Merchants Capital has announced the closing of its largest and most diverse affordable housing fund.
Merchants Capital Tax Credit Equity Fund 15 raised $196.5 million in capital from 14 institutional investors, including 10 repeat and four new investors.
The fund will invest low-income housing tax credit equity in 19 affordable housing properties that will create or preserve more than 2,300 affordable homes in 13 states.
“Since launching our national equity platform in 2021, Merchants Capital has raised more than $800 million in tax credit equity and originated over $15 billion in debt to support multifamily housing across the United States,” said Julie Sharp, executive vice president of Merchants Capital. “This remarkable achievement has solidified Merchants Capital as an industry leader in affordable housing finance and is a testament to the strength of our team, the steadfast support of our investor and developer partners, and the innovative platform we have built.”
The 19 properties included in the fund are in California, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, Ohio, Pennsylvania, Texas, and Wisconsin.