Chicago, Boston and Washington, D.C. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Andrew Weil NEW YORK (March 6, 2025)—Leading financial services provider Merchants Capital today announced the additions of industry veterans Andrew Weil and Justin Ginsberg, both with the title of Executive Vice President of Originations, to lead its fifth debt sales team nationwide. In these positions, Weil and Ginsberg will provide leadership and expertise to enhance Merchants Capital's national multifamily and affordable housing debt and equity footprint. Weil and Ginsberg have worked together in the affordable housing industry for more than 30 years. At Centerline Capital Group, they led the affordable housing tax credit and debt platform. For the last 12 years, they were the co-heads of the affordable housing agency lending platform at Grandbridge, a subsidiary of Truist Bank. Justin Ginsberg "Andy and Justin are highly regarded for their expertise in affordable housing and agency lending. With limited customer overlap, this additional team allows for maximum reach across the industry to execute on Merchants’ pursuit to be the premier affordable housing financing provider nationwide," said Michael Dury, President and CEO of Merchants Capital. "Their extensive industry knowledge and experience, combined with our active balance sheet lending and tax credit equity platform, will position them to best serve existing and new relationships." Merchants Capital consistently ranks among the top agency lenders in the United States, holding licenses with Fannie Mae, Freddie Mac and HUD/FHA. This expertise, combined with Merchants’ bank balance sheet products, provide sponsors with beginning-to-end financing solutions that adapt to market changes. 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 (Feb. 25, 2025)—Leading financial services provider Merchants Capital today announced more than $316 million in construction, permanent and equity financing for the second phase of Alafia (Alafia Phase II), a mixed-use development in East New York, Brooklyn, N.Y. Part of an expansive affordable housing development and the Vital Brooklyn Initiative community development program, the second phase of Alafia will provide 634 affordable and supportive housing units, and 22,000 square feet of retail and community facility space. This marks the second deal in the state to utilize a Freddie Mac Unfunded Permanent TEL Forward loan.  Merchants Capital, in partnership with the New York State Housing Finance Agency (HFA), provided $48.7 million Freddie Mac Unfunded Permanent TEL Forward financing for of the second phase of Alafia. The $192.7 million construction loan was provided by Bank of America in conjunction with Merchants Capital. In partnership with Bank of America, Merchants Capital closed $174.8 million in 4% Low-Income Housing Tax Credit (LIHTC) equity. The second phase of Alafia is part of a multi-phase effort led by Empire State Development (ESD) to revitalize Brooklyn and serve the neighborhood with ample affordable and supportive housing, outdoor space and facilities for healthcare and community needs.   Alafia Phase II is being co-developed by RiseBoro Community Partnership, Inc., L+M Development Partners, LLC and Apex Building Group. RiseBoro Community Partnership has more than four decades of experience offering services designed to support the needs within their communities.    Apex Building Group has created or preserved more than 7,400 affordable housing units throughout New York and New Jersey. L+M Development Partners is a nationally recognized affordable developer. With its affiliates, L+M has over 57,000 high-quality residential units in construction or that have been acquired, preserved, or completed. Alafia Phase II includes two 14-story residential buildings—A1-A2 and B1—with studio, one-, two- and three-bedroom apartments restricted for households earning between 40% and 70% of the Area Median Income (AMI). In building A1-A2, 47 supportive housing units will be set aside for seniors re-entering the community from incarceration and 59 units will be designated for formerly homeless youth and their families, along with a daycare center and retail space. Additional affordable apartments and residential parking will comprise building B1. Shared amenities among both buildings include a fitness center, children’s playroom, community rooms and outdoor courtyards. Free Wi-Fi will be available to residents in their apartments and common areas.    "RiseBoro is committed to building strong, thriving communities and Alafia Phase II is a testament to that mission," said Kieran Harrington, CEO of RiseBoro Community Partnership. "This development goes beyond affordability—it creates opportunities for stability, connection and growth by integrating deeply affordable and supportive housing with essential community services.”  “L+M Development Partners is thrilled to advance Alafia Phase II, bringing much-needed affordable housing to East New York,” said L+M Development Partners CEO Lisa Gomez. “We are grateful to our partners for their dedication to this transformative project and the community it will serve.”  "Apex is immensely proud of the work we are doing here in Brooklyn at Alafia, as this development is transforming the community by creating an entire new neighborhood,” said Apex Building Group CEO Lee Brathwaite. “The project enables Apex to further its mission of producing quality affordable housing while also establishing a healthy and welcoming environment for the people of East New York."  Construction of a new public street, Abule Avenue, is part of Phase II. It will connect Fountain Avenue and Erskine Street to provide access for pedestrians and vehicles and support further phases of Alafia redevelopment.   Construction began in December 2024 and is expected to be completed by the summer 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.