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Merchants Capital Secures Financing on 2 Affordable Projects
Mortgage banking firm Merchants Capital has secured financing for two affordable housing developments in East Harlem and Brooklyn’s Flatbush neighborhood, totaling more than $180.6 million.
Both transactions executed a risk-share structure between Merchants Capital, Freddie Mac and New York City Housing Development Corporation as the local housing finance agency. They’re structured as permanent forward commitments to take out the new construction loans.
Located in East Harlem, MEC 125th Street was financed through a $120-million, 35-year Freddie Mac Forward Commitment loan secured by Merchants on behalf of The Richman Group Development Corporation.
The second development, Caton Flats, represents the revitalization of the Flatbush Caton Market, a hub of Caribbean commerce in the city. The approximately 280,000-square-foot, 255-unit project is being developed by BRP Development, Urbane Development and the Caribbean American Chamber of Commerce and Industry.
Merchants secured the loan through the new Freddie Mac Non-LIHTC Forward Commitment on behalf of BRP.
Pictured: MEC 125th Street
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