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Merchants Capital Provides $184M for Housing Properties
Financial services provider Merchants Capital has secured a total of $184 million in Merchants direct seven-year loans for the refinancing of seven separate workforce housing properties located within Indiana, Kentucky and Ohio. The deal was completed in partnership with Zidan Management Group (ZMG), a Midwest-based multifamily operator and developer with more than 20 properties throughout the region.
“Merchants Capital and ZMG have the shared goal of supporting and amplifying the affordable housing landscape here in the Midwest and its surrounding states,” said Merchants Capital’s vice president of originations, Eddie Dietrick. “With more than 1,500 units in this portfolio, these properties represent immense opportunities for the future. This refinancing lays the groundwork for improving the ongoing ecosystem of each given community.”
The seven workforce housing properties offer naturally occurring affordable housing (NOAH) with rent pricing affordable to households earning at or below 80 percent of the area median income (AMI).
