CARMEL, Ind. (April 24, 2023) – Leading financial services provider Merchants Capital today announced the promotion of Evan Gibson to Executive Vice President, Capital Markets. Gibson leads the platform, which creates liquidity and capital relief for Merchants Bank and aids Merchants Capital in providing innovative financing solutions for multifamily and affordable housing developments nationwide. He previously served as Senior Vice President. Gibson’s team has securitized or transferred risk on more than $5.2 billion in multifamily and healthcare loans from Merchants Bank’s balance sheet, resulting in significant capital relief. The team has expanded Merchants’ pool of institutional investors and risk transfer structures, assumed greater ownership in investor relations, and executed multiple innovative securitizations under the Freddie Mac Q-Series program.   Evan Gibson Gibson originated Merchants’ capital markets platform in 2020, growing it from a one-person operation to a team that plays a strategic role in the Merchants ecosystem. “Evan’s achievements would be significant in any market, but to consistently execute through the recent interest rate and market cycle is remarkable,” said Brian Sullivan, Chief Operating Officer at Merchants Capital. “The strength in Merchants’ capital markets and investor relations platforms is a direct reflection of Evan’s leadership—now evidenced in the multifaceted team he is growing. We applaud his well-deserved promotion and look forward to his continued impact on our company.” Previously the head of direct lending at a top U.S. Department of Housing and Urban Development (HUD) lender, Gibson also worked as a commercial mortgage-backed securities (CMBS) bond trader and market maker at Bank of America Merrill Lynch. Gibson is a military veteran and former Infantryman in the United States Marine Corps. He holds a bachelor’s degree in mathematics from the University of Washington.  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. (April 10, 2023) – Leading financial services provider Merchants Capital today announced that it has expanded its executive leadership team with the promotion of Chris Messmann to Executive Vice President. He oversees the tax credit equity division’s asset management, fund and risk management teams, including pre-closing financial projections and post-closing investor reporting.   Messmann contributed to the extensive growth of Merchants’ tax credit equity platform, which boasts more than $1.4 billion of equity under management in its third year of operation and is now a nationally ranked syndicator working with top developer and investor partners nationwide.        “We are extremely fortunate to count Chris among our executive team and congratulate him on this well-earned promotion,” said Julie Sharp, Executive Vice President of Tax Credit Equity at Merchants Capital. “His leadership has been invaluable during the past three years and his promotion is a direct reflection on the investments we are making in our team, systems and processes that will enable us to serve our investor and developer clients for decades to come.” Messmann joined Merchants Capital in 2021, having served in a leadership role for 10 years at a national tax credit equity syndicator. Prior to that, Messmann was a tax accountant at Dauby O’Connor and Zaleski, one of the largest Low Income Housing Tax Credit (LIHTC) accounting firms in the United States. “Our team is achieving remarkable success in the tax credit equity space, reflecting strongly on our innovative platform and dedicated team of professionals,” said Messmann. “I’m honored to join the executive team that is driving our strategic growth.” 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 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: • #1 Freddie Mac Multifamily Optigo® TAH Lender • Top 5 Fannie Mae 2023 Producers for Multifamily Affordable Housing “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.” The company also attained rankings that include: • Top 10 HUD Lenders of 2023 • #7 Top Mortgage Banking and Brokerage Firms of 2024 by Multi-Housing News • #10 Top Commercial Mortgage Banking and Brokerage Firms of 2024 by Commercial Property Executive 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.” 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.” 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.

NEW YORK (Feb. 27, 2024)—The New York office of leading financial services provider Merchants Capital today announced a total production volume of $1.7 billion for 2023, surpassing its record-breaking $1.3 billion debt production volume in 2022. These numbers financed the construction and preservation of affordable, multifamily and senior housing nationwide, and notably include $367 million in forward takeouts. “Despite a challenging interest rate environment that has broadly depressed origination volume, Merchants continues to grow and outperform competitors,” said Mat Wambua, Vice Chairman and EVP, Agency Lending at Merchants Capital. “We are proud of our innovation, nimbleness and strong partnerships with clients equally committed to affordable housing. We thank our partners for their continued support.” Merchants Capital regularly collaborates with the New York City Housing Authority (NYCHA), New York City Housing Development Corporation (HDC), Department of Housing Preservation & Development (HPD) and New York Housing Development Corporation (HDC), New York State HFA, Freddie Mac and Fannie Mae. Nationally, Merchants Capital provided nearly $7 billion in debt and equity financing for a variety of multifamily projects during 2023. It was recently named the #1 Freddie Mac Multifamily Optigo® TAH Lender and ranked among the Top 5 Fannie Mae 2023 Producers for Multifamily Affordable Housing and the Top 10 HUD Lenders of 2023. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.

Island Terrace Apartments image courtesy of POAH. CHICAGO, Ill. (Feb. 26, 2024)—The Chicago office of leading financial services provider Merchants Capital today announced that it provided more than $54 million of debt and $49 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the rehabilitation of Island Terrace, a 21-story affordable apartment complex located across from the Obama Presidential Center in Chicago’s Woodlawn neighborhood. Preservation of Affordable Housing, Inc. (POAH), a national non-profit affordable housing developer and owner of Island Terrace, closed the complex financing structure on December 20, 2023. Merchants Capital maximized LIHTC equity via a structure called “twinning,” which leveraged both 4% and 9% tax credits issued by the Illinois Housing Development Authority (IHDA) and the City of Chicago. Island Terrace is one of the first HUD-insured housing properties to use this unique type of financing. The 4% and 9% equity syndication generated $31.8 million and $17.3 million, respectively, matched by two corresponding HUD-insured permanent loans totaling more than $22 million and two equity bridge loans totaling more than $32 million. Merchants Bank provided $26.5 million for the property acquisition in 2021.  “It was exciting to draw on the many capabilities we have at Merchants to put this complex transaction together,” said Emmett Donovan, Senior Vice President of Originations at Merchants Capital. “From the initial acquisition funding to the equity, HUD-insured construction / permanent loan and the equity bridge loan, Merchants’ ability to originate all components of the capital structure is truly unique in the market. These debt and equity sources will allow POAH to modernize the Island Terrace property and preserve this important affordable housing asset for the Woodlawn community for generations.” The planned Island Terrace renovations are extensive and will include replacement of the roof, windows, plumbing and electrical systems; a redesigned first floor with community room and laundry facilities; and updated kitchens and bathrooms throughout the 240 apartments. Prior to the recapitalization, only 88 of the project’s 240 units carried affordable restrictions, which could have been canceled at any time, while the balance of the units was unrestricted. The new financing structure enabled POAH to expand the affordability restrictions to include nearly all units while extending the restrictions for at least 30 more years. “Island Terrace is a critical source of affordable housing in this part of Chicago, and we are delighted to invest in its future,” said POAH Vice President for Development Molly Ekerdt in a recent announcement. “With the investments of public and private partners and the involvement of residents, this property will serve low- and moderate-income families for many years to come.” Additional funding sources for the project include a combined $24 million of secondary loans from the IHDA and the City of Chicago. The AFL-CIO Housing Investment Trust also contributed funds to the transaction through its purchase of the securitized HUD Loans.   “The preservation of Island Terrace means there will be more housing that’s affordable to families in Chicago,” said Chang Suh, CEO of the AFL-CIO Housing Investment Trust. “Together we’re getting a lot done, and more needs to be done. That’s what makes this kind of successful, collaborative project so important.” 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 (Feb. 15, 2024)—The New York office of financial services company Merchants Capital today announced that it has provided a $348 million Mortgage-Backed Securities (MBS) loan from Fannie Mae to support the rehabilitation of New York City Housing Authority (NYCHA)’s Reid Apartments and Park Rock Consolidated (Reid Park Rock), a $635.6 million Permanent Affordability Commitment Together (PACT) project that will bring comprehensive renovations for nearly 3,500 residents living in 87 buildings across Brooklyn. The development team of BRP Companies, Fairstead and Urbane, tapped by NYCHA in 2021, will deliver more than $600 million in comprehensive repairs and upgrades to modernize Reid Park Rock. The partners are responsible for property management, enhanced social services and community programs to maintain long-term housing assistance and stability. The Local Development Corporation of East New York will provide tenant and community outreach services.  The straight-to-permanent financing provided by Merchants is designed to recapitalize the PACT Reid Park Rock project, preserve cash and provide immediate rehabilitation support for 15 developments located in Brooklyn’s East New York and Brownsville neighborhoods. Merchants worked with NYCHA and the New York City Housing Development Corporation (HDC) to finalize the deal. “We were able to provide a more expansive financing structure and strengthen counterparty relationships with the inclusion of Fannie Mae products in the transaction,” said Michael Milazzo, Senior Vice President of Originations at Merchants Capital. “It is an honor to support NYCHA and the outstanding development team on additional PACT affordable housing projects.” “We are thrilled to be one step closer to delivering revitalized and transformed residences to nearly 3,500 NYCHA residents across East Brooklyn,” said Meredith Marshall, Co-Founder & Managing Partner of BRP Companies. “We look forward to our continued partnership with NYCHA, Merchants Capital, Fairstead, Urbane, The Local Development Corporation of East New York and The Vistria Group as we look to break ground and advance the project to final fruition that will elevate the overall community experience and ensure long-term housing stability for the residents.” “Fairstead is proud to partner with Merchants Capital New York to realize our shared vision for the future of Reid Park Rock,” said Fairstead CEO Jeffrey Goldberg. “Public-private partnerships like PACT are essential for the revitalization of public housing, and we are honored to work with all of our partners as we bring much-needed improvements to the nearly 3,500 residents that call Reid Park Rock home.” “We are excited to enter this next phase of partnership with Merchants Capital to provide high-quality public housing improvements and a comprehensive economic empowerment strategy to nearly 3,500 residents at Reid Park Rock,” said James Johnson-Piett, Principal and CEO of Urbane. “This investment catalyzes the ability to leverage a best-in-class public-private partnership with the Reid Park Rock partners and the NYCHA residents to position Reid Park Rock as a hub for community wealth creation catalyzed within public housing communities.” Merchants Capital collaborated with the development team and affordable housing partners, including project sponsors BRP Companies, Fairstead, Urbane and The Vistria Group; and NYCHA, Fannie Mae, New York City HDC, The Local Development Corporation of East New York, Blank Rome LLP, Nixon Peabody LLP, Sidley Austin LLP, Katten Muchin Rosenman LLP and ArentFox Schiff LLP. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, X, LinkedIn and Instagram.