The Richman Group Closes The Financing of $850 Million of Affordable Housing Tax Credit Properties Over The Summer of 2021
22 Sep, 2021, 09:38 ET
GREENWICH, Conn., Sept. 22, 2021 /PRNewswire/ -- The Richman Group Affordable Housing Corporation, historically the nation's leading sponsor of equity funds for affordable housing, announced it closed financing of $850 million of affordable housing tax credit properties over the summer of 2021 through three multi-investor institutional funds. The funds will provide more than $400 million in equity for the acquisition, rehabilitation and/or new construction of over 50 properties located throughout the United States. Institutional investors in the funds included some of the nation's leading banks and insurance companies.
Richman has the seventh largest portfolio of rental apartments in the U.S. The properties acquired by the three funds will provide high-quality affordable housing for seniors, families and special needs tenants and will add over 4,000 units to Richman's existing portfolio, which exceeds 115,000 units.
"Each fund offered a unique investment opportunity," said Stephen M. Daley, Executive Vice President who heads up Richman's equity raising activities. "The largest of three funds offered a diversified pool of properties located throughout the country. The second fund will acquire properties located specifically in western U.S. states appealing to investors with targeted geographic needs. The third fund will provide financing to construct a 278-unit permanent supportive housing high-rise property to address the homeless housing crisis in downtown Los Angeles. The project will transform the existing neighborhood and include a number of infrastructure improvements to provide accessibility to the greater downtown area."
In addition to historically being the nation's pre-eminent sponsor of affordable housing tax credit funds, Richman conducts a wide range of development, equity investment asset and property management activities in the luxury, mixed-income and affordable rental housing markets.
SOURCE The Richman Group Affordable Housing Corporation
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