Tax Credit Equity

CARMEL, Ind. (June 10, 2026)—Leading national financial services provider Merchants Capital today announced more than $33.8 million for the construction and permanent financing of Village of Valor, a 54-unit affordable housing community in Palm Springs, Fla. developed by Turnstone Development and Faith Hope Love Charity, Inc. Village of Valor will provide housing for military veterans and their families. Merchants Capital secured a $6.5 million Freddie Mac Forward TEL permanent loan and a $15.8 million construction loan provided by Merchants Bank for the development. Merchants Capital also provided $11.5 million in low-income housing tax credit (LIHTC) equity as the syndicator. "Village of Valor will provide much needed housing for military veterans, but it will also address specific needs of this community,” said Lee Oller, Executive Vice President of Originations at Merchants Capital. “As a financing partner, we appreciate the opportunity to collaborate with partners on this comprehensive initiative dedicated to honoring and serving veterans." The development will offer 26 two-bedroom apartments and 28 three-bedroom apartments. Half of the units will be set aside for residents below 50% area median income (AMI) and six units will be set aside for persons with special needs. "Village of Valor has been thoughtfully designed to provide affordable housing, accommodate military families with larger apartments and foster community inherent among veterans,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “We look forward to seeing the impact of this holistic development.” Designed as a community to support veterans and improve quality-of-life after military service, Village of Valor will feature energy-efficient units housed in two four-story buildings. Unit interiors will include washer/dryer connections, energy efficient stainless-steel appliances, ceiling fans and individual porches or balconies. Turnstone Development Corporation has developed more than 2,400 affordable housing units and leveraged more than $350 million in private and public investment capital sources. Turnstone Development Corporation is a not-for-profit that creates and preserves affordable housing. Faith Hope Love Charity, Inc. is also a not-for-profit that brings expertise in working with military veterans and their families and connecting them to supportive services. “Turnstone is so proud to be involved in the development of Village of Valor. This development isn’t just housing—it’s a place where veterans can rebuild, connect and thrive in the community they so proudly served,” said Sue Wiemer, Executive Director of Turnstone Development. “We know that affordable housing will meet an initial need, but through the supportive services provided by our development partner Faith Hope Love Charity, we collectively are excited to introduce services designed to support and benefit our veterans.” “Faith, Hope, Love, Charity, Inc. was founded over thirty years ago by two formerly homeless veterans who wanted to make things better for the veterans coming up behind them. The Village of Valor represents an exciting step in our Founder Roy Foster’s vision and the mission of our agency to reintegrate homeless and at-risk veterans and their families back into the community to sustain independent living,” said Joshua W. Maddock, Executive Director of Faith, Hope, Love, Charity, Inc. “The supportive services on site at the Village of Valor will help restore our veterans’ dignity and provide them and their families with hope and the opportunity to thrive. We at Faith, Hope, Love, Charity, Inc. are thrilled to join with our development partner Turnstone Development to bring much needed affordable housing to Palm Beach County, Florida.” Community amenities will include recreational areas, a picnic area, walking paths, a basketball court, pickleball and a swimming pool. Commercial and office space will be located on the ground floor of one of the buildings for philanthropic efforts related to military veterans and their families. Construction began in April 2026 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.

CARMEL, Ind. (May 27, 2026)—Leading financial services provider Merchants Capital provided more than $99 million in debt and tax credit equity financing for The Elex, a 296-unit mixed-use, mixed-income workforce housing community now leasing in Fort Wayne, Ind. Developed by Biggs Group in partnership with Ancora, Weigand Construction and MSquared, The Elex is part of the Electric Works site, a redeveloped General Electric industrial campus that celebrated its grand opening last month. Merchants Capital secured a $34.4 million Freddie Mac Non-LIHTC Forward permanent loan and provided $9.5 million in federal low-income housing tax credit (LIHTC) equity for The Elex. Merchants Bank provided $55.5 million in construction and equity bridge financing. "Merchants is proud to deliver financing specific to The Elex’ complexity and serve this community-enhancing initiative,” said Jeff Spahn, Senior Vice President of Originations at Merchants Capital. “We congratulate Biggs Group, Ancora and the City of Fort Wayne on this milestone achievement and look forward to seeing the city flourish as the third phase completes." The Elex offers one, two and three-bedroom units, with 207 units rented at market rate and 89 affordable units set aside for residents earning between 30% - 80% area median income (AMI). Affordability is supported via LIHTC equity syndicated by Merchants Capital, state tax credits and tax increment financing (TIF) bonds. "The Electric Works site has been a fixture of the Fort Wayne community for more than 100 years—it is rewarding to see it transformed in a way that fulfills the immediate housing need and affordability gap of today," said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. Named in tribute to The Elex Club, a pioneering women’s organization formed by General Electric’s female employees, The Elex represents phase II of The Electric Works redevelopment, a complex comprising 18 historical buildings, office space, education and innovation space, retail, residential, hotel and entertainment venues developed across the three phases. As a residential property, The Elex provides housing for employees working in the West Campus, developed as phase I of the complex, which offers commercial space, a medical clinic, a STEM school and food hall, all anchored by corporate headquarters. The addition of an industrial West Campus and an East Campus with residential, office, health, education and hotel facilities in both adaptive reuse and new construction will take place in phase III. “The Elex represents the next chapter in the transformation of Electric Works and reflects what can happen when public and private partners work together with a long-term vision,” said Kevan Biggs, President and owner of Biggs Group. “We are proud to help bring much-needed workforce and affordable housing to Fort Wayne while honoring the history and character of this iconic campus.” As specialists in all facets of multifamily housing, Biggs Group provides real estate investment, subdivision development, community development, apartment development and multifamily management services throughout Indiana, Lower Michigan and Northwest Ohio. The Elex includes two multifamily housing buildings with ground-level commercial space. It offers residents direct access to a parking garage and the Electric Works campus. Common amenities for residents include a community room, bistro lounge and coffee bar, with a common courtyard, sports courts, playground, outdoor entertainment area and private park. A fitness and wellness center, early childhood learning center and commercial space will be completed in future phases of the project. 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. (Feb. 19, 2026)—Merchants Capital today announced more than $700 million in fund investments closed across the firm’s multi-investor, proprietary and state credit offerings for the year ended Dec. 31, 2025. The firm’s capital raise, which has surpassed $2.8 billion since the platform launched in 2021, comprises $1.1 billion in multi-investor offerings, $81 million in state credit syndications and $1.7 billion in proprietary fund investments. In 2025, the firm’s fund closings included $161.2 million in multi-investor funds and more than $546 million in proprietary and state credit funds with large institutional investors. "It was a difficult year in the tax credit equity market—the program achieved a landmark legislative victory in 2025 tax legislation that resulted in a large expansion of the affordable housing tax credit,” said Julie Sharp, Executive Vice President at Merchants Capital. “Naturally, the supply demand imbalance resulted in uncertainty in the market. Given these headwinds, I am extremely proud of our ability to continue to execute at a high level and provide solutions to our investor and developer clients.” "In only five years, we have built a $2.8 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for safe, quality affordable housing for more than 21,000 families in 30 states,” said Josh Reed, Executive Vice President at Merchants Capital. "The success of this platform is a testament to our people,” said Linda Hill, Executive Vice President at Merchants Capital. “I want to thank our team—along with our investor and developer clients—for their trust and partnership."   To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

CARMEL, Ind. (Dec. 4, 2025)—Leading financial services provider Merchants Capital today announced $74.1 million in debt and $16.7 million in low-income housing tax credit (LIHTC) equity financing for HōM Flats at 28 West Phase 3, a new mixed-use, mixed-income workforce housing development in Wyoming, Mich., developed by Magnus Capital Partners. Merchants Capital secured a $30.6 million Freddie Mac 4% unfunded forward tax-exempt loan (TEL), $16.7 million in 4% LIHTC equity financing and a $43.5 million construction bridge loan provided by Merchants Bank for the development. Pioneered by Magnus Capital Partners, the HōM Flats brand represents a series of communities built in strategic locations to foster thriving neighborhoods. The brand also connects local employers and small businesses with residents by offering workforce housing opportunities through its Preferred Employer Program and driving local business patronage through its PASS Partner Program. "We leaned into Merchants’ structuring expertise and collaborative process to provide a mix of debt and equity financing that would best serve the third phase of HōM Flats at 28 West,” said Joseph Krengel, Senior Vice President of Originations at Merchants Capital. “The evolution of this residential community into its final stage is exciting to witness, and we look forward to its integration into a walkable town center.”  Part of the City of Wyoming’s City Center redevelopment plan, HōM Flats at 28 West Phase 3 adds a residential community adjacent to 28 West Place, a walkable shopping area, and connects to an extensive trail system, a pedestrian bridge and Courtside by HōM Flats, a seasonal food truck park. The project also signals a major step forward in the City of Wyoming’s architectural evolution. While not a “high rise,” a new five-story building will add height and presence to an otherwise flat 28th Street landscape. Affordability will be maintained for 162 mid-rise residential units, which will be restricted between 40% - 80% area median income (AMI). Thirty-eight market rate units will also be added to the multi-phase initiative, which introduced and leased 226 units in Phase 1 and 160 units in Phase 2. "This phase of the project added more units to underserved AMI bands to meet the affordable housing need in the area,” said Josh Reed, Executive Vice President of LIHTC Acquisitions at Merchants Capital. “With 162 additional affordable units and programs that also support workforce development, HōM Flats at 28 West will offer residents various opportunities to thrive.” Asset management and real estate investment firm Magnus Capital Partners has developed five HōM Flats workforce housing communities. The firm has over $1 billion in investments to date, including value-add and multifamily and commercial property development throughout the United States. “At Magnus, we are excited to reach this next stage in expanding high-quality workforce housing in Wyoming. Our goal has always been to strengthen, engage with and invest in the community as long-term stakeholders,” said Magnus CEO and Founder Vishal Arora. “We are grateful for the continued support of our financing, construction and municipal partners who help make this vision possible.” Upon completion, HōM Flats at 28 West Phase 3 will include 63 one-bedroom units, 114 two-bedroom units, 23 three-bedroom units and 8,894 square feet of ground floor commercial space within four elevator-serviced buildings. A childcare center, Grō Childcare Academy, will be included in the commercial space, with residents receiving priority enrollment. Unit amenities include key fob entry, luxury vinyl tile flooring, walk-in closets and full-size washer and dryer. Fully equipped kitchens with pendant lighting, custom cabinetry, kitchen island, garbage disposal and stainless-steel appliances, including refrigerator, dishwasher, built-in microwave and self-cleaning oven will also be included. Residents will have access to indoor bike storage, a fitness studio with free classes, rooftop terraces, walking paths, indoor and outdoor dog park, dog washing stations, community room, indoor and outdoor children’s play areas, outdoor green space, secure package delivery room, resident café with free coffee, remote workspace with free printing, game room, art studio and on-site management. The HōM Flats at 28 West Phase 3 site is within walking distance of eight public bus transit stops and sits on M-11, a major transit corridor in West Michigan. It is in close proximity to three grocers, two pharmacies, medical providers and hospital systems, a public park, library, schools, banks and higher education institutions. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

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. 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.

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.