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CARMEL, Ind. – Leading financial services provider Merchants Capital today announces the company has earned a top-ranking position on the prestigious Mortgage Bankers Association (MBA) Commercial/Multifamily Originators listing, ranking in as the #3 affordable multifamily lender nationwide in 2021 – up from #4 last year. In total, Merchants Capital closed $3.7 billion in multifamily and affordable loans across 300 transactions, with an average transaction size of $12.3 million. This ranking follows suit with a historic year for the company, closing nearly $7 billion in debt financing across its six regional offices in 2021 and shattering the firm’s previous record of $4.7 billion set in 2020. Merchants’ affordable housing debt production comprised $3.7 billion of the total $7 billion, representing a 50% increase year over year. In New York specifically, the firm provided approximately $1.15 billion in debt financing in 2021 for affordable housing development and preservation within the region, earning the company recognition as a top multifamily affordable housing financier in the area. The MBA report is a comprehensive set of listings of 141 different commercial/multifamily mortgage originators, their 2021 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, LinkedIn and Instagram.
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Merchants Capital Recognized as #3 Affordable Multifamily Lender by Mortgage Bankers Association
New York City
NEW YORK – The New York office of leading financial services provider Merchants Capital today announces it has provided more than $104 million in financing for Harlem River Houses and the adjacent Harlem River II Campus, collectively known as Harlem River Houses I and II. The New York City Housing Authority (NYCHA) property dates back to the 1930s and represents a significant milestone in public housing as one of the first two properties in New York funded, developed and owned by the federal government. Constructed in 1936 and debuting in 1937, Harlem River Houses was built as an attempt to amend the poor housing opportunities for African American residents in the Harlem neighborhood. At the time, public housing was segregated in New York City and the limited options available to African Americans were deteriorating and significantly overcrowded. As such, construction of Harlem River Houses served great importance to many local residents by offering affordable and safe housing at a time when other options were scarce. In 1979 after 42 years in service, Harlem River Houses was recognized on the National Register of Historic Places for both its noteworthy architecture and social history in the New York City community. Located between West 151st Street and West 153rd Street along Harlem River Drive and Macombs Place, Harlem River Houses currently features 690 apartments offered at 100% affordability to low-income residents in the area. Upon renovation, the property will offer 693 apartments spread across eight residential buildings that house more than 1,400 residents. Merchants Capital provided more than $104 million on behalf of a joint venture between the Settlement Housing Fund and West Harlem Group Assistance to support comprehensive renovation of the properties. The financing structure consisted of a straight-to-permanent New York City Housing Development Corporation (NYCHDC) Freddie Mac Risk Share loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. To date, Merchants has provided nearly $480 million in financing towards more than 3,300 units as part of the NYCHA PACT projects throughout New York City. As the largest public housing authority in North America, NYCHA is home to 1 in 15 New Yorkers. Rehabilitation to the property is expected to begin this spring, and the renovation is expected to be completed between 2024 and 2025. Renovations will include upgrades to apartments, common areas, elevators, security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored and new playgrounds, benches and activity spaces will be installed for residents' use. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced. “We are so excited to get to work on the restoration of Harlem River Houses,” said Alexa Sewell, President of Settlement Housing Fund, Inc. “This investment is a huge win for public housing, for the neighborhood, and most importantly, for the residents of Harlem River Houses. We wouldn’t be here without the creativity and tenacity of the Merchants team.” 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 New York Provides $104MM+ for Historic Affordable Property in Harlem, New York

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