Affordable Housing in Joliet, Illinois
CARMEL, Ind. (Aug. 17, 2020) – Mortgage banking company Merchants Capital today announces that it has secured more than $14 million in new financing for West Pointe Commons, a 141-unit townhome community in southwest Sioux Falls, South Dakota. The project is financed through Merchants Bank of Indiana on behalf of a local investment group. The closing of West Pointe Commons is significant, as it marks the first loan Merchants Capital has provided in the state of South Dakota. The refinance of the property allowed the borrower to optimize equity for the project that was originally placed into service in 2016. The closing execution for West Pointe Commons was also efficient, especially considering the typical financing delays being caused by COVID-19, as it closed just 48 calendar days from the accepted term sheet. “At Merchants Capital, we are continuing to provide extremely competitive debt solutions to our affordable and multifamily housing clients throughout the pandemic,” said Merchants Capital Senior Vice President Brian Emmons. “This commitment is evident in our secured funding for West Pointe Commons. We are proud to continually assist our clients with ultimate long-term secondary market placement once these loan products begin to normalize post-COVID.” The loan also included a “swap rate,” a type of interest rate contract that is used to manage the risk of interest rate fluctuations and provide borrowers with a fixed rate. The borrower will have a fixed rate, and Merchants Bank of Indiana is able to earn interest on the loan based on a floating rate environment. West Pointe Commons offers one-, two- and three-bedroom townhome options and is pet-friendly. Various apartment amenities include a private entrance, central AC and an attached double garage. Outdoor and community amenities include a 24-hour fitness center, clubhouse, in-ground pool and playground. 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 Secures $14MM+New Financing for West Pointe Commons
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CARMEL, Ind. – Mortgage banking company Merchants Capital today announces the hiring of Dewayne Hayward as Vice President, Federal Housing Association (FHA) Asset Management and Mark Ciarrocchi as Senior Vice President, Investor Accounting. As Vice President, FHA Asset Management, Dewayne Hayward will serve as head of Asset Management for Merchants’ private label subservicing team. Hayward previously served as Team Lead of FHA Asset Management at ORIX Real Estate Capital, where he managed a portfolio of over $20 billion of commercial real estate, multifamily and health care properties across the U.S. Prior to joining ORIX, Hayward worked as Assistant Vice President, Asset Management for Capital One Multifamily Finance and as an FHA Asset Manager for Prudential Financial. Hayward also became a licensed real estate agent in 2020, serving Berkshire Hathaway Home Services. Hayward will be working out of his home in Carrollton, Texas. “We are very excited to welcome Dewayne Hayward to our growing team,” said Lisa Lundeen, Merchants Capital Senior Vice President, FHA & Government-Sponsored Enterprise (GSE) Asset Management. “With Dewayne’s depth of knowledge and over 19 years of experience in asset management and real estate, we know he can help us take Merchants’ private label servicing to the next level.” Mark Ciarrocchi joins Merchants Capital as Senior Vice President, Investor Accounting where he will be leading GSE investor reporting and the Merchants servicing department’s account reconciliations. Previously, Ciarrocchi served as the Manager of Multifamily Asset Management and Loan Servicing for Freddie Mac for over eight years. There, Ciarrocchi acted as the business lead for new initiatives and developments, managed monthly investor reporting for over 1,000 bond/cash loan collateral (including tax exempt bonds for multifamily real estate) and more. Ciarrocchi also worked in investor reporting at CWCapital Asset Management and Wells Fargo Bank prior to Freddie Mac. Ciarrocchi will be working out of his home in Waxhaw, North Carolina. “Mark Ciarrocchi has 21 years of commercial real estate asset management and loan servicing experience, and he has a wealth of knowledge that will be invaluable to our Merchants Capital team,” said Nisha Cuellar, Merchants Capital Senior Vice President, Investor Accounting. “We are incredibly thrilled to have Mark on board with us.”
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Merchants Capital Hires Two, Adds to Growing Management Team