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Merchants Capital closes $160M multi-investor tax credit fund
The fund plans to support more than 1,400 affordable homes across nine properties in seven states, as Merchants says its tax credit platform has raised over $3 billion since launch.
Merchants Capital has closed the Merchants Capital Tax Credit Equity Fund 31, a $160 million multi-investor fund that includes 10 institutional investors.
The fund will inject equity into nine affordable housing properties with the goal of creating or preserving more than 1,400 affordable homes across Rhode Island, Ohio, Kentucky, Pennsylvania, Connecticut, Utah, and Michigan, ConnectCRE reports.
ConnectCRE notes that the investor group includes both bank and economic investors, with seven repeat investors and three new investors joining the Merchants Capital tax credit platform.
Merchants Capital attributed the successful closing to the relationships with its partners and said its capital raise has surpassed $3 billion since the platform launched five years ago, including about $1.3 billion in multi-investor offerings, $1.6 billion in proprietary fund investments, and $91 million in state credit syndications.