CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana (MBI) construction loan with a Freddie Mac Forward Commitment for Permanent Financing for the development of Gateway Apartments located in the Illinois Medical District (IMD) in Chicago. The project will be the first new, large apartment development within the boundaries of the IMD in several years. Located just west of the Chicago Loop, Gateway Apartments will occupy a site within the one-square mile area known as the Illinois Medical District. The area is largely dedicated to medical services, housing two universities, four major hospital complexes and a wide range of related health care facilities. The district is one of the largest medical complexes in the U.S. and is considered the most important concentration of medical services in the Midwest, employing 30,000 people with 50,000 visitors daily. Set within a larger mixed-use development, Gateway Apartments will provide 161 one- and two-bedroom workforce housing units targeted towards medical personnel, students and faculty who work within the IMD. The project will provide hundreds of construction jobs and opportunities for local minority businesses on the west side of Chicago. In addition, the site will feature a Hilton Hampton Inn & Suites, 35,000 square feet of retail space and up to 500,000 square feet of Life Science/Medical office space. With support and assistance from the IMD, the existing retail phase of the mixed-use development has attracted several retailers including Starbucks, AT&T, Scrub Depot, Jimmy Johns, Panda Express, Chipotle, Five Guys and Eye Q Optique. Lee Oller “We are proud to have had the opportunity to partner with such an exceptional team for the development of Gateway Apartments,” said Lee Oller, Executive Vice President of Merchants Capital Chicago. “The paucity of housing within the IMD has been a missed opportunity for years. Securing this complex financing structure and finally bringing new, modern rental housing to the area is an incredible achievement for Merchants Capital and our development partners at East Lake Management & Development.” “We are thankful for our partnership with the Illinois Medical District, Merchants Capital, the AFL-CIO and Freddie Mac to make Gateway Apartments a reality,” said Tyler Holland at East Lake. “The major investments that are underway within the Illinois Medical District will be truly transformative for the west side of Chicago.” This workforce housing project secured Freddie Mac’s first direct purchase by the American Federation of Labor and Congress of Industrial Organizations Housing Investment Trust (HIT). This is part of Freddie Mac’s Private Placement PC Swap, an offering within the Targeted Affordable Housing (TAH) Structured business. The PC Swap provides liquidity for investors, originators and holders of loans backed by multifamily housing collateral, allowing Freddie Mac to meet the individual needs of its customers. “The HIT is proud of our role working with Merchants Capital and Freddie Mac to design this unique financing structure and serving as the investor in Freddie Mac’s first private placement for this 100% union-built project,” said Mike Cook, HIT’s Chief Portfolio Manager. Merchants Capital provided seamless construction and permanent financing for Gateway Apartments, thereby creating an affordability component that will benefit individuals who would not otherwise be able to afford the high cost of living in the desirable central area of Chicago. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram. ###

CARMEL, Ind. – Mortgage banking company Merchants Capital today announces that it has earned two high-ranking positions on the prestigious Mortgage Bankers Association (MBA) 2020 Commercial/Multifamily Originator Listing. Merchants Capital placed #4 in multifamily affordable lending nationally for 2020. In total, the company closed $2.2 billion in affordable loans across 188 transactions, with an average transaction size of $11.8 million. Merchants Capital also ranked #1 for the originating office location of Indianapolis, where it is headquartered. Out of this office, it closed $3.2 billion across 287 transactions in 2020, with an average loan size of $11.3 million. Merchants Capital Indianapolis is one of Merchants’ four production hubs nationwide, in addition to Chicago, Saint Paul and New York. Across locations, Merchants Capital provided an estimated $4.8 billion in financing in 2020, approximately half of which was dedicated to supporting affordable housing preservation and development across the country. That achievement marked a historic company milestone, as Merchants Capital’s total year-over-year production saw an increase of 106%. In New York specifically, approximately $1.2 billion in debt financing was originated in 2020 for affordable housing preservation and development within the region, ranking Merchants as a top multifamily affordable housing financier in the area. The milestone reflected 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. “We are incredibly proud to be named to this leading industry list. Achievements like this would not be possible without the support of our clients and our team members every day,” said Mathew Wambua, Merchants Capital Vice Chair & Head of Agency Lending. “The national rankings reinforce our strategic decision to support much-needed public benefit projects as one of the top full-service financing providers for affordable housing in the U.S., and we look forward to seeing what we can accomplish in the future.” The report is the only one of its kind to present a comprehensive set of listings of 141 different commercial/multifamily mortgage originators, their 2020 volumes, and the different roles they play. The report presents origination volumes in more than 140 categories, including by role, investor group, property type, financing structure type and the location of the originating office. It is available for purchase through MBA’s Online Store. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram. ###

CARMEL, Ind. – Mortgage banking company Merchants Capital recently secured a 66-month loan for Preserve at Blue Road, a new workforce, multifamily development currently under construction in Greenfield, Indiana. The deal was closed in partnership with the property developer, Muesing Management Company, Inc. Coming to the east side of the Indianapolis metropolitan statistical area (MSA), Preserve at Blue Road will equip the city with new Class A market-rate workforce housing to support the community’s ever-growing workforce. The project will be one of the largest in Greenfield in recent years, with a total of 348 units. Scott Lotz “The city of Greenfield has not seen a new development of multifamily housing of this caliber for over 10 years, so this new property is a massive win for the community,” said Merchants Capital Transaction Manager Scott Lotz. “Muesing Management is one of the best in the business with more than 15 multifamily, workforce communities in and around Indianapolis. It was an honor to work with them in closing the financing for this important project.” Preserve at Blue Road is projected to include 19 two- and three-story buildings on 28 acres of land, with one-, two- and three-bedroom options available for residents. Sizes of the 348 units range from 541 square feet to 1,400 square feet. Each unit includes multiple layouts at varying rent levels to support the needs of residents. “The team at Merchants Capital has been a great partner for more than 25 years,” said President of Muesing Management Kirby Kinghorn. “We very much appreciate their assistance and look forward to working with Merchants to deliver a terrific project for the Greenfield community.” Outdoor amenities include a swimming pool, outdoor kitchen, fitness center, dog park, walking trails, covered parking and a clubhouse. In-unit, apartments will be equipped with kitchen appliances, washers and dryers. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram. ###