Merchants Capital, a leading financial institution headquartered in Indiana, has achieved a significant milestone by successfully closing Merchants Capital Tax Credit Equity Fund 15, L.P. (Merchants Fund 15). This fund represents the company’s largest and most diverse national fund to date, attracting a total capital raise of $196.5 million from an impressive group of 14 institutional investors.
Among these investors, there are 10 repeat investors who continue to demonstrate their confidence in Merchants Capital, along with four new investors who were enticed by the company’s commitment to addressing the pressing need for affordable housing across the United States.
Through Merchants Fund 15, the company is set to infuse equity into 19 affordable housing properties, making a substantial impact by creating or preserving over 2,300 affordable homes in 13 states across the nation. According to Ryan Thompson, Vice President of Syndications and Investor Relations at Merchants Capital, the success of this fund can be attributed to the unwavering support and collaboration among developers, investors, and the dedicated Merchants Capital team.
Expressing gratitude for the extraordinary partnership that made the achievement possible, Thompson said, “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
This milestone is the latest testament to Merchants Capital’s commitment to supporting multifamily housing in the United States. Since the launch of their national equity platform in 2021, the company has raised an impressive $800 million in tax credit equity and originated over $15 billion in debt, further solidifying their position as an industry leader in affordable housing finance.
“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. Sharp also commended the strength of the team, the unwavering support of investor and developer partners, and the innovation that underpins their success.
This achievement comes hot on the heels of Merchants Capital’s recent recognition by Affordable Housing Finance, where they were ranked as the second-largest lender for affordable housing in the United States. Linda Hill, Executive Vice President at Merchants Capital, expressed pride in being at the forefront of affordable housing finance and attributed their success to the exceptional team and the trust placed in them by investors and developers across the country.
“We are proud to be at the forefront of affordable housing finance,” said Hill.
The 19 properties included in Merchants Fund 15 are strategically located across various states, namely Minnesota, Indiana, Ohio, Florida, Texas, Wisconsin, Michigan, North Carolina, Illinois, Pennsylvania, Kentucky, Colorado, and California, ensuring a wide and meaningful impact on affordable housing initiatives.
Merchants Capital prioritizes employee development, fostering a positive work culture and investing in training, mentorship, and well-being initiatives to create a motivated and engaged team dedicated to delivering excellent service and making a positive impact in the affordable housing sector.