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CARMEL, Ind. (Oct. 13, 2026)—Leading financial services provider Merchants Capital today announced $30.7 million in forward committed permanent financing for Central at Old Southside, a 227-unit 4% low-income housing tax credit (LIHTC) multifamily development to be built in Indianapolis, Ind. by The Annex Group. Merchants Capital secured a $30.7 million cash-backed Freddie Mac Forward TEL loan for the development. The property has been awarded an Affordable Housing and Community Development Fund (AHCDF) loan from Indiana Housing & Community Development Authority (IHCDA) and a Payment in Lieu of Taxes (PILOT) agreement from the City of Indianapolis, in addition to construction and LIHTC equity financing in the capital stack. Affordability at Central at Old Southside will be maintained with 10 units restricted to families at 50% area median income (AMI) and 217 units restricted at 60% AMI. “The addition of more than 200 affordable homes will make a meaningful and lasting impact in the Old Southside neighborhood, where the need for quality, affordable housing remains significant,” said Nick Miller, Assistant Vice President of Originations at Merchants Capital. “We are proud to serve as a financing partner for Central at Old Southside and to continue building on our valued relationship with The Annex Group.” Based in Fishers, Ind., The Annex Group is a multifamily housing developer with a portfolio of communities valued at more than $600 million. The company has overseen more than $1.1 billion in single family, multifamily, mixed-use and other commercial projects, including redevelopment and ground-up construction. “As an Indiana-based company, it’s always deeply rewarding to develop in our own backyard,” said Ryan Clark, Senior Vice President of Development for The Annex Group. “With Central at Old Southside, we are transforming an underutilized infill site into an amenity-rich community. We’re excited to bring high-quality workforce housing to this neighborhood and help fuel the continued growth of the Old Southside area, with great connectivity to downtown Indianapolis and surrounding neighborhoods like Bates-Hendricks and Fountain Square.” Upon completion, Central at Old Southside will feature two garden-style, four-story buildings with one, two and three-bedroom apartments. Each apartment will include fully equipped kitchens and washer/dryer units. Residents will have access to a clubhouse, computer, community and library/reading rooms, a fitness center, courtyard with picnic tables and grills, an outdoor playground and dog park. Construction will begin in 2026 and is expected to be completed in 2028. 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. (Oct. 8, 2026)—Leading financial services provider Merchants Capital today announced $97.8 million in financing for the rehabilitation of Stuart Gardens, a 491-unit, two-phased affordable multifamily property in Newport News, Va. developed by Vitus Group. Merchants Capital secured $62.8 million in U.S. Department of Housing and Urban Development (HUD) 221(d)(4) permanent financing and $35 million in equity bridge loans provided by Merchants Bank. Stuart Gardens’ capital stack also includes low-income housing tax credit (LIHTC) equity, federal and state historic tax credits and Green and Resilient Retrofit Program (GRRP) financing via HUD for energy efficient improvements. “Merchants is proud to serve as a financing partner for Stuart Gardens and support its development through various stages, most recently in providing interim financing in advance of additional funding,” said Matt Kaercher, Senior Vice President of Originations at Merchants Capital. “Merchants’ experience and relationship with HUD played a key role in serving the project, and we celebrate Vitus Group’s effort to rehabilitate 491 affordable homes in the Newport News community.” Stuart Gardens comprises 109 two-story buildings, with 489 of 491 units across both properties, 100% of the residential units, restricted to families earning 60% area median income (AMI), under a Section 8 Housing Assistance Payment (HAP) contract. Constructed in 1940, it has been designated as a historic property by the Virginia Board of Historic Resources. External repairs will include a new playground, connections to an adjacent park and walking path, roofing, siding and exterior doors and windows. In-unit repairs will include replacement of existing flooring, updated appliances, new kitchen cabinetry and updated bathrooms. “Stuart Gardens has been home to Newport News families for more than 80 years, and this renovation ensures it will remain affordable for decades to come,” said Samantha Cullen, Director of Development at Vitus. “We’re grateful to Merchants Capital for helping us secure the financing to deliver modernized homes, lower energy costs and new resident services, all while preserving the community’s historic character.” During the past 30 years, Vitus Group has provided more than 130 properties and 25,000 affordable multifamily units across 30 states. The company is among the nation’s leading experts in affordable housing, with a proficiency in acquiring, renewing and preserving federally subsidized housing. Upon completion, Stuart Gardens will offer updated one, two and three-bedroom apartments with refinished hardwood flooring, fully equipped kitchens, washers and dryers and renovated bathrooms. The property will feature a playground, clubhouse and onsite management. Located in a mixed-use neighborhood southeast of downtown Newport News, Stuart Gardens sits within a 1.5-mile radius of schools, public transportation, recreation areas, fire and police stations and grocery stores. Construction began in August 2026 and is expected to be completed in January 2028. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

NEW YORK (Sept. 2, 2026)—Leading financial services provider Merchants Capital today announced more than $138 million in financing secured for North White Plains Workforce Transit Hub, a mixed-use community developed by BRP Companies, with 296 residences, retail and community space located in a fast-growing transit corridor in Westchester County, N.Y. It is the first project to close on financing under New York State Homes and Community Renewal’s (HCR) Housing Acceleration Fund (HAF) program. Merchants Capital secured a $120.5 million construction loan provided by Merchants Bank for North White Plains and facilitated $18 million from the HAF, a revolving loan fund that provides financing for shovel-ready mixed-income multifamily developments requiring additional gap funding. “As an approved lender and one of the first awardees of the Housing Acceleration Fund, Merchants Capital is proud to be part of an initiative aggressively focused on increasing affordable housing supply and finding ways to overcome potential hurdles in bringing such housing to fruition,” said Mark Branigan, Transaction Manager at Merchants Capital. “North White Plains is poised to support the community in a multi-faceted way.” North White Plains will comprise two six-story buildings with studio, one and two-bedroom apartments, with five homes restricted to households earning between 50% and 60% area median income (AMI) and 25 homes restricted to households earning up to 110% AMI. Two hundred sixty-six units will be rented at market rate. The development will comply with LEED Silver certification and New York State Energy Star standards, supporting long-term environmental performance and operational efficiency. “Governor Hochul’s innovative Housing Acceleration Fund is part of New York’s all-of-the-above approach to increasing housing supply,” said HCR Commissioner RuthAnne Visnauskas. “By providing low-cost financing for mixed-income housing projects, we are jumpstarting construction of new apartments that will benefit families, seniors, young adults, and those looking for a modern place to live. We are thankful to the Governor for her bold vision on creating this cutting-edge program and are grateful to all the North White Plains project partners for bringing nearly 300 new homes to the city of White Plains.” “North White Plains reflects the future of residential development, creating thoughtfully designed communities that connect people to housing, transit and opportunity,” said Steven Smith, Partner of BRP Companies. “As housing demand continues to grow throughout the region, developments like this play an important role in expanding access to high-quality homes while strengthening surrounding communities, and we are grateful to all of our financing partners for helping bring this vision to life.” An innovator in developing mixed-use, mixed-income, walkable urban housing with high-quality and energy efficient properties, BRP Companies manages an over $6.7 billion portfolio with more than 7,400 units of multifamily housing and 16.9 million square feet of planned, current and completed development. North White Plains will support community interaction and activity throughout its walkable grounds. The development will include a fitness center, resident lounge, co-working and event space, with 1,000 square feet of ground floor retail space to house a coffee shop, a 15,000 square foot public park and two-level parking garage. Construction began in July 2026 and is expected to be completed in Q2 2029. To learn more about Merchants Capital and its services, visit www.MerchantsCapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.