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CARMEL, Ind. – Mortgage banking company Merchants Capital today announces the hiring of Tony Washington as Vice President of Multifamily Loan Originations. Washington has more than 25 years of experience in the commercial lending industry, with the bulk of his career spent in the agency lending space. Washington specializes in Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) market rate and affordable debt products. In his new role at Merchants Capital, he will lead the origination of a wide variety of multifamily financing programs available at Merchants Capital, such as Fannie Mae Affordable, Freddie Mac Affordable, FHA and more. Additionally, Washington will play a critical role in expanding Merchants’ footprint throughout the mid-Atlantic. “I’m incredibly excited to add Tony to our bench of remarkable and experienced talent at Merchants Capital. Tony’s high-profile expertise as a leader in the commercial and agency lending industries is unmatched,” said Dwayne George, Executive Vice President and National Head of Production at Merchants Capital. “As our origination’s platform and national lending footprint continues to grow, Tony will be the perfect person to execute strategic business objectives for 2021 and beyond. Welcome to the Merchants family, Tony!” Before joining Merchants Capital, Washington served in several commercial and agency lending roles at companies such as Oak Grove Capital (now Jones Lang LaSalle), American Property Financing (now Wells Fargo) and AMI Capital (now Wells Fargo). Most recently, Washington was a founding partner of the EagleBank FHA Lending platform, where he served as Senior Vice President – FHA Multifamily Lending. To date, Washington has financed more than $1 billion in multifamily transactions across Fannie Mae, Freddie Mac and FHA platforms. A graduate of Saint Francis University of Pennsylvania with a bachelor’s degree in business administration, Washington also holds a master’s of business administration in finance from the University of Maryland College Park. Outside of work, Washington is a board member of several institutions, including The University of Maryland Smith School of Business, Victory Housing and The Columbia Foundation. For the time being, Washington will work remotely out of his home in Washington, D.C. 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 Hires New Vice President of Multifamily Loan Originations
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CARMEL, Ind. – Mortgage banking company Merchants Capital today announces that it provided approximately $4.7 billion in financing in 2020, nearly half of which was dedicated to supporting affordable housing preservation and development across the country. This achievement marks a historic company milestone, as Merchants Capital’s total year-over-year production saw an increase of 106%. While its Federal Housing Administration (FHA) lending volume remained steady, the company’s Government-Sponsored Enterprise (GSE) production through Fannie Mae and Freddie Mac increased 104%, demonstrating the evolution and expansion of Merchants’ GSE platform. “We are hyper-focused on advancing our national footprint through continuous strategic investments in our construction, equity and debt platforms,” said Dwayne George, Executive Vice President and National Head of Production at Merchants Capital. “We are confident that we can continue to succeed because we have a team of dynamic individuals driven to be the best capital advisors in the business. At a time when many of us haven’t seen each other in more than a year due to COVID-19, our entire staff has remained optimistic and ambitious. Everyone at Merchants Capital has done a remarkable job of helping us achieve a record year.” Merchants Capital’s bridge loan product experienced an increase of more than 100% in 2020, proving Merchants’ overall resilience and ability to execute even amid the pandemic when many other banks and lenders were pulling out of the market. “I want to send my congratulations to the entire Merchants Capital team, and especially to Dwayne George, whose addition to Merchants in 2020 as head of production made a big impact on our success,” said Michael R. Dury, President and CEO of Merchants Capital. “I must also send a much-deserved thank you to every single one of our valued clients, whose partnership and trust in us for their financing needs is sincerely appreciated.” 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 Achieves $4.7B in Financing in 2020 With a National Focus on Affordable Housing Development, Preservation
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CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana (MBI) construction loan for the development of 53 Colton Street, an affordable housing complex currently under construction in downtown San Francisco. Located in Mid-Market one of San Francisco’s fastest growing neighborhoods, 53 Colton Street will provide 96 affordable and supportive efficiency studio apartments to formerly homeless adults. All units will be reserved for residents referred through the Coordinated Entry System (CES).  The project will create much needed deeply affordable housing at the center of the city. “Closing the first MBI construction loan in downtown San Francisco is a tremendous success for Merchants Capital,” said Lee Oller, executive vice president of Merchants Capital’s Chicago office. “This development is especially noteworthy as it takes an overlooked area and transforms it into a new hub of activity for both residents and workers.  This is truly taking a net-negative and turning it into a net-positive for the neighborhood and the city. We at Merchants are proud to have partnered on such a meaningful project for San Francisco and the Bay Area.” With groundbreaking expected this winter, the structure and design of 53 Colton Street will focus on meeting the everyday needs of a supportive housing community, while simultaneously creating a residence that is beautiful, sustainable and cost-efficient. Each of the 96 studio units will be equipped with a private bathroom and kitchenette. Building amenities include common areas, a community room with dining area and kitchen, a bike room, common laundry facilities and a private landscaped courtyard.  The building is designed by David Baker Architects, one of San Francisco’s leading architecture firms. “53 Colton is a wonderful example of what’s possible with a partnership that includes for-profit and non-profit developers, the City of San Francisco, State of California, organized labor, and financial institutions like Merchants, Enterprise, and the AFL-CIO. We are excited to see this project come to fruition,” said Michael Cohen, a Founding Principal of Strada Investment Group. Additionally, the property management group, Community Housing Partnership (CHP) will provide on-site case managers and counselors to support residents in an effort to improve their overall quality of life and stimulate them to become self-reliant. "Our organization's mission is to create a permanent home for people who have experienced homelessness. The challenge is large and requires all of us to work together; we have forged partnerships with lenders, state and local government and philanthropy to achieve the goal. Our partnership with MBI was instrumental in our success,” said Community Housing Partnership CEO Rick Aubry. In addition to the MBI construction loan, Merchants Capital also provided the Low-Income Housing Tax Credit (LIHTC) equity bridge loan. “Transforming this area into a beautiful, welcoming development while providing affordable housing to many San Francisco residents is truly a remarkable project,” said Susan Schnoll, senior vice president, originations of Merchants Capital’s Chicago office. “Merchants is proud to have partnered with Strada Investment Group and CHP to bring 53 Colton Street to life. It will provide necessary housing to those who need it most.” The development at 53 Colton Street is expected to be completed by the spring or summer of 2022. 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 Financing for Affordable Housing in Downtown San Francisco to Serve the Formerly Homeless
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CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured funding for the development of Montclare Senior Residences of Calumet Heights. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221 D4 program. The project was completed in partnership with MR Properties, LLC and Patti Ann Charitable Services. Located in the historic “Pill Hill” neighborhood on Chicago’s South Side, the senior housing property serves individuals 62 years and older in 134 one- and two-bedroom units, with 104 units reserved for extremely-low, very-low and low-income households earning no greater than 60% of the area median income (AMI). Within these 104 designated units, 34 units will be subject to a project-based Section 8 HAP contract administered by the Chicago Housing Authority and 21 units will have tenants who were referred by the Statewide Referral Network. The property will also have 30 market rate units with no income restrictions, 14 accessible (Americans with Disabilities Act-compliant) units and three units with special accommodations for persons with seeing and hearing impairments. Merchants Capital served as senior lender for the project, securing a construction and permanent non-recourse loan through the 221 D4 program, providing a 40-year term and 40-year amortization. “We are a leading advocate for building and preserving affordable housing for all Americans, including our seniors in Chicago,” said Alan Cravitz, senior vice president of Merchants Capital’s Chicago office. “Merchants Capital is thrilled to continue providing loan financing for necessary affordable and accessible housing options to individuals in our Chicago community. Our team is glad to have been a part of this important development servicing mixed-income seniors in the historic ‘Pill Hill’ neighborhood.” Executive Vice President Lee Oller, also with Merchants Capital’s Chicago office, co-originated this financing with Cravitz. Constructed on part of a previously vacant five-acre lot on Chicago’s far South Side, Montclare Senior Residences of Calumet Heights boasts tremendous amenities for its residents including a community room with warming kitchen, fitness center, medical exam room, media room, library, computer lab, beauty salon, centralized mailroom and laundry facilities. On the exterior, residents are able to enjoy beautifully landscaped grounds and walking paths. With construction complete, the complex is one of seven Montclare developments in the Chicago area. For this project, an estimate of 464,000 work hours were contributed from 100% Union labor, creating 300+ construction jobs during the build and seven full-time, on-site staff positions to run the facility. Montclare Senior Residences of Calumet Heights is located at 9401 S. Stony Island Avenue, which is central to local transit, health care offices and retail outlets. “We sincerely appreciated the financial assistance provided by Merchants Capital. They were extremely reliable and timely, and seemed to be the most proficient of all of Senior HUD loan providers that we have worked with over the last 20 years. We look forward to working with them on our future projects,” said MR Properties Managing Director Phil Mappa. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.   ###
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Merchants Capital Secures Financing for Mixed-Income Senior Housing Development in Chicago’s 8th Ward
Merchants Capital Secures Funding for Moving Forward 2.0 Workforce Housing Development in Lafayette, Indiana
NEW YORK – The New York office of mortgage banking company Merchants Capital today announced that it has provided approximately $1.2 billion in debt financing during 2020 for affordable housing preservation and development within the region, ranking Merchants as a top multifamily affordable housing financer in the New York area. The milestone reflects Merchants Capital New York’s steep growth trajectory due to its ever expanding and diverse base of offerings, including on-book, Freddie Mac, Fannie Mae and FHA loan products. Merchants’ lending volume extends to a broad swath of affordable projectives, including acquisition, preservation and new construction loans for 4%, 9%, Section 8, public, supportive, and mixed-income housing projects. Mathew Wambua “As an affordable housing lender, our core mission revolves around ensuring that capital is deployed to much-needed public benefit projects in the region,” said Mathew Wambua, Merchants Capital Vice Chair & Head of Agency Lending. “I would be remiss if I did not thank our clients, our incomparable public and governmental counterparts, as well as our entire team of dedicated affordable housing and finance professionals at Merchants Capital, for their tireless work and boundless creativity. With the challenges 2020 brought, we are grateful for this achievement and are looking forward to a brighter 2021 together.” Merchants Capital New York is one of Merchants’ four production hubs nationwide, in addition to Indianapolis, Chicago and Saint Paul. This announcement follows the launch of Merchants Capital’s tax credit syndication platform, a new business unit that infuses private equity from institutional investors into Low Income Housing Tax Credit multifamily housing projects. 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 New York Provides $1.2BB in Financing for Affordable Housing Development & Preservation, With a Focus on Supportive, Transitional, Public and Very Low-Income Units in 2020