Tax Credit Equity

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CARMEL, Ind. – Merchants Capital is pleased to announce the closing of Merchants Capital Tax Credit Equity Fund X, L.P. (Merchants Fund X). Merchants Fund X represents the company’s second and largest national multi-investor fund with a total capital raise of $180 million from 15 institutional investors, including eight repeat and seven new investors. Merchants Fund X will infuse equity into 18 affordable housing properties that will create or preserve more than 2,400 affordable homes in 12 states. The 18 properties included in Merchants Fund X are in California, Texas, North Carolina, Connecticut, Missouri, Indiana, Ohio, Michigan, Illinois, Pennsylvania, Mississippi and Oregon. 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 Closes $180M Multi-Investor Fund to Support Over 2,400 Affordable Homes in 12 States
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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.
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Merchants Capital Promotes Two Executive VPs to Lead Tax Credit Equity Division
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CARMEL, Ind. – Merchants Capital announced today the closing of two tax credit equity funds totaling more than $233.4 million. Merchants Capital Tax Credit Equity Fund V, L.P. (Merchants Fund V) represents the company’s first national multi-investor fund with a total capital raise of $172.5 million from 16 institutional investors, including both banks and insurance companies. Merchants Fund V will infuse equity into 18 affordable housing properties that will create or preserve more than 1,958 affordable homes in 11 states. Merchants Capital further announces the closing of Merchants Capital SW Tax Credit Equity Fund III, L.P. (Merchants Fund III), a $60.9 million proprietary fund with a Fortune 500 company that will provide equity capital into eight affordable housing projects structured with Low-Income Housing and Historic Rehabilitation Tax Credits in three states. The investment in Merchants III will create 593 affordable homes in three states and revitalize historically significant housing properties in San Antonio and Kansas City. [caption id="attachment_2222" align="alignleft" width="101"] Julie Sharp[/caption] “The successful closing of Merchants Fund V and III, with more than $233.4 million in capital raised from 17 investors, is a milestone achievement for our affordable housing equity platform,” said Julie Sharp, Senior Vice President of Tax Credit Equity at Merchants Capital. “With more than $22 billion in capital provided to multifamily housing since inception, our company has emerged as a leading debt and equity provider for affordable housing across the United States.” Merchants Capital’s national multi-investor fund, Merchants Fund V, was designed to make a large social impact. The fund is structured with an innovative and first-of-its-kind Social Impact Reserve that is projected to deploy nearly $500,000 in capital to support tenants over the life of the fund. The developer sponsors also include some of the largest affordable housing owner/operators in the nation. [caption id="attachment_2990" align="alignleft" width="101"] Linda Hill[/caption] “We are grateful to our developer and investor partners for their partnership,” said Linda Hill, Senior Vice President of Tax Credit Equity at Merchants Capital. “The successful closing of Merchants Funds V and III is a testament to the strength of our relationships and innovative platform we have built.” The 25 properties included in Merchants Funds III and V are in Indiana, Minnesota, North Carolina, Ohio, South Carolina, Michigan, Texas, Kentucky, Tennessee, Wisconsin, Missouri and California. 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 Closes Two Tax Credit Equity Funds Totaling $233.4 Million
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CARMEL, Ind. – Merchants Capital is proud to announce that Julie Sharp, Senior Vice President of Tax Credit Equity, has been appointed to the Affordable Housing Tax Credit Coalition (AHTCC) Board of Directors. Sharp’s appointment became official in early July. The Affordable Housing Tax Credit Coalition is a leading industry trade organization and advocacy group based in Washington, D.C., focused on advocating on behalf of the Housing Credit to finance affordable housing in the United States. Founded in 1988, the AHTCC seeks to preserve, expand and improve the Housing Credit through legislative and regulatory outreach and education. Sharp joined Merchants Capital in March 2020. Under her leadership, Merchants has expanded its service offerings to include a robust tax credit equity platform, allowing the company to serve as a full-service financing provider for affordable housing. [caption id="attachment_2222" align="alignleft" width="121"] Julie Sharp[/caption] “I am honored to represent Merchants Capital on the AHTCC Board of Directors,” Sharp said. “In a time of unprecedented demand for safe, quality affordable housing in our country, I am eager to join the AHTCC board in our support for the Housing Credit as one of the most successful public-private partnerships in our nation’s history that has directly produced more than 3.5 million affordable homes since inception.” As part of the AHTCC Board of Directors, Sharp will serve as an advocate for the Housing Credit on a national stage. She joins a prestigious group, serving alongside some of the country’s top real estate and affordable housing industry professionals. Sharp is also a board member for the Indiana chapter of the Women’s Affordable Housing Network. To learn more about the tax credit equity syndication platform, click here. 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’s Julie Sharp Appointed to Board of Directors for the Affordable Housing Tax Credit Coalition
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CARMEL, Ind. – Merchants Capital’s real estate equity team, in partnership with First Merchants Bank, The National Bank of Indianapolis, and Merchants Bank of Indiana, announces the closing of Indiana Social Impact Housing Equity Fund II, LP. The Fund targets large scale revitalization of vacant single-family homes in traditionally disinvested neighborhoods in and around downtown Indianapolis. The fund infused $2.7M in institutional private equity to support the mission of Full Circle Development. Full Circle will target investment in underserved center city neighborhoods to construct or rehabilitate vacant or abandoned homes, prioritizing women- and minority-owned contractors and subcontractors. Target homebuyers of the as-renovated homes are existing neighborhood residents and families that work in or near downtown with household incomes lower than 120% of the area median income. The added hope is that investment in these communities revive schools and parks, attract businesses, reduce crime, and improve the overall quality of neighborhood living in central Indianapolis. “This capital infusion allows Full Circle to work at scale to address Indy’s dramatic shortage of quality homes attainable to workforce homebuyers, while being a part of re-establishing a thriving real estate market at the neighborhood level,” said Mark Buckingham, President of Full Circle Development. [caption id="attachment_2222" align="alignleft" width="127"] Julie Sharp[/caption] “We’d like to thank our investor partners, First Merchants Bank, The National Bank of Indianapolis, and Merchants Bank of Indiana who share our belief that coming together towards a common goal will make the difference our community needs” said Julie Sharp, Senior Vice President of Merchants Capital, the fund’s managing general partner. “We’re excited to embark on this joint effort that affirms our mission of helping our communities thrive,” said Mike Stewart, President of First Merchants Bank. “The fund offers a holistic approach to improving our neighborhoods because it reduces vacant homes but also prioritizes current residents and employing minority- and women-owned contracting businesses.” “We are proud to be an investor in Merchants Capital’s Indiana Social Impact Housing Equity Fund II.” said Mark Bruin, President and CEO of The National Bank of Indianapolis. “The National Bank of Indianapolis believes that through equitable access to capital and dynamic lending partnerships such as this, we can help build a thriving community where families have access to quality affordable housing.” “We share a passion with Full Circle Development and our investment partners that quality affordable housing can revive communities in the great city of Indianapolis.” said Michael F. Petrie, Chairman of Merchants Bank of Indiana. “We thank them for their partnership.” 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 Raises $2.7M in Institutional Equity to Support Neighborhood Housing Revitalization in Indianapolis
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CARMEL, Ind. – Multifamily housing financier Merchants Capital has hired Linda Hill as Senior Vice President in the Merchants Capital tax credit equity syndications division, the company’s newest business offering. Linda Hill Based out of San Francisco, Hill will co-lead the tax credit equity investor relations and syndications platform at Merchants Capital and manage equity relationships with many of the top affordable housing sponsors in the United States. Hill is a recognized leader in the affordable housing industry with an impressive career spanning 25 years at some of the nation’s top syndicators. “Linda is a visionary in affordable housing finance,” said Julie Sharp, Senior Vice President at Merchants Capital. “Her tremendous ability, track record and experience strengthens our relationships with key industry developers and investors and elevates our capabilities as an organization.” Hill most recently served as a senior executive within the tax credit group at Aegon Real Assets, where she oversaw the production team responsible for all originations, underwriting and closing in Low-Income Housing Tax Credit (LIHTC) investments. As head of the Aegon tax credit production group, Hill oversaw the production of more than $2 billion in tax credit investments. Prior to her role at Aegon, Hill served as senior vice president of originations at Alliant Capital, a national tax credit syndicator based out of Los Angeles. “I am very excited to be joining Merchants Capital in this pivotal time of growth,” Hill said. “As one of the nation’s top 10 lenders, Merchants is now one of the only firms in the industry that can offer developers and investors a one-stop shop for both debt and equity executions. We are uniquely positioned to succeed and offer our clients a new level of service to finance quality affordable housing in communities all over the United States.” 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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Linda Hill Joins Merchants Capital as Senior Vice President in the Tax Credit Equity Division
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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.” Joshua Reed 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 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 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
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Mortgage banking company Merchants Capital has established a tax credit syndication platform, a new business unit that infuses private equity from institutional investors into Low Income Housing Tax Credit multifamily housing projects. This launch reflects Merchants Capital’s transformation into a full-service financing provider for affordable housing. The new platform reinforces Merchants Capital’s proven leadership in multifamily finance, as the company has long been an advocate for utilizing market-leading financing solutions to provide affordable housing that improves quality of life. “We are doubling down our commitment to affordable housing,” said Michael R. Dury, Merchants Capital President and CEO. “Leveraging the bank’s balance sheet, along with Merchants Capital’s agency permanent debt financing through HUD, Fannie Mae and Freddie Mac, the equity platform is a true synergy for the business. Merchants Bank has grown to nearly $10 billion in assets, which allows us to buy and hold equity investments and provide upper tier bridge financing to our funds.” Julie Sharp Julie Sharp will lead the platform as Senior Vice President of Tax Credit Equity Syndications. Sharp joined Merchants Capital from one of the nation’s largest tax credit equity syndicators where she was involved in raising capital and structuring and closing upper tier investments valued at more than $1 billion through private placements, multi-investor funds and secondary activity through the Syndications and Investor Relations platform. “This is an exciting time at Merchants Capital. The future of the tax credit equity syndication industry requires a fully integrated platform, and no one can execute that better than Merchants Capital,” Sharp said. The tax credit syndication platform has already closed its first fund, a unique project that allowed Merchants Capital to partner with Merchants Bank and four other community banks to provide $22 million in equity to support affordable housing in the state of Indiana. The fund’s investment supported seven affordable housing projects in Indianapolis, Gary and South Bend, totaling more than 1,100 units. Merchants Capital also completed the debt financing for all seven properties. “Closing our first fund was a huge milestone and proof of concept. This collaboration aligned the interests of the property owners, syndicator, investors and debt servicers for a long-term partnership,” said Sharp. “It was rewarding to partner with five institutional investors to make a difference for the local areas in which we live and work, in the state where we are headquartered as a company,” said Michael F. Petrie, Merchants Bancorp Co-Founder, Chairman and CEO. “We are always happy to make a difference for families in our communities.” To learn more about the new 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 Enters Tax Credit Equity Market with Launch of Syndication Platform, Closes First Fund