We are a national,
full-service tax credit
equity syndicator.

Tax Credit Equity

Merchants Capital is a one-stop shop, for all aspects of affordable housing finance.

We are innovators in the industry. Our team of tax, acquisitions, asset management, and syndication experts offer structured equity investment solutions for the nation’s leading affordable housing developers and investors through proprietary, multi-investor, historic, and state tax credit funds. Co-investments are available from our bank parent-company.

  • Over $500M
    Equity Raised in 2021 & 2022
  • 30+
    Active Investors
  • 100%
    Funds at or Above Proforma Yields

The Merchants Advantage

For Investors

The Merchants Advantage

For Developers

Volunteers working in a community garden

Social Impact

We do well by doing good. Our portfolio is designed to create opportunity, improve neighborhoods, and elevate the communities we serve. Some of our multi-investor and proprietary funds offer optional social-impact reserves, deploying investor capital into services, improvements, or enhancements to benefit tenants.

Recent Transactions

NEW YORK (Aug. 18, 2023) – The New York office of leading financial services provider Merchants Capital today announces it has provided more than $320 million in financing to support comprehensive renovations at Edenwald Houses in The Bronx. The second largest New York City Housing Authority (NYCHA) property in the state and the largest in The Bronx, Edenwald Houses dates back to the 1950s and currently provides affordable housing to more than 5,000 residents. “Maintaining the integrity of developments like Edenwald Houses is critical for the people of New York City, creating a haven where residents can forge their lives and futures in dignity,” said Mat Wambua, Vice Chairman and Executive Vice President, Agency Lending at Merchants Capital. “We appreciate the opportunity to collaborate with our public partners, including NYCHA, HDC, HPD and Freddie Mac, on pivotal NYCHA Permanent Affordability Commitment Together (PACT) deals. Our goal as one of the nation’s top lenders is to provide innovative financing solutions that match the specific needs of our clients. Structuring this intricate deal is a testament to the creativeness of our New York originations team and our commitment as a firm to support developments of every caliber.” Merchants Capital secured a $320 million New York Housing Development Corporation (NYHDC) Freddie Mac Risk Share Loan on behalf of the property developer, Camber Property Group. The funds will support an intensive, four-year construction period to fully rehabilitate the property, one of New York City’s oldest housing developments. “The investment from Merchants Capital, Freddie Mac and the NYC Housing Development Corporation in Edenwald Houses will positively impact the lives of over 5,000 people,” said Rick Gropper, Principal at Camber Property Group. “Through our partnership with NYCHA, we will make the most of this opportunity, improving the complex and demonstrating what happens when people come together to preserve and elevate the affordable housing so many New Yorkers rely on. We are looking forward to putting these funds to good use and are grateful for Merchants Capital’s commitment to Edenwald Houses and the community it represents.” As part of the larger Edenwald Community Plan, the property will be registered on the New York state and national historic registries in an effort to unlock additional necessary funding through the Federal Historic Rehabilitation Investment Tax Credit. Also, as a new development under the PACT program, Edenwald Houses will transition to the U.S. Department of Housing and Urban Development (HUD) Section 8 program enabling supplemental federal funding. To date, Merchants has provided approximately $1 billion in financing towards more than 5,300 units as part of PACT projects throughout New York City. “We are very pleased to provide financing to support the transformation of Edenwald Houses, a historic property that plays an incredibly impactful role in this community,” said Stephen Johnson, Senior Vice President, Head of Production and Sales at Freddie Mac. “Working alongside Merchants Capital, Camber Property Group, and the New York Housing Development Corporation, Freddie Mac helped ensure that one of the largest affordable rental communities in the Bronx can remain home for more than 5,000 families. At Freddie Mac, everything we do is grounded in supporting affordability and equity in the rental market, and this transaction demonstrates the critical role our renovation financing can play to revitalize communities across the nation.” Over the last several years, Edenwald Houses residents, NYCHA and the PACT team worked collaboratively to identify the scope and design of the property’s renovation. Currently underway, the $530 million scope of work for property upgrades includes masonry and facade repairs, mechanical building modifications such as improved heating and cooling systems, elevators and solar panels, strengthened security through new surveillance systems and more. Merchants Capital proudly worked alongside notable industry partners, including project sponsors Camber Property Group, SAA | EVI and Henge Development in addition to NYHDC, Freddie Mac, JP Morgan Chase, Sidley Austin, Ballard Spahr LLP, and Nixon Peabody. 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 Secures $320MM+ for Largest Public Housing Development in The Bronx, New York
Merchants Capital logo with Building Image
CARMEL, Ind. (July 20, 2023) – Merchants Capital is pleased to announce the closing of Merchants Capital Tax Credit Equity Fund 15, L.P. (Merchants Fund 15). Merchants Fund 15 represents the company’s largest and most diverse national fund with a total capital raise of $196.5 million from 14 institutional investors, including 10 repeat and four new investors. Merchants Fund 15 will infuse equity into 19 affordable housing properties that will create or preserve more than 2,300 affordable homes in 13 states. “The successful closing of Merchants Fund 15 would not be possible without the unwavering support from an extraordinary partnership of developers, investors and the Merchants team, and our shared commitment to address the critical need for affordable housing across the United States,” said Ryan Thompson, Vice President of Syndications and Investor Relations at Merchants Capital. “Since launching our national equity platform in 2021, Merchants Capital has raised more than $800 million in tax credit equity and originated over $15 billion in debt to support multifamily housing across the United States,” said Julie Sharp, Executive Vice President of Merchants Capital. “This remarkable achievement has solidified Merchants Capital as an industry leader in affordable housing finance and is a testament to the strength of our team, the steadfast support of our investor and developer partners and the innovative platform we have built.” The closing of Merchants Fund 15 comes on the heels of Merchants Capital’s recent recognition by Affordable Housing Finance as the #2 largest lender for affordable housing in the United States. “We are proud to be at the forefront of affordable housing finance,” said Linda Hill, Executive Vice President at Merchants Capital. “We are incredibly grateful to the team that made this possible and the investors and developers who have entrusted us with the financing for key affordable housing projects throughout the United States.” The 19 properties included in Merchants Fund 15 are located in Minnesota, Indiana, Ohio, Florida, Texas, Wisconsin, Michigan, North Carolina, Illinois, Pennsylvania, Kentucky, Colorado 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 $196.5MM Multi-Investor Tax Credit Fund to Support Over 2,300 Affordable Homes in 13 States
Cedarwood Homes rendering
NEW YORK (July 6, 2023) – The New York office of leading financial services provider Merchants Capital today announces it has secured $11 million in debt and Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Cedarwood Homes in Pittsburgh, marking the firm’s continued expansion into new markets. The new-build property will bring 46 age- and income-restricted units to Fairywood, one of Pittsburgh’s most western neighborhoods. Together, Merchants Capital’s debt and equity teams secured an $11 million construction and equity bridge loan on behalf of the property developer, Tryko Partners. The funds will provide tax credit equity bridge financing to support construction development costs. “Securing the financing for this property represents a significant milestone for us at Merchants Capital,” said William Jones, Senior Vice President with Merchants Capital. “Since launching our tax credit syndication platform in 2021, we have been searching for projects that allow us to exercise our talents as a full-service lender. Cedarwood Homes granted us that opportunity, and it is also the first LIHTC-financed, senior affordable property in Pittsburgh’s West End in history. We are honored to have worked alongside several of the city’s top housing agencies on such an important property for the people of Pittsburgh.” Situated at the intersection of Broadhead Fording Road and Village Road, and at the former grounds of the Fairywood School, Cedarwood Homes will feature 46 one-bedroom apartments across 12 one-story buildings. Each unit will host a private, ground-floor entrance. In-unit amenities include a washer and dryer and modern, vinyl plank flooring. The property will also feature a community building with management offices, as well as a fitness center, meeting area, kitchen and multi-purpose space reserved for residents. All units at Cedarwood Homes will be age-restricted to individuals 62 years of age and older. Within the 46 total units, 39 units will be income-restricted, with five units reserved for residents earning 20% of the area median income (AMI), 19 for those earning 50% AMI and 15 for those earning 60% AMI. The remaining seven units will be offered at market rate. Merchants Capital was proud to work alongside Tryko Partners and together with Urban Redevelopment Authority of Pittsburgh (URA), Housing Authority of the City of Pittsburgh (HACP) and Pennsylvania Housing Finance Agency (PHFA). “The Cedarwood Homes housing development marks a milestone for the Fairywood neighborhood and its residents,” said Susheela Nemani Stanger, Executive Director of the URA. “After the neighborhood has experienced years of disinvestment, the URA seeks to set things right by beginning a new phase of development and reinvestment into this community. This starts by providing affordable and livable housing to its senior population. We want to thank Tryko Partners, Merchants Capital, HACP, PHFA and all other involved parties that made this project possible.” “We're proud to be working with Merchants Capital, the URA and PHFA to bring sorely needed affordable, senior citizen housing to the West End,” said Caster D. Binion, HACP Executive Director. “Funding from HACP's Project Based Voucher/ Gap Financing program is supporting innovative affordable housing developments like Cedarwood Homes in neighborhoods throughout the city, as we continue to use every tool at our discretion in order to meet the growing demand for affordable housing.”  Upon completion of construction, Cedarwood Homes will certify to the 2020 Enterprise Green Communities criteria and the U.S. Department of Energy’s (DOE) Zero Energy Ready Home Program, which indicates the units will be designed and built at a high performance to ensure maximum energy efficiency and savings. The property is set to debut Spring 2024. To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter, LinkedIn and Instagram. Property rendering courtesy of Tryko Partners.
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Merchants Capital Secures Debt and LIHTC Equity Financing for Affordable, Senior Property in Pittsburgh

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