Merchants Capital closes $160M affordable housing fund, tops $3B raised
What's the deal? Merchants CapitalDealroom has a profile for this one. Try Dealroom → has closed Merchants Capital Tax Credit Equity Fund 31, a $160 million multi-investor fund backed by 10 institutional investors. The fund drew seven repeat and three new investors, spanning both bank and economic investors.
What's the endgame? Fund 31 will put equity into nine affordable housing properties across Rhode Island, Ohio, Kentucky, Pennsylvania, Connecticut, Utah, and Michigan. That capital is set to create or preserve more than 1,400 affordable homes.
Why now? The close pushes Merchants Capital's tax credit platform past $3 billion raised since the platform launched in 2021. That total breaks down into roughly $1.3 billion in multi-investor offerings, $1.6 billion in proprietary fund investments, and $91 million in state credit syndications.
"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.
The signal: The mix of returning and new investors points to steady institutional appetite for tax credit equity, a durable channel for financing affordable housing across US states.
Read more: Connect CRE
Image credit: Sightline Institute
