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Merchants Capital Closes HDC Risk Share Loan on Harlem Seniors Housing

The New York office of mortgage banking company Merchants Capital closed an $18.2-million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development in Harlem. 
The securement of this funding represents the first HDC Fannie Risk Share loan closed with Merchants Capital, a loan product created by the company. The loan has a 30-year term and a 40-year amortization. 
Located in the former Sydenham Hospital, which dates from 1892, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors in Harlem.
“Making these capital improvements to Mannie Wilson Towers will allow the development to provide necessary affordable housing in Harlem for years to come,” said Matthew Wambua, Merchants Capital vice chair and head of agency lending. “Preserving this structure is critical, and we are honored to have served as a partner on this project.”


Inside The Story

Connect With Merchants Capital’s Wambua

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).