NEW YORK – The New York office of leading financial services provider Merchants Capital today announces the company provided approximately $1.15 billion in debt financing during 2021 for affordable, multifamily and senior housing preservation and development within the region, earning recognition as a top housing financer in the New York area. The milestone reflects Merchants Capital New York’s continued success and expansion into a diverse base of offerings for clients, including on-book, Freddie Mac, Fannie Mae and Federal Housing Administration (FHA) loan products. Merchants’ lending volume extends to a broad swath of affordable projects, including acquisition, preservation and new construction loans for 4%, 9%, Section 8, public, supportive and mixed-income housing projects. Merchants Capital New York is one of Merchants’ six production hubs nationwide, in addition to Indianapolis, Chicago, Saint Paul, Boston and Washington, D.C., which opened in 2021. 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. – Merchants Capital closed a record $7 billion in debt production in 2021, shattering the firm’s previous record of $4.7 billion in financing in 2020. The firm achieved explosive growth in all product offerings, including a 72% increase in FHA financing to $1.97 billion, a 143% increase in Fannie Mae and Freddie Mac production approaching $1 billion, and a 65% increase in Merchants Bank balance sheet financing with over $4 billion in volume in 2021. The firm’s affordable housing debt production soared to $3.1 billion, representing a 50% increase year over year. This announcement follows the 2020 honor from the Mortgage Bankers Association that recognized Merchants Capital as the #4 multifamily affordable lender nationwide. Merchants Capital strives to deploy innovative financing structures in multifamily housing, including affordable housing, workforce, market-rate, and luxury development across the United States. Merchants Capital is headquartered in Indianapolis, with five additional production hubs nationwide located in Boston, Chicago, New York City, Saint Paul and Washington, D.C. Since 2019, Merchants’ staff has grown by 83% as the firm has added additional product offerings and opened regional offices in Washington D.C. and Boston. To learn more about Merchants Capital and to view open positions, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CARMEL, Ind.  – Leading financial services provider Merchants Capital announced today it has arranged $13 million in debt financing and $7.2 million in equity financing to support the renovation and redevelopment of Adcock Joyner Apartments in Oakland, California. The mixed-use property is a historic development, originally constructed in 1915 as a hotel and converted into affordable housing in the early 1990s. Situated at 532 16th St. in the heart of downtown Oakland, Adcock Joyner provides housing for residents earning no greater than 50% or 60% of the area median income (AMI). The property features 25 studio and 25 one-bedroom apartments with excellent walkability to Oakland’s public transportation and major thoroughfares. The first floor of the mixed-used development features more than 2,500 square feet of commercial space occupied by a local nonprofit that helps homeless, poor and disabled individuals achieve health and self-sufficiency. To finance the renovation, Merchants Capital provided more than $20 million in total debt and equity financing, which will fully fund the project through the 4% Low-Income Housing Tax Credit (LIHTC) program. Following completion of the renovation, the property will operate under a new Housing Assistance Payments (HAP) contract covering 100% of the revenue-generating units, ensuring the property will remain affordable for residents in the years to come. “Right now, the need for quality, affordable housing is exponential in the U.S. but especially in the state of California,” said Eddie Dietrick, Vice President at Merchants Capital. “With our full-service lending platform, we are able to better serve the needs of our clients and support their work in revitalizing affordable housing properties across the country. We are grateful to have partnered on this project and look forward to expanding Merchants’ presence along the West Coast.” “The California housing market is truly unlike any other in the country, and we are thrilled to showcase Merchants’ commitment to the area by serving as the financier for this important redevelopment project,” said Linda Hill, Executive Vice President of Tax Credit Equity at Merchants Capital. “We are working to expand our presence nationally and having the opportunity to partner on such a significant California property is a step in the right direction for our company.” Significant renovations will be made in each residential unit, including upgrades to all kitchen surfaces and appliances, all bathroom surfaces and fixtures, plumbing, flooring, electrical updates and more. Exterior renovations include repairs to the building’s fire escape, new roofing, new HVAC units, elevator upgrades, enhanced security systems and more. The first-floor commercial space will be reconfigured and renovated, with new kitchen cabinets, fixtures and flooring among others. “We are excited about the project and our partnership with Merchants Capital and Progressive Affordable Development,” said James Hill, President of Adcock Joyner Preservation. “This renovation helps us continue our long-term objective of providing stable affordable housing in the downtown Oakland sector. We value our relationship with Merchants Capital and are most grateful for the expertise and support provided while we bring our vision into reality.” Renovation to the property began in November 2021 and is expected to be completed by January 2023. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

CHICAGO – The Chicago office of leading financial services provider Merchants Capital recently secured more than $110 million in total financing for Parkside 8 and Parkside 10, two mixed-use, workforce housing developments located in Ward 7 in Washington, D.C. Upon completion, Parkside 8 and 10 will feature 230 total residential units and approximately 14,000 square feet of commercial retail space. The projects are being co-developed by City Interests Development Partners and Ravinia Capital Group and they closed on the joint venture (JV) equity with the Opportunity Zone strategy managed by Bridge Investment Group. The projects will address the need for workforce housing in an expensive market, offering rental housing for low- and moderate-income households. Parkside 8 and 10 are part of a larger, 3.1-million-square-foot and master-planned development known as Parkside. The aggregate Parkside mixed-use development will include between 1,500 and 2,000 residential units, up to 50,000 square feet of retail space, 860,000 square feet of office space, a one-acre park and a new pedestrian bridge that crosses over Kenilworth Avenue and I-295 linking the Eastland Gardens, Kenilworth and Parkside neighborhoods with the Minnesota Avenue Metrorail Station. Additionally, Parkside offers four neighborhood educational institutions and a primary care clinic that serves both the developments’ residents and adjacent neighborhoods. “Workforce housing is such an important component of a city’s housing plan as it supports employment populations that are critical in making the city operate. We need teachers, fire fighters, members of the police force and government employees living and working in our communities," said Peter J. Farrell, Managing Partner at City Interests Development Partners, LLC. "Adding Parkside 8 and 10 to our mixed income housing footprint is another step in the evolution of Parkside as a live, work, play mixed-use development. Thank you to the Merchant Capital team for a job well done.” “We are delighted with our ongoing partnership with City Interests in providing workforce housing at Parkside," said Jim Solomon, Managing Principal of Ravinia Capital Group. "Parkside 8 and 10 is part of Ravinia’s ongoing commitment to the Parkside community as well as the city of Washington, DC. We feel that it is critically important to provide housing that’s so much in demand. Thank you, Merchants Capital, for being part of our team.” Parkside 8 and 10 will create workforce housing without the need for federal tax credit subsidies typically required for affordable developments. Within the new properties, select units will be reserved for residents earning between 80% and 120% of area median income (AMI). The new developments are located within the Mayfair/Parkside Opportunity Zone which has seen significant investment through the opportunity zone structure. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram. To finance the properties, Merchants Capital secured $56 million of construction loans provided by Merchants Bank of Indiana and $59 million in permanent financing through Freddie Mac Non-Low-Income Housing Tax Credit (LIHTC) Forward Commitments and Freddie Mac Permanent Loans.

CARMEL, Ind. – Merchants Capital today announces the promotion of Julie Sharp and Linda Hill to Executive Vice Presidents. Sharp and Hill lead Merchants’ tax credit equity division and previously served as Senior Vice Presidents. Since launching the division in late 2020, Sharp and Hill have overseen the creation of a robust equity platform with unprecedented growth. In its first full year, the team successfully completed an equity raise of more than $248.3 million in both proprietary and multi-investor funds that will create or preserve more than 3,200 units in 13 states. Sharp joined Merchants in 2020 after serving at one of the nation’s largest tax credit equity syndicators where she was involved in raising capital and structuring fund investments valued at more than $1 billion across the U.S. In 2021, she was appointed to the Board of Directors for the Affordable Housing Tax Credit Coalition (AHTCC), a national advocacy group based in Washington, D.C. and is also a board member for the Indiana chapter of the Women’s Affordable Housing Network. Hill is an accomplished and recognized leader in the industry with a career spanning more than 25 years at two of the nation’s top syndicators and investment platforms. She joined Merchants in April 2021 and is responsible for managing equity relationships with top affordable housing sponsors across the country. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.