/PRNewswire/ (Nasdaq: MBIN) Merchants Capital closed a record $7 billion in debt production in 2021, shattering the firm s previous record of $4.7 billion.
Merchants Capital Named #4 Multifamily Affordable Lender Nationwide by Mortgage Bankers Association
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CARMEL, Ind., May 11, 2021 /PRNewswire/ (Nasdaq: MBIN) Mortgage banking company Merchants Capital today announces that it has earned two high-ranking positions on the prestigious Mortgage Bankers Association (MBA) 2020 Commercial/Multifamily Originator Listing.
Merchants Capital placed #4 in multifamily affordable lending nationally for 2020. In total, the company closed $2.2 billion in affordable loans across 188 transactions, with an average transaction size of $11.8 million.
Merchants Capital also ranked #1 for the originating office location of Indianapolis, where it is headquartered. Out of this office, it closed $3.2 billion across 287 transactions in 2020, with an average loan size of $11.3 million. Merchants Capital Indianapolis is one of Merchants four production hubs nationwide, in addition to Chicago, Saint Pau
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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
NEW YORK, NY - The New York office of mortgage banking company Merchants Capital today announced that it has provided approximately $1.2 billion in debt financing during 2020 for affordable housing preservation and development within the region, ranking Merchants as a top multifamily affordable housing financer in the New York area.
The milestone reflects Merchants Capital New York’s steep growth trajectory due to its ever expanding and diverse base of offerings, including on-book, Freddie Mac, Fannie Mae and FHA loan products. Merchants’ lending volume extends to a broad swath of affordable projectives, including acquisition, preservation and new construction loans for 4%, 9%, Section 8, public, supportive, and mixed-income housing projects.