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Apt. Build Turned Homeless Shelter Lands GSE Funding
Merchants Capital has secured $51 million in agency funding for a homeless shelter in Brooklyn’s Crown Heights neighborhood. The financing through Freddie Mac’s Affordable Housing Capital Markets Execution Loan Program was made on behalf of Heights Advisors and Samaritan Daytop Village.
Known as 267 Rogers, the property was effectively built as a 165-unit multifamily development under the typical ratio of market-rate and affordable for New York City. However, Heights Advisors then partnered with the city’s Department of Homeless Services and SDV to offer transitional housing to homeless families.
“It has been deeply gratifying to work on the deployment of capital on a project that allows homeless families to live in dignity,” said Mathew Wambua, New York City-based EVP at Merchants Capital. “Projects like 267 Rogers allow the Merchants Capital team to be creative and innovative in solving problems and seeking new financial strategies and structures to solve those problems.”
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