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 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.

ABOUT MERCHANTS CAPITAL
With over 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multi-family housing nationwide. Our licenses with Fannie Mae, Freddie Mac, and HUD/FHA, in addition to our bank's balance sheet products, allow us to offer custom solutions with agility and ease of execution, expanding access to housing in meaningful and impactful ways. Recognized as a top five affordable lender, Merchants Capital pairs our comprehensive debt offerings with in-house tax credit equity to provide a one-stop-shop for developers and owners. To learn more about Merchants Capital, visit www.merchantscapital.com.

Forward-Looking Statements
This press release contains forward-looking statements which reflect the company's current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control, such as the potential impacts of the COVID-19 pandemic. Accordingly, the company cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of the COVID-19 pandemic, such as the severity, magnitude, duration and businesses' and governments' responses thereto, on the company's operations and personnel, and on activity and demand across its businesses, and other factors identified in Merchant Bancorp's "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in its Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission.  Any forward-looking statements presented herein are made only as of the date of this press release, and the company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

SOURCE Merchants Bancorp