We Are Merchants Capital…

Merchants Capital is one of the nation’s top financing providers for refinance, acquisition, new construction and substantial rehabilitation of multifamily, affordable, senior and student housing. Whether you are considering Freddie Mac, Fannie Mae, HUD/FHA insured, tax credit equity, or balance sheet financing, let our personalized services help you meet your financing objectives. Experience the creativity of a small lender, with all the capabilities of a large institution.

Merchants Capital, formerly PR Mortgage & Investments, was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance. With extensive experience in these types of finance, the company is a premier provider and servicer of Multifamily, Affordable, Healthcare, and Student Housing. Our mission is simple: to provide the best origination and service of our loan and investment products with exceptional customer service, accuracy, creativity, speed, and conformance to regulations.

Merchants Capital Corp. (MCC) has originated and closed more than $14 billion in financing and now services more than $10 billion. MCC’s primary source of funding is the secondary market of federally chartered agencies and the federal government and tax credit equity investors.

MCC is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD. MCC is a Fannie Mae Affordable Lender, a Freddie Mac Optigo® Targeted Affordable Housing (TAH) Seller/ Servicer, a Federal Housing Administration (FHA) MAP LEAN and LIHTC Pilot Lender, and a Ginnie Mae Issuer/ Servicer.

MCC is also a Rural Housing Service (RHS) approved lender for the Section 538 program. The company is a Government National Mortgage Association (GNMA) Issuer of Mortgage Backed Securities (MBS). These agencies offer secondary market programs that provide a full range of loan structures for multifamily rental projects and health care facilities.

Merchants Capital is also a fully integrated tax credit equity syndicator. Our syndication platform, paired with our comprehensive suite of debt offerings, allows us to deliver best in class financing on all aspects of affordable housing transactions. The tax credit equity team specializes in tax-advantaged affordable housing projects with Section 42 Low-Income Housing Tax Credits (LIHTC) and all funds are underwritten and serviced in-house.

Through these programs, MCC can provide acquisition, refinance, rehabilitation and new construction loans paired with tax credit equity. These programs offer competitive long-term, fixed-rate loans that will meet the needs of our clients. Through its parent company (Merchants Bank), MCC can offer floating and fixed rate interim construction and acquisition/rehab loans.

Meet Our Executive Management

Michael J. Dunlap

Chairman

Mathew Wambua

Vice Chairman, New York Office

Michael R. Dury

President and CEO

Brian J. Sullivan

Executive Vice President, Chief Operating Officer

Marsha Goff

Executive Vice President, Fannie Mae & Freddie Mac Chief Underwriter, Saint Paul Office

Dwayne George

Executive Vice President, National Head of Production

Lee Oller

Executive Vice President, Chicago Office

Michael J. Dunlap

Chairman

Mathew Wambua

Vice Chairman, New York Office

Michael R. Dury

President and CEO

Brain J. Sullivan

Executive Vice President, Chief Operating Officer

Marsha Goff

Executive Vice President, Fannie Mae & Freddie Mac Chief Underwriter, Saint Paul Office

Dwayne George

Executive Vice President, National Head of Production

Lee Oller

Executive Vice President, Chicago Office

Meet Our Team

Loan Origination Team

Brian Shelbourne

Vice President, Originations

Carmel Office
Anthony Washington

Vice President, Originations

Washington DC Office
Matthew E. Kaercher

Senior Vice President, Originations

Carmel Office
Brian Emmons

Senior Vice President, Originations

Carmel Office
Jeffrey T. Spahn

Senior Vice President, Originations

Carmel Office
Randall D. Rogers, Jr.

Senior Vice President, Originations

Carmel Office
Joseph Krengel

Senior Vice President, Originations

Saint Paul Office
Ben Levine

Senior Vice President, Originations

New York Office
SaraBeth Mantia

Senior Vice President, Originations

Saint Paul Office
Michael Milazzo

Senior Vice President, Originations

New York Office
William E. Jones, Jr.

Senior Vice President, Originations

New York Office
Eddie Dietrick

Vice President, Originations

Carmel Office
Brad Tucker

Vice President, Originations

Kansas City Office
Susan Schnoll

Senior Vice President, Originations

Chicago Office
Alan Cravitz

Senior Vice President, Originations

Chicago Office
Brian Black

Senior Vice President, Originations

Chicago Office
John Karazsia

Vice President, Loan Production

Carmel Office

Tax Credit Equity Team

Linda Hill

Senior Vice President, Tax Credit Equity

San Francisco Office
Omar Rosas

Assistant Vice President, Equity Fund Management

Carmel Office
Samuel Hunter

Financial Analyst

Carmel Office
Lori Kocevar

Transaction Manager, Acquisitions

Carmel Office
Julie Sharp

Senior Vice President, Tax Credit Equity Syndications

Carmel Office
Joshua Reed

Senior Vice President, Tax Credit Equity Acquisitions

Carmel Office
Jillian Flynn

Vice President, Chief Equity Underwriter

Boston Office
Benjamin Trussell

Vice President, Acquisitions

Chicago Office
Tony Rago

Financial Analyst

Carmel Office
Lindsey Davitt

Vice President, Equity Asset Management

Rhode Island Office
John Frame

Transaction Manager, Syndications

Chicago Office

Underwriting, Processing, and Closing Team

Denise Gomez Oluwo

Senior Vice President, GSE Underwriting

Washington DC Office
Michelle Small

Senior Vice President, FHA Chief Underwriter

Carmel Office
Jessica Cherepski

Senior Vice President, GSE Chief Underwriter

New York Office
Joshua Canan

Senior Vice President, GSE Deputy Chief Underwriter

New York Office
Nicole Swentek

Senior Vice President, Processing, Closing and Delivery Manager

Saint Paul Office

Loan Servicing

Mark Ciarrocchi

Senior Vice President, Investor Accounting

Lisa Lundeen

Senior Vice President, GSE & FHA Asset Management

Saint Paul Office
Robert Burtner

Senior Vice President, Bridge & Construction Lending

Carmel Office
Vicki Major

Senior Vice President, FHA Construction & Repairs

Carmel Office
James Russell

Senior Vice President, Bridge Portfolio Management

Carmel Office
Toni Gilbert

Vice President, Insurance Compliance

Saint Paul Office

Administrative Staff

Patti Hamaker

Senior Vice President, Finance & Administration

Carmel Office
John Macke

Chief Financial Officer

Nic Baumann

Human Resources Director

Bruce Wiley

Information Technology

National and State Affiliations

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