Merchants Capital Marks 35 Years with Strong $7B+ in Annual Production

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.

April Moreland WASHINGTON, D.C. (May 13, 2026)—Leading financial services provider Merchants Capital today announced the addition of April Moreland as SVP, GSE Chief Underwriter, based in the company’s Washington, D.C. office. The hire supports the expansion of Merchants’ Government Sponsored Enterprise (GSE) platform with an elevated focus on operational consistency, transparency in underwriting decisions and efficient transaction execution. “April has established a legacy of driving growth, client engagement and risk management in commercial real estate and community banking,” said Naureen Dhanani, Executive Vice President of Credit and Operations at Merchants Capital. “Her leadership and proficiency at balancing credit discipline with diverse stakeholders’ needs will enable Merchants’ GSE platform to support more complex and scalable opportunities, adding greater value for our clients.” Moreland brings more than 15 years of leadership in GSE and affordable housing underwriting to her role, with expertise in low‑income housing tax credit (LIHTC), workforce housing, targeted affordable housing and complex agency executions. Previously, Moreland served as Director of Specialty Products at Citibank Community Capital, where she led agency strategy and execution, as well as balance sheet conversion initiatives, within its national affordable housing platform. She played a key role in strengthening credit quality, enhancing risk management frameworks and deepening agency relationships. Prior to that, she worked at Freddie Mac where, over six years, she progressed from Underwriting Professional within the Multifamily Specialty Products platform to Senior Director of Specialty Products. In that role, she directed the agency’s national Targeted Affordable Housing (TAH) underwriting platform and a staff of 40 specialists. Moreland holds a Bachelor of Science in Finance from the University of Illinois Chicago and a Master of Professional Studies (MPS) in Real Estate from Georgetown University. As one of the largest affordable lenders, Merchants Capital leverages Merchants Bank’s balance sheet and agency relationships to provide integrated, streamlined financing solutions for developers and owners. The company has achieved top GSE rankings, including: Freddie Mac: #3 Optigo® Targeted Affordable Housing Lender in 2025   Fannie Mae: #5 Producers for Multifamily Affordable Housing in 2025   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 16, 2026) – Leading financial services provider Merchants Capital today announced the promotion of Jillian Standish to Executive Vice President and Chief Credit Officer for its national tax credit syndication platform. Since joining Merchants Capital in 2020, Standish has played a pivotal role in its growth, having managed the underwriting and credit risk for nearly 200 partnerships, representing more than $2.7 billion in equity under management across Merchants’ multi-investor, proprietary and state credit fund offerings. "Jillian has been a key executive leader on our platform since its inception, and I congratulate her on this well-deserved promotion,” said Julie Sharp, Executive Vice President of Tax Credit Equity at Merchants Capital. “Her diligence and commitment are well reflected in the areas she leads, and she brings a remarkable technical command of the nuances in tax credit equity to her role, along with a meaningful passion for the communities this industry supports.” Jillian Standish Prior to Merchants Capital, Standish provided consulting services for 10 years at Ernst & Young’s Tax Credit Investment Advisory Services group. She advised on federal and state monetizable tax credits, including low-income housing tax credit (LIHTC), the Historic Rehabilitation Tax Credit (HTC), New Markets Tax Credit (NMTC), renewable energy investments and production tax credits. Standish began her career as a child advocate at a family homeless shelter in East Boston and worked as a Section 8 and Massachusetts Rental Voucher Program Representative at Metro Housing Boston. She also served as a project manager for affordable housing developments receiving federal and state soft debt financing at Massachusetts Executive Office of Housing and Livable Communities. Currently, Standish serves as Treasurer and is a member of the board of directors of the Housing Corporation of Arlington in Massachusetts. She holds a Master of Business Administration (MBA) from Boston University’s Questrom School of Management and a Bachelor of Arts (BA) from Bucknell University. To learn more about Merchants Capital and its services, visitwww.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.