Multifamily

CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured funding for the development of Montclare Senior Residences of Calumet Heights. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221 D4 program. The project was completed in partnership with MR Properties, LLC and Patti Ann Charitable Services. Located in the historic “Pill Hill” neighborhood on Chicago’s South Side, the senior housing property serves individuals 62 years and older in 134 one- and two-bedroom units, with 104 units reserved for extremely-low, very-low and low-income households earning no greater than 60% of the area median income (AMI). Within these 104 designated units, 34 units will be subject to a project-based Section 8 HAP contract administered by the Chicago Housing Authority and 21 units will have tenants who were referred by the Statewide Referral Network. The property will also have 30 market rate units with no income restrictions, 14 accessible (Americans with Disabilities Act-compliant) units and three units with special accommodations for persons with seeing and hearing impairments. Merchants Capital served as senior lender for the project, securing a construction and permanent non-recourse loan through the 221 D4 program, providing a 40-year term and 40-year amortization. “We are a leading advocate for building and preserving affordable housing for all Americans, including our seniors in Chicago,” said Alan Cravitz, senior vice president of Merchants Capital’s Chicago office. “Merchants Capital is thrilled to continue providing loan financing for necessary affordable and accessible housing options to individuals in our Chicago community. Our team is glad to have been a part of this important development servicing mixed-income seniors in the historic ‘Pill Hill’ neighborhood.” Executive Vice President Lee Oller, also with Merchants Capital’s Chicago office, co-originated this financing with Cravitz. Constructed on part of a previously vacant five-acre lot on Chicago’s far South Side, Montclare Senior Residences of Calumet Heights boasts tremendous amenities for its residents including a community room with warming kitchen, fitness center, medical exam room, media room, library, computer lab, beauty salon, centralized mailroom and laundry facilities. On the exterior, residents are able to enjoy beautifully landscaped grounds and walking paths. With construction complete, the complex is one of seven Montclare developments in the Chicago area. For this project, an estimate of 464,000 work hours were contributed from 100% Union labor, creating 300+ construction jobs during the build and seven full-time, on-site staff positions to run the facility. Montclare Senior Residences of Calumet Heights is located at 9401 S. Stony Island Avenue, which is central to local transit, health care offices and retail outlets. “We sincerely appreciated the financial assistance provided by Merchants Capital. They were extremely reliable and timely, and seemed to be the most proficient of all of Senior HUD loan providers that we have worked with over the last 20 years. We look forward to working with them on our future projects,” said MR Properties Managing Director Phil Mappa. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CHICAGO – The Chicago office of Merchants Capital, established in early 2019, today announces its first new construction/mini-perm loan through Merchants Bank of Indiana, Merchants Capital’s parent company. The multifamily property, River Grove Station, is located in the Chicago suburb of River Grove. The property fits into Merchants Bank’s loan parameters – a shovel-ready deal with a strong developer at a transit-oriented location. Once constructed, the 80-unit property will provide modern luxury and transit-oriented living adjacent to the River Grove Metra Station and within walking distance of nearby restaurants, shopping centers and entertainment venues. Located just northwest of Chicago, River Grove is increasingly attractive to families and young professionals who appreciate the village’s mix of urban amenities in a suburban setting, as well as its easy access to Chicago and nearby O’Hare International Airport. As noted by River Grove Mayor David Guerin, this project will “fundamentally change the face of this section of our downtown” and replace “the view of dilapidated structures” in the area. Merchants Capital Executive Vice President Lee Oller and Senior Vice President Susan Schnoll, the two co-originators on the River Grove Station project, are veteran construction lenders, having over 25 years of experience originating and closing loans under the HUD 221 D4 new construction/substantial rehabilitation program. “For the Merchants Capital Chicago office, this deal is especially exciting, as it is the first Merchants Bank of Indiana construction loan we’ve closed. This development is also the perfect candidate for HUD or GSE takeout financing, which is Merchants Capital’s specialty,” said Oller, who heads up the Chicago office. “We provided an impressive processing timeline from start to finish, which allowed MB Thatcher LLC to begin construction on River Grove Station in a location that is starved for development and often overlooked by developers.” The project is also supported by tax increment financing (TIF) from the Village of River Grove.  These TIF funds will help clean up these environmentally challenged sites and make the development of this new multifamily project feasible. Once the site was approved for TIF financing, the Village approached MB Thatcher LLC, the client, to be the developer due to the quality of other, recently completed projects in the area and their local market knowledge. The development team includes Noah Properties and Environmental Protection Industries (EPI). “We are pleased to expand our multifamily portfolio in River Grove and look forward to bringing in additional new units at this project across the street from the River Grove Metra stop,” said Michael Musa, president and CEO of EPI. “It is our goal to provide affordable modern luxury apartments for the residents of River Grove, with this being our third project in the same general vicinity completed within the last three years.” “This project was brought to us by the officials of River Grove and we completed the site cleanup and the dramatic renovation of the street and streetscape per the request of the village staff and Mayor David Guerin,” said Ben Kadish, president of Maverick Commercial Mortgage Inc., who represented developer MB Thatcher LLC. Located at 2801 Thatcher Avenue, the River Grove Station residences will offer energy efficient one and two-bedroom luxury rental apartments with well-conceived floor plans and attractive finishes selected by skilled designers at Lisek Interiors. The units also feature oversized windows and high ceilings. Construction is expected to complete in mid-2021. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

CARMEL, Ind. – Mortgage banking company Merchants Capital today announces the hiring of Denise Gomez Oluwo as Senior Vice President of Government-Sponsored Enterprise (GSE) Underwriting. With more than 15 years of experience from multiple top GSE lenders, Gomez Oluwo is a recognized industry leader with expertise in underwriting, agency-lending product types, credit risk analysis, financial modeling and operating lending organizations successfully. Prior to joining Merchants Capital, Gomez Oluwo most recently served as Vice President, Deputy Chief Underwriter for Walker & Dunlop. In this role, she managed a team of nine underwriters and analysts, providing credit review on over 100 closed Fannie Mae Small Loan and Freddie Mac SBL transactions in 2020. Additionally, she trained and oversaw a contract underwriting team to assist with excess underwriting volume and lead corporate objectives to retain high scores for annual Fannie Mae and Freddie Mac performance reviews. In her new role at Merchants Capital, Gomez Oluwo will work alongside the current GSE underwriting team to underwrite loans, lead departmental objectives, cultivate client and GSE partner relations and further develop talent on the Merchants underwriting team. Currently, she is working remotely from her home in Maryland. “The executive leadership at Merchants is excited to welcome a talent of Denise’s caliber to our Senior leadership team,” said Dwayne George, Executive Vice President and National Head of Production at Merchants Capital. “Denise brings a wealth of knowledge and experience to the GSE platform, but also humbly maintains a deep commitment to active leadership with her team. Denise will be a valuable asset to our company as we continue to grow and execute our strategic business plan.” In addition to her role at Walker & Dunlop, Gomez Oluwo also served as Vice President of Underwriting for Newmark Knight Frank (formerly Berkeley Point Capital). With her team, Gomez Oluwo closed more than 90 transactions totaling $1.6 billion in 2018. She was noted as a company Subject Matter Expert for Fannie Mae’s Green program, as well as the designated underwriting lead on all agency production for several high-profile clients. Gomez Oluwo also previously held positions at Deutsche Bank Berkshire Mortgage and Greystone Servicing Corporation, negotiating and closing over $300 million and $120 million of multifamily mortgage loans respectively. Gomez Oluwo is a graduate of Smith College with a bachelor’s degree in economics. She also holds a master’s of business administration with a concentration in finance from George Washington University. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram.

NEW YORK – Mortgage banking company Merchants Capital today announces the closing of a $51 million construction loan and a $28.4 million Freddie Mac 9% Low-Income Housing Tax Credit (LIHTC) Cash Unfunded Forward Commitment to fund a new affordable housing project in Manhattan’s Upper West Side. The total $80 million funds for the project, located in the historic Park 79 Hotel, comprises the largest 9% LIHTC allocation in New York City. Renovations to the original hotel, which first debuted in 1899 as “The Indiana,” will create 77 deeply affordable residences for very-low income seniors in the heart of Manhattan. Under an agreement with the New York City Department of Housing Preservation and Development (HPD), the property will remain affordable for at least 60 years. “Redeveloping the Park 79 Hotel and structuring affordable apartments for senior residents in Manhattan is a commendable task, and we at Merchants Capital are thrilled to have worked as a partner on this project, especially with the borrower, Fairstead,” said Mathew Wambua, vice chairman and head of agency lending at Merchants Capital. “We as a company are committed to providing accessible and affordable housing options across the country, and this project is the epitome of that commitment.” Fairstead, the project developer, will oversee renovations, reconfiguring the seven-story building into 77 apartments along with multiple community spaces, including an indoor/outdoor community room, dining room and meeting rooms. Additional rehabilitation will be done throughout the building, including new elevator service, creation of a common dining and recreation room, social services offices and an outdoor garden area. Upon completion, the property will employ two full-time social service coordinators to work alongside residents in organizing community programming events. The building will also have a full-time attendant serving residents as a lobby concierge. “The partnership and commitment from Fairstead and the New York City Department of Housing Preservation and Development (HPD) has brought this meaningful affordable housing redevelopment to life,” said Michael Milazzo, vice president of loan originations at Merchants Capital. “This project will provide New York City’s senior residents with the quality housing and services they deserve. A special thank you is in order to HPD – for pushing forward under the most adverse of conditions to get this project closed in a timely manner. We also want to thank Will Blodgett of Fairstead for the company’s dedication to housing for all.” Redevelopment of the Park 79 Hotel creates affordable housing in an extremely desirable location of New York City, where affordability and accessibility is traditionally hard to find. Located steps away from Central Park, the project will allow Manhattan’s low-income seniors to continue residing in their home neighborhood without having to look for affordable housing outside of the city limits. “At a moment when the need for high-quality affordable housing for New York’s seniors couldn’t be more urgent, we are beyond proud to break ground on creating 77 deeply affordable residences for seniors right in the heart of the Upper West Side, and grateful to Merchants Capital for its partnership” said Will Blodgett, founding partner of Fairstead. “We pride ourselves in creating and preserving high-quality affordable housing in high-opportunity areas, and it’s so gratifying to provide these homes for seniors just steps from Central Park, the Museum of Natural History and the JCC. The revamped building will have great amenities for residents – but the neighborhood itself will really be its greatest amenity.” Renovation on the original hotel is expected to be completed in 2022. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.

NEW YORK (July 14, 2020) – Mortgage banking company Merchants Capital today announces the hiring of Dwayne George as Executive Vice President, National Head of Production. With 15 years of diverse multifamily production and management experience, George is recognized as an adept problem solver with proven success in multifamily production and sales team management, as well as originating and underwriting Government-Sponsored Enterprise (GSE) executions. George previously held positions at Greystone and Northmarq, but most recently, at Freddie Mac as Senior Director of Target Affordable Housing Production where he managed the Freddie Mac Optigo® Lender Network – a platform that consists of 19 lenders that is responsible for originating $6 billion of annual affordable housing production. Prior to joining the production team, George served as a Senior Underwriter in Freddie Mac’s Target Affordable Housing Group, where he was responsible for obtaining and granting credit approvals for LIHTC Preservation, Section 8, Bond Credit Enhancements, Moderate Rehabilitations, and Extended Use loans totaling $300-$400 million in annual production. During his first three years at Freddie, he orchestrated the purchase of $920 million in Freddie Mac Target Affordable originations, which included the firm’s largest Target Affordable Housing Capital Markets Execution (CME) transaction, the first Short Term Bond Execution, and the first Rental Assistance Demonstration (RAD) conversion. In his new role at Merchants Capital, George’s primary responsibility is to lead the company’s sales team, where he will be working closely with Merchants’ sales office leads in New York, Minneapolis-Saint Paul, Indianapolis and Chicago. He will spend the majority of his time traveling and meeting with loan originators and customers, training existing sales personnel, managing the sales process closely, and recruiting for and growing new offices. “We are thrilled to welcome Dwayne George, a proven leader and mortgage banking executive, to our growing team,” said Michael R. Dury, President and CEO of Merchants Capital. “As we continue to grow our sales team across the country, it was essential to give them support through sales and product training, but most importantly, provide them with best in class leadership to help grow their respective businesses. Many of our team members already had a strong relationship with Dwayne during his time at Freddie Mac, which I believe will allow for a smooth transition and allow him to hit the ground running. I am excited for our customers to meet Dwayne and be able to benefit from his thoughtfulness and creativity as he accesses our creative balance sheet products combined with our expertise with the GSEs and Federal Housing Administration (FHA).” George is a graduate of Goucher College with a Bachelor of Arts degree in Business Management. He also holds a master’s degree in Real Estate from Georgetown University. “My experience in the private sector and at Freddie Mac has fueled my pursuit of providing a dynamic approach to multifamily finance with a hyper-focus on the customer experience,” George said. “The team at Merchants shares my vision to effectively and efficiently expand the firm’s national affordable multifamily housing presence in the market. I’m excited to play an active role in advancing Merchants Capital’s commitment to continued excellence.”

CARMEL, Ind. (June 15, 2020) – Mortgage banking company Merchants Capital has secured $25.9 million in Fannie Mae funding for a 476-unit multifamily affordable housing property in Joliet, Illinois. The Fannie Mae Cash Preservation loan was secured on behalf of the owners of Brinshore Development, The Richman Group and Eric Richelson. Located at 947 Lois Place in Joliet, Illinois, Larkin Village operates under a tax credit program through the Illinois Housing Development Authority (IHDA). The IHDA requires that the property supplies 256 of the 476 units at or below 60% of the area median income (AMI). The other 220 units are unrestricted. “Now more than ever, there is a need across our country for affordable housing properties that are safe, clean and available for our American workers,” said Merchants Capital Senior Vice President Randall Rogers Jr. “Securing the financing for a multifamily, affordable housing property such as Larkin Village supports Merchants Capital’s passion for providing these housing options nationwide.” Merchants Capital was also instrumental in the structuring and underwriting of this transaction, facilitating the communications and documentation that led to the approval of a 10-year interest only period. Merchants Capital, Brinshore Development and The Richman Group were able to execute and close the loan remotely, due to the COVID-19 shelter-in-place order issued days before closing. This transaction allowed the ownership team to retire IHDA debt, make useful repairs to the property, and redeploy the equity accumulated over many years of effective operations. The equity will be used to invest in other affordable housing projects either through new construction developments or renovations. “The payoff of the IHDA loan marks the end of a success story. Larkin Village was one of only two foreclosure of multifamily loans which IHDA ever held. In 1999, IHDA selected the development team to rehabilitate, re-tenant and operate the failed affordable housing project,” said Brinshore Development Principal David Brint. “21 years later, Larkin Village is an important asset to the affordable housing stock in Will County, Illinois.” An Equal Housing Opportunity, Larkin Village offers options for studio, one-, two- and three-bedroom apartments in its family friendly community. The property provides complimentary heat, cooking, gas, water, garbage and private satellite TV for each apartment. Outdoor amenities include a swimming pool, community center, playground and clubhouse, along with numerous green areas and management on the premise. The community also supplies laundry facilities in each building with Cashless Smart Card washers and dryers for convenience. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, Instagram and LinkedIn.

NEW YORK – Mortgage banking company Merchants Capital has secured $35.4 million in agency funding for a 133-unit multifamily transitional housing facility located on Jamaica Avenue in the Queens neighborhood of New York City. The project – known as Jamaica Apartments – is at the forefront of New York City’s asserted strategy for contending with and eradicating homelessness. The seven-year agency funding and immediate Freddie Mac Optigo® Targeted Affordable Housing Capital Markets Execution (TAH-CME) cash loan was secured on behalf of Freddie Mac and Bayrock Capital. This transaction represented another opportunity for Merchants Capital and Freddie Mac to establish themselves as a key counterparty and partner in financing multifamily shelters that serve New York City’s homeless population. In 2019, Freddie Mac and Merchants Capital worked together to provide $51 million in agency funding for another transitional housing facility, 267 Rogers. “A project of this magnitude and significance, especially during the COVID-19 crisis, is needed now more than ever,” said Merchants Capital Vice President Michael Milazzo. “The Right to Shelter obligation, which provides safe, multifamily housing with no required tenant contributions for homeless New Yorkers, is crucial as many Americans are out of work or otherwise struggling financially throughout these unprecedented times.” All residents of Jamaica Apartments are given access to social services and mental health counseling, as well as education and career training to help them get back on their feet. Each unit has its own private bathroom and kitchen. The two-building property was effectively built as a 133-unit multifamily development that partnered with the New York City Department of Homeless Services (DHS) to offer transitional housing to homeless families. The entire property offers truly affordable housing, as 100% of the units are reserved for transitional housing. In April 2016, New York City Mayor Bill de Blasio announced a major restructuring of the way homeless services in New York City are delivered. The city plans to open approximately 20 new multifamily transitional housing shelters annually over the next five years to reach its goal of opening approximately 90 new shelters. Jamaica Apartments represents one of the multifamily transitional housing shelters that New York City is utilizing to eradicate homelessness in the future. Others involved in the project include CORE, a community-based, non-profit human services organization whose mission is to empower individuals, families and communities to live productive lives, and Brook Hollow Capital, a boutique mortgage brokerage based in Mahwah, New Jersey, which helped to manage the closing process. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn.

NEW YORK – Mortgage banking company, Merchants Capital, has provided $375 million in financing on behalf of a joint venture between Omni New York LLC (“Omni”), The Arker Companies (“Arker”), Dabar Development Partners (“Dabar”), and Bedford Stuyvesant Restoration Corporation (“Restoration”) to purchase and complete major renovations for more than 2,600 units scattered across nine Brooklyn developments, referred to as the NYCHA Brooklyn Megabundle (“PACT Brooklyn Bundle II”). In 2018, the Mayor’s Office and the New York City Housing Authority (“NYCHA”) released NYCHA 2.0, a comprehensive 10-year, $24.4BB plan to preserve NYC’s public housing, through capital investments which ensure residents have the safe, quality, and affordable homes they deserve. The cornerstone of NYCHA 2.0 is NYCHA’s Permanent Affordability Commitment Together (“PACT”) Preservation Initiative. PACT focuses on leveraging HUD’s Rental Assistance Demonstration Program (“RAD”), as well as other Section 8 programs, to marshal private debt and equity investment in NYC’s public housing stock. PACT Brooklyn Bundle II consists of a nine-development portfolio, with 2,625 units, located across Brooklyn. As part of its PACT Initiative, NYCHA issued an RFP for qualified applicants to finance, rehab, and manage this portfolio, which represents the largest preservation transaction executed to date under NYCHA’s PACT Initiative. The joint venture partnership between Omni, Arker, Dabar and Restoration was selected as the recipient of this RFP. The highly structured financing, crafted by the New York City Housing Development Corporation (“NYCHDC”), Freddie Mac and Merchants Capital in a collaborative effort, consists of a straight-to-permanent NYCHDC Freddie Mac Risk Share loan of approximately $375,000,000, which will fund the acquisition, rehabilitation and recapitalization of the property. The landmark NYCHA PACT transaction will benefit more than 6,300 residents by providing comprehensive upgrades to 2,625 apartments and common areas, including the complete renovation of residential unit interiors, installation of security systems, vital site improvements, common area improvements, community facility improvements, building exterior improvements, and replacement of building systems, as well as extensive electrical, mechanical and plumbing upgrades. The transaction will support the development, management and social service plans for nine developments: Armstrong I, Armstrong II, Weeksville Gardens, Berry Street-South 9th Street, Marcy Avenue-Greene Avenue Site A, Marcy Avenue-Greene Avenue Site B, 572 Warren Street, Independence Towers, and Williams Plaza. “Growing up in NYCHA Nathan Straus Houses, this transaction had a much deeper meaning – it brings me such joy to be able to provide quality housing to those who need it most, and to be able to work with people in this industry who are so proud and dedicated to working towards this same goal,” said Jessica Cherepski, Merchants Capital Senior Vice President and Chief Underwriter on the deal. “We’re honored to be a part of the team that closed this transaction which, beyond being historic, will affect meaningful change for thousands of deserving residents,” said Mathew Wambua, Merchants Capital Vice Chairman and Leading Originator on the deal. “Our gratitude is immeasurable and extends to our clients, Omni and Arker, as well as the innumerable parties and individuals who made this possible.” “Merchants Capital’s extensive lending expertise sets them apart,” said Eugene Schneur, Managing Director at Omni New York LLC. “We are deeply committed to guaranteeing local communities thrive and being part of the NYCHA Brooklyn PACT bundle is a perfect chance to support local Brooklyn neighborhoods, allowing communities to enjoy improved homes for generations.” “We are proud and excited to get to work on these critical repairs and bring modern amenities to the thousands of residents in the Brooklyn PACT bundle,” said Arker Companies Principal Daniel Moritz. “The NYCHA PACT program puts the community first and sets a new standard for preserving affordable housing for New Yorkers. Our hope is that this new partnership will improve the quality of life for residents and open up even more opportunities for their families.” “Together we are breathing new life into affordable housing developments that serve thousands of Brooklyn residents,” said Michael Patterson, Vice President of Underwriting and Credit at Freddie Mac Multifamily. “Freddie Mac is proud to have worked with our partners at Merchants, Arker, Omni and in city government to bring about this historic transaction, which brought out the best in each of the teams involved. This is an agreement that values communities, ensures residents have safe and modern housing and, most importantly, it preserves affordability where it is needed most.” To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn.

Mortgage banking company Merchants Capital recently structured the permanent financing for Goddard Riverside Community Center’s Phelps House, a 169-unit affordable housing complex for seniors, located at 595 Columbus Ave. (at 88th Street), to help secure the financial future of the property. Phelps House has historically provided – and through the success of this transaction will continue to offer – affordable, subsidized housing and services for low-income older adults in one of the most expensive and prestigious neighborhoods of New York City: the Upper West Side of Manhattan. The property also houses the Goddard Riverside offices and a full-service Senior Center which serves residents from the surrounding community. This long-term financing will enable the owner to keep the units affordable to tenants, while also continuing to provide them with quality housing by making capital improvements, including plumbing and accessibility upgrades. Additionally, the financing will extend the affordability period and subsidy term by a minimum of 20 years to ensure continued operations of the highest standard in the long term, in accordance with the Goddard’s mission to provide high quality senior services to their residents. This Freddie Mac and New York City Housing Development Corporation (HDC) Risk Share financing vehicle benefits Goddard, one of the oldest non-profit/social services providers in the city. “The Phelps House transaction exemplifies the type of mission-driven preservation of affordable housing that we love to be a part of,” said Merchants Capital Vice Chairman Mathew Wambua. “We are grateful to Goddard for their vision and commitment to community, and we are deeply appreciative to HDC, Housing Preservation & Development (HPD), Freddie Mac, and Rockabill Consulting for their partnership. Merchants Capital is proud to have been a participant in assisting the operating of a pillar of the community such as Goddard Riverside.” Last year, more than 22,000 New Yorkers took part in the wide range of activities offered by Goddard.  The agency’s programs range from early childhood education and school-based/after school-based programs, to providing over 540 units of permanent housing with on-site supportive services. Goddard also provides outreach with extensive aid to people living with mental illness and those who are experiencing homelessness, as well as assistance to older adults and those with mobility impairments. “Goddard Riverside’s goal is to invest in people and strengthen the community, and older adults are a key part of that picture. Goddard will be able to continue providing high-quality housing at an affordable price for them,” said Goddard Riverside Executive Director, Roderick L. Jones, Ed.D. “The new resources will allow Goddard to enhance efforts to ensure those most in need are helped.” “Rockabill is grateful for our longtime partnership with Goddard Riverside Community Center, and for the opportunity to assist with their affordable housing preservation and development goals,” said Niall Murray, Managing Principal of Rockabill Consulting and Development. “This transformative deal was the result of a strong and committed group from Goddard Riverside, Merchants Capital, Freddie Mac, HUD, HPD, and HDC working to ensure this vital Upper West Side senior housing remains affordable and viable in the long term. Through the forward-thinking initiative of the Goddard Riverside staff and board of directors, Phelps House will continue to house low-income seniors in the community for years to come.”

We are thrilled to announce that Merchants Capital CEO Michael Dury has been named to the Indianapolis Business Journal’s 40 Under 40 list. This list consists of local business and professional leaders who have achieved success and excelled in their field before the age of 40. Those who have demonstrated leadership, initiative and dedication in pursuing their careers, and who are likely to continue such achievements in the future, all make up this prestigious group of recipients. Dury received his MBA from Indiana University’s Kelley School of Business and started working at Merchants Capital shortly after graduation. At just 35, Dury is one of the top loan originators nationwide. His personal loan production value is on par with some of the top lending firms in the U.S. Our CEO is a pillar in the Indianapolis community and the state as a whole. His efforts have been highly influential in the financing and creation of many notable market-rate and affordable multifamily properties around Indiana, including a recent first-of-its-kind loan to preserve and renovate affordable housing for the low-income residents of Carriage House, a Section 8 housing development in Evansville. A local powerhouse who has spent his entire career at Merchants Capital, Dury has helped grow the company from a humble team of eight to 100 employees across four offices (Carmel, New York City, St. Paul and Chicago), in addition to leading acquisitions and bringing in talent to establish those high-production locations. In September, we cut the ribbon on our $25 million, 120,000-square-foot headquarters in the City of Carmel’s Midtown district – a commitment to the long-term, sustainable growth in the state that Dury played a pivotal role in. One of his most notable triumphs was announcing that we were named No. 10 on the Top 25 U.S. Affordable Lenders of 2018 list by Affordable Housing Finance. Additionally, we have been named one of the Best Places to Work in Indiana four years in a row. Dury’s career in the Indianapolis market has been one of immense growth and leadership. From his first role overseeing a small team to helping Merchants Capital become the billion-dollar corporation it is today, he is unstoppable. Above all, his ability to build relationships with developers, keep promises to bring safe, new and affordable housing to low-income individuals around the nation, and seeing opportunity when others see obstacles separates our CEO from all others. Read his IBJ profile here. To see the full list of nominees, click here.