NEW YORK – The New York office of mortgage banking company Merchants Capital today announced that it has provided approximately $1.2 billion in debt financing during 2020 for affordable housing preservation and development within the region, ranking Merchants as a top multifamily affordable housing financer in the New York area.
The milestone reflects 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. Merchants’ lending volume extends to a broad swath of affordable projectives, including acquisition, preservation and new construction loans for 4%, 9%, Section 8, public, supportive, and mixed-income housing projects.
“As an affordable housing lender, our core mission revolves around ensuring that capital is deployed to much-needed public benefit projects in the region,” said Mathew Wambua, Merchants Capital Vice Chair & Head of Agency Lending. “I would be remiss if I did not thank our clients, our incomparable public and governmental counterparts, as well as our entire team of dedicated affordable housing and finance professionals at Merchants Capital, for their tireless work and boundless creativity. With the challenges 2020 brought, we are grateful for this achievement and are looking forward to a brighter 2021 together.”
Merchants Capital New York is one of Merchants’ four production hubs nationwide, in addition to Indianapolis, Chicago and Saint Paul.
This announcement follows the launch of Merchants Capital’s tax credit syndication platform, a new business unit that infuses private equity from institutional investors into Low Income Housing Tax Credit multifamily housing projects.