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Merchants Capital reported closing $1.08 billion in housing tax credit investments across the firm’s multi-investor, proprietary, and state credit offerings in 2024.

The firm’s capital raise, which has surpassed $2.1 billion since the platform launched in 2021, comprises $900 million in multi-investor offerings, $68.8 million in state credit syndications, and $1.1 billion in proprietary fund investments.

In September, the firm closed Merchants Capital Tax Credit Equity Fund 19, its largest fund capital raise at $293 million with a large institutional investor. Recently, the firm closed Merchants Capital Tax Credit Equity Fund 21, a $131.2 million multi-investor fund with eight bank investors.

“Successfully raising $1.08 billion in tax credit equity in one year is a remarkable achievement,” said Julie Sharp, executive vice president at Merchants Capital. “In only four years, we have built a $2.1 billion investment portfolio managed on behalf of more than 40 institutional investors that provides capital for the construction and preservation of safe, quality affordable housing for more than 19,000 families in 26 states.”

Linda Hill, executive vice president, added that its “success is a testament to our team, the support of our investor and developer partners, and the innovative platform we have built across all business lines at Merchants Capital.”

“It has been extremely rewarding to build out an equity originations platform in a firm that offers industry-leading debt products and balance-sheet solutions for affordable housing developers,” said Josh Reed, executive vice president of acquisitions. “We are grateful to our developer and investor partners, who make our success possible.”