Multifamily

Reserve on Park Place, image courtesy of R3B Architecture
CARMEL, Ind. (Nov. 27, 2023) – Leading financial services provider Merchants Capital today announced it has secured $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the new construction of Reserve on Park Place, an affordable senior property in Fort Wayne, Indiana. The property will bring 187 age- and income-restricted units to a high-demand area for affordable housing. "This project is emblematic of Merchants’ collaborative, full-service approach and commitment to affordable housing,” said Ben Trussell, Vice President of Acquisitions at Merchants Capital. “We are proud to provide a range of financing sources that support affordable housing development, particularly in closing funding gaps. We deeply value our partnership with Brown Capital Group, Leo Brown Group and Rogers Development Group." Developers Brown Capital Group, Leo Brown Group and Rogers Development Group bring significant multifamily and senior housing experience to Reserve on Park Place. Restricted to seniors aged 55 and older, the three-story low-rise property comprises 15 studio units, 136 one-bedroom units and 36 two-bedroom units limited to residents earning 40%, 60% and 80% of the area median income (AMI). The units are designed to support senior and special needs, with amenities that include handrails, grab bars, intercoms, limited access and video surveillance. “Given the numerous challenges amidst development projects, specifically in the affordable housing sector, Merchants Capital was an anchor in an unpredictable financing environment,” said Jarod Brown, CEO of Brown Capital Group. “We are delighted to bring affordable housing to an area which has such a high concentration of jobs for our future residents.” Reserve on Park Place will sit in a neighborhood among single-family and multi-family homes, with easy access to restaurants, hotels, a grocery store, a pharmacy and local businesses along State Route 1. Construction is expected to be completed in April 2025. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram. Reserve on Park Place image courtesy of R3B Architecture.
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Merchants Capital Provides $17.4MM+ in LIHTC Equity Financing for Indiana-Based Affordable Senior Property
Press Release image with building in background
NEW YORK (Nov. 16, 2023) – The New York office of leading financial services provider Merchants Capital today announces it has provided more than $225 million in financing to support the New York City Housing Authority (NYCHA) Permanent Affordability Commitment Together (PACT) Union Avenue Consolidated project in the Bronx, which involves a massive refinance and rehabilitation of seven properties. The PACT Union Avenue Consolidated project consists of seven affordable housing developments, 18 buildings and a total of 983 apartment units. Merchants Capital’s Freddie Mac Capital Markets Execution (CME) loan will be used to refinance the property and rehabilitate the units with building-wide improvement plans. The scope of work includes kitchen upgrades (counters, appliances, cabinets), plumbing improvements and common area maintenance. Additionally, the financing will provide extensive capital needs and repair costs ranging from heating infrastructure to building security improvements. The upgrades will also include the development and implementation of a social services program tailored to the individual needs of the Union Avenue community. Though all units will be modernized and upgraded, all apartments will maintain permanent affordability and preserve tenants’ rights and protections. Construction began in October 2023 and is expected to be completed by September 2025. To date, Merchants Capital has provided more than $1 billion in financing towards the PACT projects throughout New York City. Most recently, the firm provided $320 million to support comprehensive renovations at Edenwald Houses, the second-largest NYCHA property in the state. “Our continued contribution to the residents of New York City proves that the work to solidify and support affordable housing for all is never done,” said Mat Wambua, Vice Chairman and Executive Vice President, Agency Lending at Merchants Capital. “We once again appreciate the opportunity to collaborate with our public partners on these critical NYCHA PACT deals that are making a true difference in the lives of so many in the Bronx, Brooklyn, and other New York neighborhoods. Finding and securing innovative financing solutions that match the specific needs of our clients is what we do – our New York team’s creativity and expertise in structuring this intricate deal is a huge success.” The Bronx Housing Preservation Experience LLC is a joint venture by project sponsors The Arker Companies, SBV RE Investments LLC (formerly Omni NY) and Dabar Development Partners – all three accomplished leaders in the affordable housing, community development and real estate industries. Those parties, including Merchants Capital, bring extensive real estate experience in working with NYCHA through the collaboration on the NYCHA PACT Brooklyn Bundle II, an earlier project focused on major repairs and renovations for nine Brooklyn developments. Merchants Capital proudly worked alongside prominent affordable developers and industry partners for the Union Avenue Consolidated, including the aforementioned project sponsors, Nuveen, NYCHA, Freddie Mac, New York City Housing Department Corporation (NYCHDC), Sidley Austin LLP, Ballard Spahr LLP and Nixon Peabody. 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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Merchants Capital New York Provides $225MM+ for the Rehabilitation of Seven Affordable Properties in the Bronx
Image courtesy of Barton Farms, one of the seven properties involved in the deal.
CARMEL, Ind. (Nov. 6, 2023) – Leading financial services provider Merchants Capital today announces it has secured a total of $184 million in Merchants direct seven-year loans for the refinancing of seven separate workforce housing properties located within Indiana, Kentucky and Ohio. The deal was completed in partnership with Zidan Management Group (ZMG), a prominent Midwest-based multifamily operator and developer with more than 20 properties throughout the region. Properties to benefit from this refinancing include: Barton Farms Apartment Homes, Greenwood, Ind., 262 units Bexley Village, Greenwood, Ind., 276 units Creekside at Meadowbrook, Lowell, Ind., 192 units Tymberwood Trace Apartments, Louisville, Ky., 160 units Crestview Apartments, Louisville, Ky., 224 units Camelot East Apartments, Fairfield, Ohio, 492 units Meadow View Apartments & Townhomes, Springboro, Ohio, 180 units “Merchants Capital and ZMG have the shared goal of supporting and amplifying the affordable housing landscape here in the Midwest and its surrounding states,” said Merchants Capital Vice President, Originations Eddie Dietrick. “With more than 1,500 units in this portfolio, these properties represent immense opportunities for the future. This refinancing lays the groundwork for improving the ongoing ecosystem of each given community.” These seven workforce housing properties offer naturally occurring affordable housing (NOAH) with rent pricing affordable to households earning at or below 80% of the area median income (AMI). “Merchants’ collaborative approach to mitigating execution risk allowed for a seamless process and closing(s),” said Zidan Management Group. “ZMG is committed to providing quality housing for all. With partners like Merchants Capital, ZMG is able to fulfill that commitment.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram. Image courtesy of Barton Farms, one of the seven properties involved in the deal.
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Merchants Capital Provides $184MM+ Total Refinancing for Seven Midwest Workforce Affordable Housing Properties
Architectural Feature of Skyscraper
CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured funding for the development of Montclare Senior Residences of Calumet Heights. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221 D4 program. The project was completed in partnership with MR Properties, LLC and Patti Ann Charitable Services. Located in the historic “Pill Hill” neighborhood on Chicago’s South Side, the senior housing property serves individuals 62 years and older in 134 one- and two-bedroom units, with 104 units reserved for extremely-low, very-low and low-income households earning no greater than 60% of the area median income (AMI). Within these 104 designated units, 34 units will be subject to a project-based Section 8 HAP contract administered by the Chicago Housing Authority and 21 units will have tenants who were referred by the Statewide Referral Network. The property will also have 30 market rate units with no income restrictions, 14 accessible (Americans with Disabilities Act-compliant) units and three units with special accommodations for persons with seeing and hearing impairments. Merchants Capital served as senior lender for the project, securing a construction and permanent non-recourse loan through the 221 D4 program, providing a 40-year term and 40-year amortization. “We are a leading advocate for building and preserving affordable housing for all Americans, including our seniors in Chicago,” said Alan Cravitz, senior vice president of Merchants Capital’s Chicago office. “Merchants Capital is thrilled to continue providing loan financing for necessary affordable and accessible housing options to individuals in our Chicago community. Our team is glad to have been a part of this important development servicing mixed-income seniors in the historic ‘Pill Hill’ neighborhood.” Executive Vice President Lee Oller, also with Merchants Capital’s Chicago office, co-originated this financing with Cravitz. Constructed on part of a previously vacant five-acre lot on Chicago’s far South Side, Montclare Senior Residences of Calumet Heights boasts tremendous amenities for its residents including a community room with warming kitchen, fitness center, medical exam room, media room, library, computer lab, beauty salon, centralized mailroom and laundry facilities. On the exterior, residents are able to enjoy beautifully landscaped grounds and walking paths. With construction complete, the complex is one of seven Montclare developments in the Chicago area. For this project, an estimate of 464,000 work hours were contributed from 100% Union labor, creating 300+ construction jobs during the build and seven full-time, on-site staff positions to run the facility. Montclare Senior Residences of Calumet Heights is located at 9401 S. Stony Island Avenue, which is central to local transit, health care offices and retail outlets. “We sincerely appreciated the financial assistance provided by Merchants Capital. They were extremely reliable and timely, and seemed to be the most proficient of all of Senior HUD loan providers that we have worked with over the last 20 years. We look forward to working with them on our future projects,” said MR Properties Managing Director Phil Mappa. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.
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Merchants Capital Secures Financing for Mixed-Income Senior Housing Development in Chicago’s 8th Ward
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CHICAGO – The Chicago office of Merchants Capital, established in early 2019, today announces its first new construction/mini-perm loan through Merchants Bank of Indiana, Merchants Capital’s parent company. The multifamily property, River Grove Station, is located in the Chicago suburb of River Grove. The property fits into Merchants Bank’s loan parameters – a shovel-ready deal with a strong developer at a transit-oriented location. Once constructed, the 80-unit property will provide modern luxury and transit-oriented living adjacent to the River Grove Metra Station and within walking distance of nearby restaurants, shopping centers and entertainment venues. Located just northwest of Chicago, River Grove is increasingly attractive to families and young professionals who appreciate the village’s mix of urban amenities in a suburban setting, as well as its easy access to Chicago and nearby O’Hare International Airport. As noted by River Grove Mayor David Guerin, this project will “fundamentally change the face of this section of our downtown” and replace “the view of dilapidated structures” in the area. Merchants Capital Executive Vice President Lee Oller and Senior Vice President Susan Schnoll, the two co-originators on the River Grove Station project, are veteran construction lenders, having over 25 years of experience originating and closing loans under the HUD 221 D4 new construction/substantial rehabilitation program. “For the Merchants Capital Chicago office, this deal is especially exciting, as it is the first Merchants Bank of Indiana construction loan we’ve closed. This development is also the perfect candidate for HUD or GSE takeout financing, which is Merchants Capital’s specialty,” said Oller, who heads up the Chicago office. “We provided an impressive processing timeline from start to finish, which allowed MB Thatcher LLC to begin construction on River Grove Station in a location that is starved for development and often overlooked by developers.” The project is also supported by tax increment financing (TIF) from the Village of River Grove.  These TIF funds will help clean up these environmentally challenged sites and make the development of this new multifamily project feasible. Once the site was approved for TIF financing, the Village approached MB Thatcher LLC, the client, to be the developer due to the quality of other, recently completed projects in the area and their local market knowledge. The development team includes Noah Properties and Environmental Protection Industries (EPI). “We are pleased to expand our multifamily portfolio in River Grove and look forward to bringing in additional new units at this project across the street from the River Grove Metra stop,” said Michael Musa, president and CEO of EPI. “It is our goal to provide affordable modern luxury apartments for the residents of River Grove, with this being our third project in the same general vicinity completed within the last three years.” “This project was brought to us by the officials of River Grove and we completed the site cleanup and the dramatic renovation of the street and streetscape per the request of the village staff and Mayor David Guerin,” said Ben Kadish, president of Maverick Commercial Mortgage Inc., who represented developer MB Thatcher LLC. Located at 2801 Thatcher Avenue, the River Grove Station residences will offer energy efficient one and two-bedroom luxury rental apartments with well-conceived floor plans and attractive finishes selected by skilled designers at Lisek Interiors. The units also feature oversized windows and high ceilings. Construction is expected to complete in mid-2021. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.
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Merchants Capital Secures Financing to Construct 80-Unit Multifamily Development in Chicago Suburb River Grove
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CARMEL, Ind. – Mortgage banking company Merchants Capital today announces the hiring of Denise Gomez Oluwo as Senior Vice President of Government-Sponsored Enterprise (GSE) Underwriting. With more than 15 years of experience from multiple top GSE lenders, Gomez Oluwo is a recognized industry leader with expertise in underwriting, agency-lending product types, credit risk analysis, financial modeling and operating lending organizations successfully. Prior to joining Merchants Capital, Gomez Oluwo most recently served as Vice President, Deputy Chief Underwriter for Walker & Dunlop. In this role, she managed a team of nine underwriters and analysts, providing credit review on over 100 closed Fannie Mae Small Loan and Freddie Mac SBL transactions in 2020. Additionally, she trained and oversaw a contract underwriting team to assist with excess underwriting volume and lead corporate objectives to retain high scores for annual Fannie Mae and Freddie Mac performance reviews. In her new role at Merchants Capital, Gomez Oluwo will work alongside the current GSE underwriting team to underwrite loans, lead departmental objectives, cultivate client and GSE partner relations and further develop talent on the Merchants underwriting team. Currently, she is working remotely from her home in Maryland. “The executive leadership at Merchants is excited to welcome a talent of Denise’s caliber to our Senior leadership team,” said Dwayne George, Executive Vice President and National Head of Production at Merchants Capital. “Denise brings a wealth of knowledge and experience to the GSE platform, but also humbly maintains a deep commitment to active leadership with her team. Denise will be a valuable asset to our company as we continue to grow and execute our strategic business plan.” In addition to her role at Walker & Dunlop, Gomez Oluwo also served as Vice President of Underwriting for Newmark Knight Frank (formerly Berkeley Point Capital). With her team, Gomez Oluwo closed more than 90 transactions totaling $1.6 billion in 2018. She was noted as a company Subject Matter Expert for Fannie Mae’s Green program, as well as the designated underwriting lead on all agency production for several high-profile clients. Gomez Oluwo also previously held positions at Deutsche Bank Berkshire Mortgage and Greystone Servicing Corporation, negotiating and closing over $300 million and $120 million of multifamily mortgage loans respectively. Gomez Oluwo is a graduate of Smith College with a bachelor’s degree in economics. She also holds a master’s of business administration with a concentration in finance from George Washington University. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.
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Merchants Capital Hires New Senior Vice President, GSE Underwriting
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NEW YORK – Mortgage banking company Merchants Capital today announces the closing of a $51 million construction loan and a $28.4 million Freddie Mac 9% Low-Income Housing Tax Credit (LIHTC) Cash Unfunded Forward Commitment to fund a new affordable housing project in Manhattan’s Upper West Side. The total $80 million funds for the project, located in the historic Park 79 Hotel, comprises the largest 9% LIHTC allocation in New York City. Renovations to the original hotel, which first debuted in 1899 as “The Indiana,” will create 77 deeply affordable residences for very-low income seniors in the heart of Manhattan. Under an agreement with the New York City Department of Housing Preservation and Development (HPD), the property will remain affordable for at least 60 years. “Redeveloping the Park 79 Hotel and structuring affordable apartments for senior residents in Manhattan is a commendable task, and we at Merchants Capital are thrilled to have worked as a partner on this project, especially with the borrower, Fairstead,” said Mathew Wambua, vice chairman and head of agency lending at Merchants Capital. “We as a company are committed to providing accessible and affordable housing options across the country, and this project is the epitome of that commitment.” Fairstead, the project developer, will oversee renovations, reconfiguring the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including new elevator service, creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The building will also have a full-time attendant serving residents as a lobby concierge. “The partnership and commitment from Fairstead and the New York City Department of Housing Preservation and Development (HPD) has brought this meaningful affordable housing redevelopment to life,” said Michael Milazzo, vice president of loan originations at Merchants Capital. “This project will provide New York City’s senior residents with the quality housing and services they deserve. A special thank you is in order to HPD – for pushing forward under the most adverse of conditions to get this project closed in a timely manner. We also want to thank Will Blodgett of Fairstead for the company’s dedication to housing for all.” Redevelopment of the Park 79 Hotel creates affordable housing in an extremely desirable location of New York City, where affordability and accessibility is traditionally hard to find. Located steps away from Central Park, the project will allow Manhattan’s low-income seniors to continue residing in their home neighborhood without having to look for affordable housing outside of the city limits. “At a moment when the need for high-quality affordable housing for New York’s seniors couldn’t be more urgent, we are beyond proud to break ground on creating 77 deeply affordable residences for seniors right in the heart of the Upper West Side, and grateful to Merchants Capital for its partnership” said Will Blodgett, founding partner of Fairstead. “We pride ourselves in creating and preserving high-quality affordable housing in high-opportunity areas, and it’s so gratifying to provide these homes for seniors just steps from Central Park, the Museum of Natural History and the JCC. The revamped building will have great amenities for residents – but the neighborhood itself will really be its greatest amenity.” Renovation on the original hotel is expected to be completed in 2022. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.
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Merchants Capital Secures $80MM+ for New Affordable Senior Housing in Manhattan’s Park 79 Hotel
Dwayne George
NEW YORK (July 14, 2020) – Mortgage banking company Merchants Capital today announces the hiring of Dwayne George as Executive Vice President, National Head of Production. With 15 years of diverse multifamily production and management experience, George is recognized as an adept problem solver with proven success in multifamily production and sales team management, as well as originating and underwriting Government-Sponsored Enterprise (GSE) executions. George previously held positions at Greystone and Northmarq, but most recently, at Freddie Mac as Senior Director of Target Affordable Housing Production where he managed the Freddie Mac Optigo® Lender Network – a platform that consists of 19 lenders that is responsible for originating $6 billion of annual affordable housing production. Prior to joining the production team, George served as a Senior Underwriter in Freddie Mac’s Target Affordable Housing Group, where he was responsible for obtaining and granting credit approvals for LIHTC Preservation, Section 8, Bond Credit Enhancements, Moderate Rehabilitations, and Extended Use loans totaling $300-$400 million in annual production. During his first three years at Freddie, he orchestrated the purchase of $920 million in Freddie Mac Target Affordable originations, which included the firm’s largest Target Affordable Housing Capital Markets Execution (CME) transaction, the first Short Term Bond Execution, and the first Rental Assistance Demonstration (RAD) conversion. In his new role at Merchants Capital, George’s primary responsibility is to lead the company’s sales team, where he will be working closely with Merchants’ sales office leads in New York, Minneapolis-Saint Paul, Indianapolis and Chicago. He will spend the majority of his time traveling and meeting with loan originators and customers, training existing sales personnel, managing the sales process closely, and recruiting for and growing new offices. “We are thrilled to welcome Dwayne George, a proven leader and mortgage banking executive, to our growing team,” said Michael R. Dury, President and CEO of Merchants Capital. “As we continue to grow our sales team across the country, it was essential to give them support through sales and product training, but most importantly, provide them with best in class leadership to help grow their respective businesses. Many of our team members already had a strong relationship with Dwayne during his time at Freddie Mac, which I believe will allow for a smooth transition and allow him to hit the ground running. I am excited for our customers to meet Dwayne and be able to benefit from his thoughtfulness and creativity as he accesses our creative balance sheet products combined with our expertise with the GSEs and Federal Housing Administration (FHA).” George is a graduate of Goucher College with a Bachelor of Arts degree in Business Management. He also holds a master’s degree in Real Estate from Georgetown University. “My experience in the private sector and at Freddie Mac has fueled my pursuit of providing a dynamic approach to multifamily finance with a hyper-focus on the customer experience,” George said. “The team at Merchants shares my vision to effectively and efficiently expand the firm’s national affordable multifamily housing presence in the market. I’m excited to play an active role in advancing Merchants Capital’s commitment to continued excellence.”
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Merchants Capital Hires Former Freddie Mac Senior Director, Dwayne George as EVP, National Head of Production
Affordable Housing in Joliet, Illinois
CARMEL, Ind. (June 15, 2020) – Mortgage banking company Merchants Capital has secured $25.9 million in Fannie Mae funding for a 476-unit multifamily affordable housing property in Joliet, Illinois. The Fannie Mae Cash Preservation loan was secured on behalf of the owners of Brinshore Development, The Richman Group and Eric Richelson. Located at 947 Lois Place in Joliet, Illinois, Larkin Village operates under a tax credit program through the Illinois Housing Development Authority (IHDA). The IHDA requires that the property supplies 256 of the 476 units at or below 60% of the area median income (AMI). The other 220 units are unrestricted. “Now more than ever, there is a need across our country for affordable housing properties that are safe, clean and available for our American workers,” said Merchants Capital Senior Vice President Randall Rogers Jr. “Securing the financing for a multifamily, affordable housing property such as Larkin Village supports Merchants Capital’s passion for providing these housing options nationwide.” Merchants Capital was also instrumental in the structuring and underwriting of this transaction, facilitating the communications and documentation that led to the approval of a 10-year interest only period. Merchants Capital, Brinshore Development and The Richman Group were able to execute and close the loan remotely, due to the COVID-19 shelter-in-place order issued days before closing. This transaction allowed the ownership team to retire IHDA debt, make useful repairs to the property, and redeploy the equity accumulated over many years of effective operations. The equity will be used to invest in other affordable housing projects either through new construction developments or renovations. “The payoff of the IHDA loan marks the end of a success story. Larkin Village was one of only two foreclosure of multifamily loans which IHDA ever held. In 1999, IHDA selected the development team to rehabilitate, re-tenant and operate the failed affordable housing project,” said Brinshore Development Principal David Brint. “21 years later, Larkin Village is an important asset to the affordable housing stock in Will County, Illinois.” An Equal Housing Opportunity, Larkin Village offers options for studio, one-, two- and three-bedroom apartments in its family friendly community. The property provides complimentary heat, cooking, gas, water, garbage and private satellite TV for each apartment. Outdoor amenities include a swimming pool, community center, playground and clubhouse, along with numerous green areas and management on the premise. The community also supplies laundry facilities in each building with Cashless Smart Card washers and dryers for convenience. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, Instagram and LinkedIn.
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Merchants Capital Secures $25MM+ Fannie Mae Cash Preservation Loan for Affordable Housing in Joliet, Illinois
Homeless Shelter in Queens
NEW YORK – Mortgage banking company Merchants Capital has secured $35.4 million in agency funding for a 133-unit multifamily transitional housing facility located on Jamaica Avenue in the Queens neighborhood of New York City. The project – known as Jamaica Apartments – is at the forefront of New York City’s asserted strategy for contending with and eradicating homelessness. The seven-year agency funding and immediate Freddie Mac Optigo® Targeted Affordable Housing Capital Markets Execution (TAH-CME) cash loan was secured on behalf of Freddie Mac and Bayrock Capital. This transaction represented another opportunity for Merchants Capital and Freddie Mac to establish themselves as a key counterparty and partner in financing multifamily shelters that serve New York City’s homeless population. In 2019, Freddie Mac and Merchants Capital worked together to provide $51 million in agency funding for another transitional housing facility, 267 Rogers. “A project of this magnitude and significance, especially during the COVID-19 crisis, is needed now more than ever,” said Merchants Capital Vice President Michael Milazzo. “The Right to Shelter obligation, which provides safe, multifamily housing with no required tenant contributions for homeless New Yorkers, is crucial as many Americans are out of work or otherwise struggling financially throughout these unprecedented times.” All residents of Jamaica Apartments are given access to social services and mental health counseling, as well as education and career training to help them get back on their feet. Each unit has its own private bathroom and kitchen. The two-building property was effectively built as a 133-unit multifamily development that partnered with the New York City Department of Homeless Services (DHS) to offer transitional housing to homeless families. The entire property offers truly affordable housing, as 100% of the units are reserved for transitional housing. In April 2016, New York City Mayor Bill de Blasio announced a major restructuring of the way homeless services in New York City are delivered. The city plans to open approximately 20 new multifamily transitional housing shelters annually over the next five years to reach its goal of opening approximately 90 new shelters. Jamaica Apartments represents one of the multifamily transitional housing shelters that New York City is utilizing to eradicate homelessness in the future. Others involved in the project include CORE, a community-based, non-profit human services organization whose mission is to empower individuals, families and communities to live productive lives, and Brook Hollow Capital, a boutique mortgage brokerage based in Mahwah, New Jersey, which helped to manage the closing process. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn.
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Merchants Capital Provides $35MM+ Agency Funding for 133-unit Multifamily Homeless Shelter in Queens

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