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Related Capital Provides Equity for Affordable Housing Project

SAN JUAN, PUERTO RICO-In exchange for tax credits, the New York City-based multifamily finance company provides $7.7 million in equity for the $28-million acquisition and rehabilitation of a 360-unit affordable housing complex.

By Brian K. Miller | Updated on October 17, 2003

SAN JUAN, PUERTO RICO-Related Capital Co. has provided $7.7 million in equity for the acquisition and rehabilitation of San Martin Twin Towers, a 360-unit affordable housing complex in Guaynabo, the third largest municipality in San Juan.

Related Capital provided the equity to developers Maria J. Gonzalez and William Santiago Sastre in exchange for tax credits generated by the development. The bulk of the remaining funds for the $28 million purchase and renovation were provided through loans from the Puerto Rico Housing Finance Authority.

Gonzalez is the founder of MJ Consulting & Development Inc., a management company specializing in multifamily projects subsidized by HUD and Farmers Home Administration. Her company currently manages nearly 4,000 public housing units, including San Martin.

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