Initial investors in the fund include the Equitable Life Insurance Co., the Church of St. Raymond, Deutsche Bank, HSBC, J.P. Morgan/Chase and TIAA/CREF. At press time a total of $37 million had been raised and another $3 million is being sought.

Ten to 15 properties with 1,000 to 1,500 units will receive money from the fund for approximately three years. The money will be invested in occupied multifamily, vacant, rental and for-sale properties in need of major rehabilitation, as well as mixed-use facilities that include retail, office and residential space. Space that is exclusively commercial will not receive funds.

CPC will manage the properties the new fund will finance. The investment-banking firm of Sandler O'Neil and Partners LP advised CPC and served as placement agent. Spokespeople for CPC say, "Investors can expect to receive a market return on their investment. The fund is structured as a limited liability corporation with CPC's member banks as investors. After all capital has been fully invested, CPCR expect to launch another fund."