Merchants Capital in Carmel, Indiana, has closed its Merchants Capital Tax Credit Equity Fund 15, L.P. (Merchants Fund 15).
Merchants Fund 15 represents the company’s largest and most diverse national fund with a total capital raise of $196.5 million from 14 institutional investors, including 10 repeat and four new investors.
Merchants Fund 15 will infuse equity into 19 affordable housing properties that will create or preserve more than 2,300 affordable homes in 13 states.
The closing of Merchants Fund 15 comes on the heels of Merchants Capital’s recent recognition by Affordable Housing Finance as the second-largest lender for affordable housing in the United States.
“We are proud to be at the forefront of affordable housing finance,” said Linda Hill, Executive Vice President at Merchants Capital. “We are incredibly grateful to the team that made this possible and the investors and developers who have entrusted us with the financing for key affordable housing projects throughout the United States.”
The 19 properties included in Merchants Fund 15 are located in Minnesota, Indiana, Ohio, Florida, Texas, Wisconsin, Michigan, North Carolina, Illinois, Pennsylvania, Kentucky, Colorado and California.
