Merchants Capital Secures Funding for Moving Forward 2.0 Workforce Housing Development in Lafayette, Indiana
Carmel-based mortgage banking company Merchants Capital today announces that President and CEO Michael Dury was selected by the Junior Achievement of Central Indiana as Indy’s Best and Brightest in the category of banking and financial services. Dury was recognized for his notable professional accomplishments in his career, his impact on the Indianapolis community and his overall commitment to leadership. Following graduation from Notre Dame University in 2007, Dury was named Vice President of Merchants Capital and rose through the ranks as one of the youngest executives in the history of the company. In 2017, shortly after the Merchants initial public offering (IPO) and merger with RICHMAC Funding, Dury was named President of Merchants Capital, and three years later, was promoted to CEO at the age of 35. Under Dury’s leadership, Merchants Capital became one of the top mortgage lenders in the country. In 2018, the company was named No. 10 on the Top 25 U.S. Affordable Lenders list by Affordable Housing Finance. Additionally, Dury is one of the top loan originators nationwide. His personal loan production value is on par with some of the top lending firms in the U.S., with $6.4 billion in total loan production since 2010. Dury has also greatly impacted the surrounding community with the Merchants MPACT (Positively Advancing Communities Together) program. The program is focused on advancing affordable housing, connecting people in their communities, promoting and improving education and financial literacy, and stimulating economic development within local communities. “I am elated that Mike was selected as Indy’s Best and Brightest, as I chose Mike to personally mentor at the start of his career in 2007. I’ve seen him grow and thrive so quickly in this industry, and he is incredibly deserving of this honor,” said Michael F. Petrie, Merchants Bancorp Co-Founder, Chairman and CEO. “Mike is a highly respected champion in multifamily finance, a distinguished and accomplished colleague at Merchants Capital, and a proven innovator in developing new solutions within the industry.” The Indy’s Best and Brightest Award was created by Junior Achievement of Central Indiana to recognize up-and-coming talent and the next generation of leaders in the Indianapolis area. The event honors 100 of central Indiana’s most outstanding young professionals, age 40 and under, across 10 different industries. All 100 finalists in each category are judged on professional accomplishments, civic contributions, character and leadership qualities. At the awards program, which took place on March 11 at the Hilbert Circle Theatre, 10 outstanding individuals received additional recognition as Indy’s best from their respective categories. For a complete list of winners and finalists, visit www.indysbestandbrightest.org. ###
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Merchants Capital President and CEO Michael Dury Named “Indy’s Best and Brightest”
Merchants Capital Secures Funding for Moving Forward 2.0 Workforce Housing Development in Lafayette, Indiana
NEW YORK – Mortgage banking company, Merchants Capital, has provided $375 million in financing on behalf of a joint venture between Omni New York LLC (“Omni”), The Arker Companies (“Arker”), Dabar Development Partners (“Dabar”), and Bedford Stuyvesant Restoration Corporation (“Restoration”) to purchase and complete major renovations for more than 2,600 units scattered across nine Brooklyn developments, referred to as the NYCHA Brooklyn Megabundle (“PACT Brooklyn Bundle II”). In 2018, the Mayor’s Office and the New York City Housing Authority (“NYCHA”) released NYCHA 2.0, a comprehensive 10-year, $24.4BB plan to preserve NYC’s public housing, through capital investments which ensure residents have the safe, quality, and affordable homes they deserve. The cornerstone of NYCHA 2.0 is NYCHA’s Permanent Affordability Commitment Together (“PACT”) Preservation Initiative. PACT focuses on leveraging HUD’s Rental Assistance Demonstration Program (“RAD”), as well as other Section 8 programs, to marshal private debt and equity investment in NYC’s public housing stock. PACT Brooklyn Bundle II consists of a nine-development portfolio, with 2,625 units, located across Brooklyn. As part of its PACT Initiative, NYCHA issued an RFP for qualified applicants to finance, rehab, and manage this portfolio, which represents the largest preservation transaction executed to date under NYCHA’s PACT Initiative. The joint venture partnership between Omni, Arker, Dabar and Restoration was selected as the recipient of this RFP. The highly structured financing, crafted by the New York City Housing Development Corporation (“NYCHDC”), Freddie Mac and Merchants Capital in a collaborative effort, consists of a straight-to-permanent NYCHDC Freddie Mac Risk Share loan of approximately $375,000,000, which will fund the acquisition, rehabilitation and recapitalization of the property. The landmark NYCHA PACT transaction will benefit more than 6,300 residents by providing comprehensive upgrades to 2,625 apartments and common areas, including the complete renovation of residential unit interiors, installation of security systems, vital site improvements, common area improvements, community facility improvements, building exterior improvements, and replacement of building systems, as well as extensive electrical, mechanical and plumbing upgrades. The transaction will support the development, management and social service plans for nine developments: Armstrong I, Armstrong II, Weeksville Gardens, Berry Street-South 9th Street, Marcy Avenue-Greene Avenue Site A, Marcy Avenue-Greene Avenue Site B, 572 Warren Street, Independence Towers, and Williams Plaza. Jessica Cherepski “Growing up in NYCHA Nathan Straus Houses, this transaction had a much deeper meaning – it brings me such joy to be able to provide quality housing to those who need it most, and to be able to work with people in this industry who are so proud and dedicated to working towards this same goal,” said Jessica Cherepski, Merchants Capital Senior Vice President and Chief Underwriter on the deal. “We’re honored to be a part of the team that closed this transaction which, beyond being historic, will affect meaningful change for thousands of deserving residents,” said Mathew Wambua, Merchants Capital Vice Chairman and Leading Originator on the deal. “Our gratitude is immeasurable and extends to our clients, Omni and Arker, as well as the innumerable parties and individuals who made this possible.” “Merchants Capital’s extensive lending expertise sets them apart,” said Eugene Schneur, Managing Director at Omni New York LLC. “We are deeply committed to guaranteeing local communities thrive and being part of the NYCHA Brooklyn PACT bundle is a perfect chance to support local Brooklyn neighborhoods, allowing communities to enjoy improved homes for generations.” “We are proud and excited to get to work on these critical repairs and bring modern amenities to the thousands of residents in the Brooklyn PACT bundle,” said Arker Companies Principal Daniel Moritz. “The NYCHA PACT program puts the community first and sets a new standard for preserving affordable housing for New Yorkers. Our hope is that this new partnership will improve the quality of life for residents and open up even more opportunities for their families.” “Together we are breathing new life into affordable housing developments that serve thousands of Brooklyn residents,” said Michael Patterson, Vice President of Underwriting and Credit at Freddie Mac Multifamily. “Freddie Mac is proud to have worked with our partners at Merchants, Arker, Omni and in city government to bring about this historic transaction, which brought out the best in each of the teams involved. This is an agreement that values communities, ensures residents have safe and modern housing and, most importantly, it preserves affordability where it is needed most.” 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 Arranges $375MM Freddie Mac Financing for Milestone NYCHA PACT Brooklyn Bundle II Rehab of Over 2,600 Units
Housing on the Upper West Side of Manhattan
Mortgage banking company Merchants Capital recently structured the permanent financing for Goddard Riverside Community Center’s Phelps House, a 169-unit affordable housing complex for seniors, located at 595 Columbus Ave. (at 88th Street), to help secure the financial future of the property. Phelps House has historically provided – and through the success of this transaction will continue to offer – affordable, subsidized housing and services for low-income older adults in one of the most expensive and prestigious neighborhoods of New York City: the Upper West Side of Manhattan. The property also houses the Goddard Riverside offices and a full-service Senior Center which serves residents from the surrounding community. This long-term financing will enable the owner to keep the units affordable to tenants, while also continuing to provide them with quality housing by making capital improvements, including plumbing and accessibility upgrades. Additionally, the financing will extend the affordability period and subsidy term by a minimum of 20 years to ensure continued operations of the highest standard in the long term, in accordance with the Goddard’s mission to provide high quality senior services to their residents. This Freddie Mac and New York City Housing Development Corporation (HDC) Risk Share financing vehicle benefits Goddard, one of the oldest non-profit/social services providers in the city. “The Phelps House transaction exemplifies the type of mission-driven preservation of affordable housing that we love to be a part of,” said Merchants Capital Vice Chairman Mathew Wambua. “We are grateful to Goddard for their vision and commitment to community, and we are deeply appreciative to HDC, Housing Preservation & Development (HPD), Freddie Mac, and Rockabill Consulting for their partnership. Merchants Capital is proud to have been a participant in assisting the operating of a pillar of the community such as Goddard Riverside.” Last year, more than 22,000 New Yorkers took part in the wide range of activities offered by Goddard.  The agency’s programs range from early childhood education and school-based/after school-based programs, to providing over 540 units of permanent housing with on-site supportive services. Goddard also provides outreach with extensive aid to people living with mental illness and those who are experiencing homelessness, as well as assistance to older adults and those with mobility impairments. “Goddard Riverside’s goal is to invest in people and strengthen the community, and older adults are a key part of that picture. Goddard will be able to continue providing high-quality housing at an affordable price for them,” said Goddard Riverside Executive Director, Roderick L. Jones, Ed.D. “The new resources will allow Goddard to enhance efforts to ensure those most in need are helped.” “Rockabill is grateful for our longtime partnership with Goddard Riverside Community Center, and for the opportunity to assist with their affordable housing preservation and development goals,” said Niall Murray, Managing Principal of Rockabill Consulting and Development. “This transformative deal was the result of a strong and committed group from Goddard Riverside, Merchants Capital, Freddie Mac, HUD, HPD, and HDC working to ensure this vital Upper West Side senior housing remains affordable and viable in the long term. Through the forward-thinking initiative of the Goddard Riverside staff and board of directors, Phelps House will continue to house low-income seniors in the community for years to come.”
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Merchants Capital, Freddie Mac, and New York City Housing Development Corporation Provide $66 Million Risk-Share Loan for the 20-Year Preservation of Section-8 Affordable Housing on the Upper West Side of Manhattan