"At NEF, we remain committed to connecting people, providing innovative capital solutions and investing in brighter futures," said Daryl Shore, senior vice president structured finance at National Equity Fund. Our integrity and stability as an organization stems directly from developing deep, meaningful relationships with our partners, which allows us to push boundaries and engage across every aspect of the multifamily affordable housing space through a mission-oriented, socially impactful approach."
The Albuquerque and Portland Portfolio investment focuses on 13 former Low-Income Housing Tax Credit (LIHTC) properties totaling 2,740 units of affordable housing across the two cities, 93 percent of which will remain affordable. For the owner and operator, Guardian Real Estate Services, this transaction represents the most expansive portfolio acquisition to-date. The extensive investment also strengthens Guardian's presence in Oregon and expands the organization's footprint into New Mexico, aligning with the company's long-term growth strategy.
"This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing," said Tom Brenneke, President, Guardian. "Partnering with NEF allows us to safeguard thousands of homes while expanding our footprint into New Mexico and deepening our presence in Oregon. Together, we are proving that large-scale preservation can be both financially sound and rooted in community well-being."
In recent years, NEF has been intentional in organically expanding its capabilities to address the evolving affordable housing crisis. This has included the growth of its structured finance practice, which focuses on the preservation of affordable housing and the creation of workforce housing for the country's "missing middle," or moderate-income earners. Last year, the team contributed to NEF's record-breaking year by delivering nearly $900 million structured finance investments.
JPMorganChase, a leading financial services firm dedicated to building and revitalizing communities through affordable and workforce housing, is the capital partner behind the investment and a long-time partner of NEF. This investment, however, represents the first transaction between Guardian and NEF, emphasizing the commitment of both organizations to progressively grow their business and preserve housing across the country.
"As a leading multi-family, affordable, real estate investment manager, NEF continues to evolve to meet the needs of our developers and investors," said Brandon McCall, vice president structured finance at National Equity Fund. "As an established capital partner and leader in the affordable housing space, we consistently build relationships with partners who align with our mission and vision, empowering us to think critically and creatively to address challenges within the affordable housing ecosystem.
Recently, NEF closed on a preservation equity investment with long-time partner Community HousingWorks and the California Housing Finance Agency (CalHFA), the first preservation transaction of this kind for CalHFA. With the California preservation deal and the closing of the Albuquerque and Portland transaction, NEF has an opportunity to create substantial change throughout the affordable housing industry as the organization continues to push the preservation space forward through large single- and multi-fund investments.
About National Equity Fund, Inc. (NEF)
NEF is a proven non-profit real estate investment manager for multi-family affordable housing with a mission to create and deliver innovative, collaborative financial solutions to expand the creation and preservation of affordable housing. Through its Low-Income Housing Tax Credit (LIHTC) syndication platform and its lending and investing platforms, NEF generates opportunities rooted in its vision that increased access to affordable housing empowers every individual and family to reach their full potential.
Beyond LIHTC, NEF offers additional financial solutions to help close the affordable housing gap in multiple ways that are mission-aligned. Deep expertise in pre-development, preservation, and workforce lending further assists partners to expand their efforts to provide low-income and middle-income affordable housing. NEF promises responsive capital solutions, leveraging its comprehensive infrastructure and extensive experience to create meaningful social impact and positive financial returns.
Since being founded in 1987, NEF has invested over $27.2 billion, representing nearly 260,000 new or preserved affordable homes for individuals, families, and communities in need across the country. NEF is Chicago-based and has donated more than $260 million in grants to support its affiliate LISC's nationwide community development work. To learn more about NEF's impact, innovative financial solutions, and opportunities, visit www.nefinc.org.
SOURCE National Equity Fund
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