Merchants Capital secures $15.5 million for affordable housing development in Charlotte, N.C.

Charlotte, NC Merchants Capital closed $15.5 million in financing for the construction of Ryans Way, a 60-unit low-income housing tax credit (LIHTC) development developed by Scantland, Inc.

Merchants Capital secured $11.1 million in federal LIHTC as the syndicator for Ryans Way. It also arranged $4.4 million in Freddie Mac Forward permanent financing to facilitate construction loan refinancing.

“Merchants Capital’s ability to align debt and equity sources across the capital stack enables us to provide efficient, tailored financing solutions for our partners,” said Marcin Dzido, vice president of acquisitions at Merchants Capital. “We are pleased to have helped facilitate the financing of Ryans Way, a development that will bring 60 much-needed affordable homes to the Charlotte community.”

“At a time when rising interest rates and escalating development costs continue to challenge the delivery of affordable housing, we work closely with our clients to identify the best financing options for them to help us execute and deliver the financing they need for a viable project,” said Jeff Spahn, senior vice president of originations at Merchants Capital. “We value our partnership with Scantland, Inc. and are proud to support a development that will expand affordable housing opportunities and deliver lasting benefits to Charlotte.”

Ryans Way includes two three-story, garden-style residential buildings with one, two and three-bedroom units and a multi-purpose community building. The units will be restricted to families earning between 30 – 60% area median income (AMI).

Under the leadership of Bill Scantland, Scantland, Inc. focuses on new construction of LIHTC developments, with previous experience including historic rehabilitation and adaptive reuse affordable housing projects. 

“The need for affordable housing in North Carolina, as throughout the country, is ever present. Scantland, Inc. has been fortunate to partner with Merchants Capital through the years in order to help address this need,” said Scantland. “Not only will Ryans Way bring quality affordable housing to Charlotte, it will be successfully placing into service a previous Brownfield site, further contributing to the financial benefits of the surrounding community.”

Upon completion, Ryans Way will feature fully equipped, energy-efficient kitchens, washer/dryer hook-ups, exterior storage and walk-in closets. Residents will also have access to a clubhouse, computer room, multi-purpose room with a kitchen and community laundry, playground and picnic shelter.

The development will be located in close proximity to retail, recreation areas, parks, medical facilities and schools. 

Construction began in October 2026 and is expected to be completed in 18 months.