Merchants Capital Secures $10M+ for 121-Unit Affordable Housing Development in Lawrence, Kansas

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.

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.