Merchants Capital Provides Nearly $7B in Debt and Equity Financing in 2023

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CARMEL, Ind. (March 13, 2024) – Leading financial services provider Merchants Capital today announced that it provided more than $6.2 billion in debt and $656 million in tax credit equity financing for 2023. The company leveraged the Merchants Bank balance sheet for more than $4 billion in production and ended the year with more than $25 billion in assets under management.    

Merchants Capital achieved top government-sponsored enterprise (GSE) lender rankings in 2023, including:

“It’s been phenomenal to see the evolution of our partnerships with Freddie Mac, Fannie Mae and HUD,” said Dwayne George, Executive Vice President, Agency Production at Merchants Capital. “Continued investment in the platforms will drive greater efficiencies for creative structures and solutions for our clients. Accolades are a great measure of past success; however, the executive team remains grounded in our client-centric mission, vision and values to chart out a path for the future.”

“It’s been phenomenal to see the evolution of our partnerships with Freddie Mac, Fannie Mae and HUD. Continued investment in the platforms will drive greater efficiencies for creative structures and solutions for our clients.”

Dwayne George
EVP, Agency Production

The company also attained rankings that include:

Merchants was previously named the #3 Multifamily Affordable Lender by the Mortgage Bankers Association and the #2 Top Affordable Lender of 2022 by Affordable Housing Finance.

“Our ability to provide innovative debt products for both market rate and affordable housing projects allows our partners to execute on their financing needs—despite challenging market conditions,” said Lee Oller, Executive Vice President, Originations and head of Merchants’ Chicago office. “It is rewarding to see a growing number of communities being enriched as a result. We thank our clients for their vision and our team for their commitment.”

“Our ability to provide innovative debt products for both market rate and affordable housing projects allows our partners to execute on their financing needs—despite challenging market conditions.”

Lee Oller
EVP, Originations

Merchants continued to execute innovative capital markets strategies, closing two securitizations in 2023: a $304 million Freddie Mac Q-Series transaction, the company’s fourth since 2021, and a $1.13 billion Capital Relief Trade (CRT) transaction backed by healthcare commercial real estate (CRE). The CRT is the market’s first such securitization collateralized by CRE assets. It was awarded Honorable Mention for the 2023 North American Transaction of the Year by Structured Credit Investor.

Merchants’ tax credit equity platform posted unprecedented growth since its launch in 2021. The platform recently surpassed $1.4 billion in equity raised in three years and posted back-to-back fund closings in December 2023 and January 2024 of more than $430 million.

“We gained market share last year despite a pullback from many different lenders and investors,” said Michael Dury, President and Chief Executive Officer at Merchants Capital. “I continue to be very impressed with the execution of our team at Merchants and I am particularly grateful for the trust and the commitment of our industry partners.”

“I continue to be very impressed with the execution of our team at Merchants and I am particularly grateful for the trust and the commitment of our industry partners.”

Michael Dury
President and CEO

Merchants 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.

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