Merchants Capital Secures $51M Agency Construction Loan for New York City Homeless Shelter

NEW YORK — Mortgage banking firm Merchants Capital has secured $51 million in agency funding on behalf of Heights Advisors and Samaritan Daytop Village (SDV) for the permanent financing of 267 Rogers, a 165-unit property in New York City. The property offers transitional housing for homeless families. The Department of Homeless Services (DHS) has partnered with human services organization SDV on the project, which is located in the Crown Heights neighborhood. In addition to providing housing for these transitional families, 267 Rogers offers supportive services to all tenants, including employment and job readiness services, daily living workshops and personal financial management, plus education and child care assistance programs. The project was completed in 2018 and is fully occupied.