Handshaking in office
CARMEL, Ind. (March 24, 2021) – Multifamily housing financier Merchants Capital today announces three new senior hires to the tax credit equity team: Josh Reed, Jillian Flynn and Lindsey Davitt. These new hires join Julie Sharp, Senior Vice President of Tax Credit Equity, who leads the tax credit syndication platform, Merchants Capital’s newest business line. “I am proud to welcome these deeply talented and highly regarded affordable housing professionals to the Merchants Capital equity platform,” Sharp said. “Our team represents a mix of industry veterans and emerging young leaders, elevating our capabilities and positioning us for success as one of the nation’s full-service financing providers for affordable housing.” Josh Reed joins the team as Senior Vice President and leads Merchants Capital’s Equity Acquisitions group that oversees all lower tier sourcing, pricing, structuring and closing functions. With over a decade of acquisitions and development consulting experience, Reed brings a valuable skill set both in housing finance and construction management. Reed previously spent 11 years at a national tax credit syndicator where he closed and structured over $700 million in lower-tier equity transactions. Prior to that, he managed the construction underwriting department that underwrote and monitored construction for Low-Income Housing Tax Credit (LIHTC) projects in 30 states. Jillian Flynn joins the Merchants team as Vice President and Chief Equity Underwriter. In this role, Flynn is responsible for credit, underwriting and risk management for Merchants Capital’s equity acquisitions and fund offerings and sits on all investment approval committees. Prior to joining Merchants Capital, Flynn spent a decade as a manager in Ernst & Young’s (EY) Tax Credit Investment Advisory Services division. While at EY, Flynn completed project assessments for over 750 real estate properties with federal and state monetizable tax credits, including LIHTC and Historic Rehabilitation tax credits, in nearly all 50 states. Flynn also provided accounting and tax advice to some of the nation’s largest investors and opined on real estate underwriting, transaction structure, tax risk and feasibility for tax credit funds sponsored by the nation’s largest tax credit syndicators. Flynn has also previously held roles at the Massachusetts Department of Housing and Community Development and the Metropolitan Boston Housing Partnership and is an Enrolled Agent able to practice before the Internal Revenue Service. Flynn will continue to work in Boston. Lindsey Davitt joins Merchants Capital as Vice President of Equity Asset Management, overseeing the equity asset management division. Working from Newport, Rhode Island, Davitt is responsible for managing equity investments in both the development and stabilized phases, including monitoring construction and lease up, overseeing all third-party compliance monitoring, equity draw requests, investor reporting and quarterly risk-rating for the LIHTC equity portfolio. Davitt sits on all investment committees and manages Merchants Capital’s asset management technology initiatives. Prior to joining Merchants, Davitt was a senior asset manager at Boston Capital and has previously held asset management positions at CBRE Global Investors. “It’s exciting to see Merchants Capital attract industry-leading talent,” said Michael R. Dury, President and CEO of Merchants Capital. “The experience and vision these individuals bring to our platform will undoubtedly further our success as an industry leader in affordable housing.” To learn more about the tax credit equity syndications platform, visit www.merchantscapital.com/tax-credit-equity. 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 Adds Three Senior Hires to New Tax Credit Equity Syndications Division
View of modern multifamily building
CARMEL, Ind. (March 24, 2021) – Mortgage banking company Merchants Capital recently secured $21 million in financing for the development of Forge on Main, an affordable, workforce housing property coming soon to Evansville, Indiana. Located in an Opportunity Zone, Forge on Main is also part of Evansville’s Promise Zone, a designation to support the city’s most “at-risk, yet most promising neighborhoods of its urban core.” The new development will be a mixed-use property, featuring 180 residential units along with 15,000 square feet of commercial space. “The Forge on Main project is truly an example of state, local and community collaboration at its best,” said Interim Indiana Secretary of Commerce, Jim Staton. “By investing in transformative projects like this one, Indiana will continue to attract top talent while creating a better quality of place for Hoosiers.” The three-year, $21 million deal is a construction loan combined with an equity bridge loan of the $3.4 million in redevelopment tax credits from the IEDC. Within the 180 units, 18 will be reserved for residents earning no greater than 60% of the area median income (AMI), with the rest of the units priced for tenants at 60% to 120% of the AMI. “Forge on Main helps meet and exceed the Evansville Promise Zone’s goal of expanding the number of quality, workforce housing units in the area,” said Merchants Capital Vice President, Originations, Brian Shelbourne. “The development is part of the revitalization of the Evansville community, aimed at bringing more families and businesses to the area, to maintain a secure place to work and live. Merchants Capital is proud to support the financing for this workforce housing property for our fellow Hoosiers.” The project was completed in partnership with the borrower House Investments, the Partnership for Affordable Housing, Inc., the Indiana Economic Development Corporation (IEDC) and the City of Evansville, which awarded tax increment financing (TIF) bonds and a ten-year property tax abatement for the project. Additionally, the Centerpoint Energy Foundation – a non-profit arm of Centerpoint Energy, a gas and/or electricity provider located in Evansville – provided a grant to the project. “The Forge on Main is truly a community project that would not have been possible without the support from all of our partners,” said House Investments Chief Investment Officer, Matt Gadus. “The development provides an additional housing option that currently does not exist in the area, and it provides an opportunity for residents to live, work, and play in the neighborhood. House Investments is committed to providing impactful, workforce housing projects which benefit the overall community.” The workforce housing complex will consist of studio, one- and two-bedroom apartments, with 102 of the 180 units located in a three-story walk up, and 78 units located directly above the retail and commercial space. Currently, developers are working to place a grocery store in the property, recognizing that the Evansville Opportunity Zone is located within a food desert. “The Forge on Main will occupy one of the oldest developed blocks in our city’s northside history,” said Executive Director of the Department of Metropolitan Development for the City of Evansville, Kelley Coures. “From a plow factory in the 19th century to the modern 180 living units that will help repopulate this neighborhood, we feel House Investments will be a solid partner for the area’s future growth.  The city invested $15 million in the North Main street corridor and another $30 million in the new Deaconess Aquatic Center at the north end, this development will serve as an important southern anchor in overall redevelopment strategy.” “CenterPoint Energy is proud to partner with the City of Evansville, the Indiana Economic Development Corporation and the Partnership for Affordable Housing, Inc. on the Forge on Main project,” said CenterPoint Energy Senior Vice President of Generation Development, Steve Greenley. “This project will provide a significant impact to the North Main corridor by providing additional units of affordable and efficient housing and continue the positive momentum present in the Jacobsville neighborhood.” Forge on Main broke ground in August 2020 and will be located at 200 N. Main Street. The property is currently pre-leasing for Fall 2021. 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 $21MM+ for Mixed-Use, Workforce Housing Development in Evansville, Indiana
High School Building
Merchants Capital is proud to support a safe, value-based environment for our staff and clients that extends out into the community, where many of us who are based at the company’s Indianapolis headquarters live and work. That’s why, when we were presented with the opportunity to partner with Indianapolis college and career preparatory high school Providence Cristo Rey (PCR), we jumped in headfirst. Providence Cristo Rey High School offers a “transformational educational experience to students with economic need” to those living in Indianapolis. The coeducational high school prepares students for the job world by enrolling each student in a corporate work study. This experience at PCR is unique in that all students work one day each week for their designated company, and the money that they earn goes directly towards tuition – keeping costs low for families. Industries that students can work in include law offices, accounting firms, hospitals, universities, nonprofits and financial services like Merchants Capital. Every student receives a Career Mentor at their company, one who guides them and trains them in professional and soft skills to prepare them for life after school. After four years, a graduate of PCR will have earned over 1,000 hours of professional work experience. PCR partners with more than 60 companies from Indianapolis and Carmel, and Merchants Capital is honored to be one of them. We are currently in our fifth year of our partnership together. We started with just one participant, and we’ve now grown to host two incredibly dedicated, smart and talented PCR students each school year. Every Monday and Wednesday, one of the students comes to our offices to learn about a career in the mortgage banking industry. The students are educated on everything from lending, insurance and public speaking to affordable housing, underwriting and critical thinking. Merchants Capital is proud to open our doors to play a lasting and instrumental role in the lives of these students. It has been an enlightening experience to witness the immense personal growth, increased self-confidence and enhanced education our students have received here at Merchants Capital. We’ve provided them a platform and an opportunity, and they have taken it and run with it. Additionally, during the 2020 holiday season, Merchants Capital provided our PCR students with support to spread a little Christmas cheer and thank them for their hard work throughout this unprecedented year. We understand the importance of making an MPACT like this one. Launched in 2018, our MPACT Program supports the initiative of Positively Advancing Communities Together to make an impact in our communities. Our goal with PCR is that the young adults of today can make an MPACT on our future. We are proud to partner with Providence Cristo Rey and look forward to what we can continue to do together in the years to come.
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Merchants Capital and Providence Cristo Rey Come Together to Make an MPACT
Merchants Capital Named #4 Multifamily Affordable Lender Nationwide by Mortgage Bankers Association
CARMEL, Ind. – Mortgage banking company Merchants Capital today announces the hiring of Jim Green as Vice President, Third Party Report Administration. With more than 20 years of accounting and commercial real estate experience, Green is a recognized professional in the industry, bringing knowledge of both Federal Housing Administration (FHA) and Government-Sponsored Enterprise (GSE) appraising to his new role at Merchants Capital. In this position, Green will support the credit teams at Merchants Capital, focusing on third party appraisals/rent studies, Project Capital Needs Assessments (PCNA’s) and Phase I reports. He will serve as the primary point of contact for all third-party report vendors and offer internal guidance to better help support underwriting recommendations. “We are very excited to not only announce this new position at Merchants, but to be able to hire someone with Jim’s vast experience in both accounting and commercial real estate valuations,” said Mike Dury, President and CEO of Merchants Capital. “As we continue expanding our footprint in the multifamily space, we felt it was essential to bring someone on the team that can develop and manage a comprehensive database that will better assist the various Merchants platforms.” Prior to joining Merchants Capital, Green most recently served as partner of Terzo & Bologna, Inc. providing valuation expertise for real estate properties across the nation in addition to serving as an expert witness in property tax appeal litigations. In this role, Green specialized in multifamily appraisals, including HUD Multifamily Accelerated Processing (MAP) 223(f) and 221(d)4 analyses. Green also previously held a senior real estate accountant position at AIMCO, a national multifamily REIT. He began his career as a property and commercial real estate (CRE) accountant at Simon Property Group. Green is a graduate of Ball State University with a Bachelor of Science in Business, majoring in Accounting and Finance. 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, Third Party Report Administration

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