Sponsored by the Nehemiah Community Reinvestment Fund, Nehemiah Sacramento Valley Fund (NSVF) is a real estate equity fund designed to invest in mixed-use development projects in low and moderate-income neighborhoods.
NSVF offers capital to for-profit and non-profit developers to build mixed-use affordable housing and other commercial facilities in underserved neighborhoods.
"The Nehemiah Sacramento Valley Fund is a significant part of our organization's overall strategy to encourage urban renewal through comprehensive, geographically-focused affordable housing and community redevelopment programs," says Scott Syphax, president/Ceo of the Nehemiah Corp. "In developing the Sacramento Valley Fund, we've created an investment vehicle that will achieve significant financial returns for institutional investors, while giving them the opportunity to support the communities that they serve. We greatly appreciate the participation of all of our investment partners and are looking forward to the next phase in the process of rebuilding the Sacramento Valley region."
In addition to mixed-use facilities, NSVF will develop commercial real estate properties, including shopping centers and office complexes.
Pacific Coast Capital Partners, the current manager of the Bay Area Smart Growth Fund, will manage the NSVF, which is modeled after two similar real estate equity funds in the Bay Area and Southern California. Nehemiah investors include California Federal Bank, California State Automobile Association, Union Bank, Washington Mutual and Wells Fargo.
"Investing in 'inner-city' communities within the Sacramento Valley is critical to the economic growth and stability of our state capital as well as the state," says Don Kuemmeler of Pacific Coast Capital Partners. "There is a tremendous amount of buying power in these neighborhoods, as well as a strong employment base. We are confident that the organizations that participate in the Fund will realize a real return on their investment."The Nehemiah Sacramento Valley Fund is scheduled to close its second and final round of equity investment funding by June 2003.
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