CARMEL, Ind. (March 2, 2023) – Leading financial services provider Merchants Capital announced it closed a record $8.95 billion in debt production in 2022, surpassing the previous record of $7 billion set in 2021. The firm saw significant growth in many product offerings in 2022, including a 77% increase in Merchants Bank balance sheet lending with over $7 billion, a 48% increase in Freddie Mac Targeted Affordable Housing (TAH) production and an overall 27% increase in 2022 financing volume. Merchants Capital continued to execute throughout 2022 despite turbulent market conditions with unprecedented interest rate volatility. A recognized leader in the affordable housing industry, Merchants’ affordable debt production in 2022 grew dramatically to $5.9 billion, a 90% increase from its $3.1 billion produced in 2021. These record-setting numbers come on the heels of the firm’s recent recognitions as the #3 Multifamily Affordable Lender from the Mortgage Bankers Association, the #4 Freddie Mac Multifamily TAH Lender in 2022 and #4 in the number of U.S. Department of Housing and Urban Development (HUD) 221 (d)(4) deals closed, according to the Federal Housing Authority (FHA) multifamily production summary for fiscal year 2022. “It is a true indication of the tenacity of our employees that we are able to announce yet another record-setting year in debt production for our company,” said Dwayne George, Executive Vice President, National Head of Production at Merchants Capital. “This great achievement could not be accomplished without the trust of our clients and the incredible hard work of our dynamic team. Throughout 2022, the market proved to be full of unique challenges due to unprecedented inflation and interest rate volatility, yet our team remained steadfast in its approach to create flexible solutions for our clients to support the preservation and development of multifamily housing nationwide.” Merchants Capital aims to provide tailored, end-to-end financing solutions for a variety of multifamily housing projects across the nation. The firm specializes in crafting bridge and agency financing structures to support market-rate and luxury developments, in addition to affordable and workforce housing solutions. “We pride ourselves on being able to provide custom financing options that meet the explicit needs of our clients,” said Lee Oller, Executive Vice President, Originations and head of the firm’s Chicago office. “Our innovative product offerings allow us to easily structure and execute deals that support new development, preservation and rehabilitation of critical housing properties in our nation. We look forward to expanding our financial footprint even further as a company this year.” “We are incredibly proud of our dedicated employees who continue to make the Merchants name a fixture in the industry,” said Marsha Goff, Executive Vice President, Originations and head of Merchants’ Saint Paul office. “This milestone is a direct reflection of our teams across the country, and their unique commitment to these projects is truly commendable.” Merchants Capital is headquartered in Indianapolis, with five additional production hubs nationwide located in Chicago, New York City, Saint Paul, Washington, D.C. and Boston, which opened 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.

SAINT PAUL, Minn. (Feb. 23, 2023) – Leading financial services provider Merchants Capital today announces it has provided approximately $90 million in construction, permanent financing and Low-Income Housing Tax Credit (LIHTC) equity for the development of Solana Villas, a federal LIHTC community to be built in Buckeye, Arizona near Phoenix. The community will be developed by prominent commercial real estate developer Roers Companies, with financing provided by Merchants Capital and Merchants Bank of Indiana (MBI). Solana Villas will be set on approximately 10.7 acres of land and include 200 total units across eight garden style apartment buildings. Upon completion of construction, the complex will include eight three-story buildings and one two-story building consisting of a mix of one-, two- and three-bedroom floor plans. All units will be restricted to individuals earning no greater than 60% of the area median income (AMI). Merchants Capital secured financing for the property consisting of a $33 million MBI tax-exempt construction loan, a $24 million MBI taxable construction loan and a $31.5 million Freddie Mac Tax-Exempt Loan (TEL) forward commitment for the permanent loan. A 4% LIHTC equity investment of $27.8 million was provided by Merchants. “In the past several years we have focused on expanding our presence as an affordable and multifamily financier nationally, and this new property contributes to our overarching goal,” said Marsha Goff, Executive Vice President of Merchants’ St. Paul office. “Solana Villas is a critical piece of the redevelopment landscape in this community, and it has been an honor to partner with Roers Companies to support their first affordable housing build in Arizona.” Roers Companies’ contributions to design and execution of Solana Apartments proved to be pivotal in the initial development process. “This deal represents an exciting opportunity to deliver much needed affordable housing to the Buckeye area,” said Kevin Sturgeon, Senior Development Consultant at Roers Companies, the property developer. “We appreciate our partnership with Merchants Capital and value their creativity in getting this transaction done.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.