![]() Min was clearly the right fit from an experience and cultural standpoint, and we can’t wait to see the impact she’ll have on our team.” “The leadership team has grown through a mix of in-house talent and selective outside hires when the right person is available. “Many companies tout their production numbers, and rightfully so, but Merchants is also proud to celebrate the accomplishments and evolution of our loan servicing team who continue to provide superior service to our clients and investors as we’ve scaled the platform,” said Brian Sullivan, Executive Vice President and Chief Operating Officer at Merchants Capital. While Merchants originates multifamily and affordable loans on a national scale, strengthening the company’s local presence in the New York market enables better decision making and customer service in this fast-growing region. Park brings more than two decades of real estate finance and construction asset management experience to the role, having most recently served as a director at Citi Community Capital. Park joins the firm’s New York office, which recently celebrated another year of record-breaking success, having closed more than $1.3 billion in debt financing in 2022. ![]() NEW YORK (June 6, 2023) – Leading financial services provider Merchants Capital today announces the hiring of Min Park as Senior Vice President, Balance Sheet Construction. It will provide necessary housing to those who need it most.” “Merchants is proud to have partnered with Strada Investment Group and CHP to bring 53 Colton Street to life. “Transforming this area into a beautiful, welcoming development while providing affordable housing to many San Francisco residents is truly a remarkable project,” said Susan Schnoll, senior vice president, originations of Merchants Capital’s Chicago office. In addition to the MBI construction loan, Merchants Capital also provided the Low-Income Housing Tax Credit (LIHTC) equity bridge loan. “Our organization's mission is to create a permanent home for people who have experienced homelessness. The challenge is large and requires all of us to work together we have forged partnerships with lenders, state and local government and philanthropy to achieve the goal. Our partnership with MBI was instrumental in our success,” said Community Housing Partnership CEO Rick Aubry. We are excited to see this project come to fruition,” said Michael Cohen, a Founding Principal of Strada Investment Group.Īdditionally, the property management group, Community Housing Partnership (CHP) will provide on-site case managers and counselors to support residents in an effort to improve their overall quality of life and stimulate them to become self-reliant. “53 Colton is a wonderful example of what’s possible with a partnership that includes for-profit and non-profit developers, the City of San Francisco, State of California, organized labor, and financial institutions like Merchants, Enterprise, and the AFL-CIO. The building is designed by David Baker Architects, one of San Francisco’s leading architecture firms. Building amenities include common areas, a community room with dining area and kitchen, a bike room, common laundry facilities and a private landscaped courtyard. Each of the 96 studio units will be equipped with a private bathroom and kitchenette. With groundbreaking expected this winter, the structure and design of 53 Colton Street will focus on meeting the everyday needs of a supportive housing community, while simultaneously creating a residence that is beautiful, sustainable and cost-efficient. We at Merchants are proud to have partnered on such a meaningful project for San Francisco and the Bay Area.” This is truly taking a net-negative and turning it into a net-positive for the neighborhood and the city. ![]() “This development is especially noteworthy as it takes an overlooked area and transforms it into a new hub of activity for both residents and workers. “Closing the first MBI construction loan in downtown San Francisco is a tremendous success for Merchants Capital,” said Lee Oller, executive vice president of Merchants Capital’s Chicago office. The project will create much needed deeply affordable housing at the center of the city. ![]() ![]() All units will be reserved for residents referred through the Coordinated Entry System (CES). Located in Mid-Market one of San Francisco’s fastest growing neighborhoods, 53 Colton Street will provide 96 affordable and supportive efficiency studio apartments to formerly homeless adults. CHICAGO – The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana (MBI) construction loan for the development of 53 Colton Street, an affordable housing complex currently under construction in downtown San Francisco. ![]()
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