Merchants Capital announced it secured $31.9 million in acquisition bridge loans and $57.8 million in seven separate 221(d)(4) loans for the Thetford Portfolio, a seven property Low Income Housing Tax Credit (LIHTC) 221(d)(4) pilot transaction in North Carolina. The deal was closed in partnership with Vitus, the company said.
“This seven-deal, same day closing for the North Carolina Thetford Portfolio is unprecedented with the Department of Housing and Urban Development (HUD),” said Merchants Capital Senior Vice President Matt Kaercher. “A single sub-rehabilitation LIHTC transaction is difficult enough for execution, but seven simultaneously requires a different subset of skills and persistence. The ability of all parties involved¾ from the borrower Vitus, HUD and our team at Merchants Capital¾warrants the highest level of praise.”
