Merchants Capital announced it has provided $18.2 million in total refinancing for Eden Housing, a nonprofit that has partnered with local communities to develop or acquire more than 10,600 homes in communities throughout California. The proceeds will be used to rehabilitate two affordable housing communities in the state: Emerson Arms and Arroyo Vista.
“It’s just as vital to preserve and recapitalize affordable housing as it is to produce it,” said Dwayne George, executive vice president, head of production at Merchants Capital. “With constraints on private activity bond volume cap in state of California, Merchants is optimistic that partnering with key organizations, such as Eden Housing to pilot creative debt solutions will complement California Housing Finance Agency (CalHFA) efforts to address the affordable housing crisis in the state of California.”
