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The New York office of mortgage banking company Merchants Capital has closed on a a $18.2 million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development located in the Harlem neighborhood of Manhattan.
The securement of this funding represents the first HDC Fannie Risk Share loan closed with Merchants Capital, a loan product uniquely created by the company. The loan has a 30-year term and a 40-year amortization.
Located in the former Sydenham Hospital, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors in the Harlem neighborhood. As part of the U.S. Department of Housing and Urban Development (HUD) Section 202 program, units are restricted to residents 62 years of age and older who usually earn 50 percent of the area median income (AMI) or less. The Section 202 program also provides support activities for residents such as cleaning, coo