Merchants Capital has secured more than $88 million in financing for Union at Bluffs Run, a 192-unit affordable housing development in Council Bluffs, Iowa, by The Annex Group. The firm’s financing included a $24.9 million Fannie Mae Forward MBS Tax-Exempt Bond permanent loan and $22.5 million in low-income housing tax credit equity. A $41.5 million construction loan was provided by Merchants Bank.
Merchants Capital has secured more than $88 million in financing for Union at Bluffs Run, a 192-unit affordable housing development in Council Bluffs, Iowa, by The Annex Group. The firm’s financing included a $24.9 million Fannie Mae Forward MBS Tax-Exempt Bond permanent loan and $22.5 million in low-income housing tax credit equity. A $41.5 million construction loan was provided by Merchants Bank.

Merchants Capital provided $7 billion in debt and equity financing in 2024, ending the year with more than $26 billion in assets under management.

“The ability to provide a combination of debt and equity for affordable housing development fueled this year’s production volume,” said Mat Wambua, vice chairman and head of Merchants Capital’s New York office. “The hard work and collaboration across Merchants’ regional offices and platforms has been exceptional, and I congratulate our team for its proactivity in providing solutions for clients.”

The firm’s affordable housing activity last year included:

· $2.67 billion in permanent loans;

· $1.49 billion in construction loans; and

· $1.08 billion in low-income housing tax credit equity raised.

In addition, another $483.5 million was provided for workforce housing.

The firm was Freddie Mac’s No. 2 Optigo Targeted Affordable Housing lender and its top lender of forward rate locks in 2024, according to Merchants Capital.

Looking ahead, the Carmel, Indiana-based firm remains focused on growing market share by leveraging Merchants Bank's balance sheet to facilitate agency business with existing and new sponsors across the country, said officials.