Tax Credit Equity

CARMEL, Ind. (March 24, 2021) – Multifamily housing financier Merchants Capital today announces three new senior hires to the tax credit equity team: Josh Reed, Jillian Flynn and Lindsey Davitt. These new hires join Julie Sharp, Senior Vice President of Tax Credit Equity, who leads the tax credit syndication platform, Merchants Capital’s newest business line. “I am proud to welcome these deeply talented and highly regarded affordable housing professionals to the Merchants Capital equity platform,” Sharp said. “Our team represents a mix of industry veterans and emerging young leaders, elevating our capabilities and positioning us for success as one of the nation’s full-service financing providers for affordable housing.” Josh Reed joins the team as Senior Vice President and leads Merchants Capital’s Equity Acquisitions group that oversees all lower tier sourcing, pricing, structuring and closing functions. With over a decade of acquisitions and development consulting experience, Reed brings a valuable skill set both in housing finance and construction management. Reed previously spent 11 years at a national tax credit syndicator where he closed and structured over $700 million in lower-tier equity transactions. Prior to that, he managed the construction underwriting department that underwrote and monitored construction for Low-Income Housing Tax Credit (LIHTC) projects in 30 states. Jillian Flynn joins the Merchants team as Vice President and Chief Equity Underwriter. In this role, Flynn is responsible for credit, underwriting and risk management for Merchants Capital’s equity acquisitions and fund offerings and sits on all investment approval committees. Prior to joining Merchants Capital, Flynn spent a decade as a manager in Ernst & Young’s (EY) Tax Credit Investment Advisory Services division. While at EY, Flynn completed project assessments for over 750 real estate properties with federal and state monetizable tax credits, including LIHTC and Historic Rehabilitation tax credits, in nearly all 50 states. Flynn also provided accounting and tax advice to some of the nation’s largest investors and opined on real estate underwriting, transaction structure, tax risk and feasibility for tax credit funds sponsored by the nation’s largest tax credit syndicators. Flynn has also previously held roles at the Massachusetts Department of Housing and Community Development and the Metropolitan Boston Housing Partnership and is an Enrolled Agent able to practice before the Internal Revenue Service. Flynn will continue to work in Boston. Lindsey Davitt joins Merchants Capital as Vice President of Equity Asset Management, overseeing the equity asset management division. Working from Newport, Rhode Island, Davitt is responsible for managing equity investments in both the development and stabilized phases, including monitoring construction and lease up, overseeing all third-party compliance monitoring, equity draw requests, investor reporting and quarterly risk-rating for the LIHTC equity portfolio. Davitt sits on all investment committees and manages Merchants Capital’s asset management technology initiatives. Prior to joining Merchants, Davitt was a senior asset manager at Boston Capital and has previously held asset management positions at CBRE Global Investors. “It’s exciting to see Merchants Capital attract industry-leading talent,” said Michael R. Dury, President and CEO of Merchants Capital. “The experience and vision these individuals bring to our platform will undoubtedly further our success as an industry leader in affordable housing.” To learn more about the tax credit equity syndications platform, visit www.merchantscapital.com/tax-credit-equity. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

Mortgage banking company Merchants Capital has established a tax credit syndication platform, a new business unit that infuses private equity from institutional investors into Low Income Housing Tax Credit multifamily housing projects. This launch reflects Merchants Capital’s transformation into a full-service financing provider for affordable housing. The new platform reinforces Merchants Capital’s proven leadership in multifamily finance, as the company has long been an advocate for utilizing market-leading financing solutions to provide affordable housing that improves quality of life. “We are doubling down our commitment to affordable housing,” said Michael R. Dury, Merchants Capital President and CEO. “Leveraging the bank’s balance sheet, along with Merchants Capital’s agency permanent debt financing through HUD, Fannie Mae and Freddie Mac, the equity platform is a true synergy for the business. Merchants Bank has grown to nearly $10 billion in assets, which allows us to buy and hold equity investments and provide upper tier bridge financing to our funds.” Julie Sharp will lead the platform as Senior Vice President of Tax Credit Equity Syndications. Sharp joined Merchants Capital from one of the nation’s largest tax credit equity syndicators where she was involved in raising capital and structuring and closing upper tier investments valued at more than $1 billion through private placements, multi-investor funds and secondary activity through the Syndications and Investor Relations platform. “This is an exciting time at Merchants Capital. The future of the tax credit equity syndication industry requires a fully integrated platform, and no one can execute that better than Merchants Capital,” Sharp said. The tax credit syndication platform has already closed its first fund, a unique project that allowed Merchants Capital to partner with Merchants Bank and four other community banks to provide $22 million in equity to support affordable housing in the state of Indiana. The fund’s investment supported seven affordable housing projects in Indianapolis, Gary and South Bend, totaling more than 1,100 units. Merchants Capital also completed the debt financing for all seven properties. “Closing our first fund was a huge milestone and proof of concept. This collaboration aligned the interests of the property owners, syndicator, investors and debt servicers for a long-term partnership,” said Sharp. “It was rewarding to partner with five institutional investors to make a difference for the local areas in which we live and work, in the state where we are headquartered as a company,” said Michael F. Petrie, Merchants Bancorp Co-Founder, Chairman and CEO. “We are always happy to make a difference for families in our communities.” To learn more about the new platform, visit www.merchantscapital.com/tax-credit-equity. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.