CARMEL, Ind.— (NASDAQ: MBIN) Merchants Capital today announced the closing of Merchants Capital Tax Credit Equity Fund 31, a $160 million multi-investor fund with 10 institutional investors.
Merchants Fund 31 will infuse equity into nine affordable housing properties that will create or preserve more than 1,400 affordable homes in Rhode Island, Ohio, Kentucky, Pennsylvania, Connecticut, Utah and Michigan. The investors included both bank and economic investors and included seven repeat and three new investors to the Merchants Capital tax credit platform.
“The successful closing of Fund 31 reflects the strength of the relationships we have built with our investor partners and their continued confidence in both our firm and the mission of affordable housing,” said Ryan Thompson, Senior Vice President of Syndications and Investor Relations at Merchants Capital. “We are deeply grateful for the trust they place in our team. Together with our development partners, we are investing in communities, expanding housing opportunities and creating lasting impact for families and residents across the country.”
The firm’s capital raise, which has now surpassed $3 billion since the platform launched five years ago, comprises approximately $1.3 billion in multi-investor offerings, $1.6 billion in proprietary fund investments and $91 million in state credit syndications.
“Together with our partners, our investments have supported construction and preservation of more than 24,600 units of affordable housing in 31 states across more than 200 properties,” said Julie Sharp, President of Equity Investments at Merchants Capital. “It is incredibly rewarding to work alongside such a dedicated team and platform of investors and developers who share our vision of delivering high-quality, stable, safe and affordable housing for all.”
ABOUT MERCHANTS BANCORP
Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple segments, including Multi-family Mortgage Banking that primarily offers multi-family housing and healthcare facility financing and servicing (through this segment it also serves as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers retail and correspondent residential mortgage banking, agricultural lending, and traditional community banking. Merchants Bancorp, with $20.3 billion in assets and $13.0 billion in deposits as of March 31, 2026, conducts its business primarily through its direct and indirect subsidiaries, Merchants Bank of Indiana, Merchants Capital Corp., Merchants Capital Investments, LLC, Merchants Capital Servicing, LLC, Merchants Investment Partners, LLC, and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants' Investor Relations page at investors.merchantsbancorp.com.
ABOUT MERCHANTS CAPITAL
With more than 30 years of success built on putting people first, Merchants Capital is a proven leader in financing for multi-family housing, providing tailored bridge and agency financing across the United States. Our licenses with Fannie Mae, Freddie Mac and HUD, in addition to our bank’s balance sheet, allow us to offer custom end-to-end solutions with greater agility and ease of execution to support the construction, acquisition and preservation of safe and stable housing. Recognized as a top affordable lender, Merchants Capital provides comprehensive debt offerings and in-house tax credit equity, enabling developers and owners to access integrated, streamlined financing solutions. Our talented and trusted staff work alongside our clients to expand access to housing in our communities in meaningful and impactful ways. To learn more about Merchants Capital, visit www.merchantscapital.com.
MEDIA CONTACT: Terra Hoskins, pr@merchantscapital.com, 317.843.6035
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Forward-Looking Statements
This press release contains forward-looking statements which reflect management’s current views with respect to, among other things, future events and financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, management cautions that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although the Merchants Capital believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated in these forward-looking statements, including the impacts of factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Merchants Bancorp’s Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission. Any forward-looking statements presented herein are made only as of the date of this press release, and neither Merchants Bancorp nor Merchants Capital undertakes any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.