Business
Merchants Capital Closes $196.5MM Multi-Investor Tax Credit Fund to Support Over 2,300 Affordable Homes in 13 States
CARMEL, Ind., July 21, 2023 /PRNewswire/ -- (Nasdaq: MBIN) Merchants Capital is pleased to announce the closing of Merchants Capital Tax Credit Equity Fund
About this update from Merchants Bancorp
[{"type":"text","content":"CARMEL, Ind., July 21, 2023 /PRNewswire/ -- (Nasdaq: MBIN) 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.\n\n \n \n \n \n \n \n\n \nMerchants Fund 15 will infuse equity into 19 affordable housing properties that will create or preserve more than 2,300 affordable homes in 13 states.\n\"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.\n\"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.\"\nThe 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.\n\"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.\"\nThe 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.\nTo learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital o...