(Save the Date: RealShare Orange County 2012 comes to the Hyatt Regency, Irvine, August 16. Also, save the date for RealShare Apartments, which comes to the Westin Bonaventure, Los Angeles, October 24.)
IRVINE, CA-GlobeSt.com exclusively learns that locally based WNC, a national investor in community renewal and affordable housing projects, has closed WNC Institutional Tax Credit Fund X, California Series 10. The $50-million multi-investor Low Income Housing Tax Credit fund will finance eight affordable housing properties, totaling 445 units.
The eight-property portfolio includes seven properties for families and one for seniors, all of which are located in seven counties throughout California. Four properties are newly constructed and four are rehab properties. Total development costs are approximately $125 million.
WNC partnered with seven different developer teams for the fund, six of which were repeat relationships. The fund closed with five institutional bank investors—three repeat investors and two investors new to WNC Funds.
This represents the 10th consecutive year WNC has closed a California affordable housing fund. In March 2012, as GlobeSt.com exclusively reported, WNC closed a $100-million multi-investor LIHTC fund, financing 18 affordable housing properties located in 11 different states.
The firm is currently on track to close a $100 million national fund in July 2012. “We continue to experience a strong demand from both our existing investor base and new investors,” explains Wilfred Cooper Jr., president and CEO of WNC. “Our 40 years in the affordable housing business, enduring relationships with top-tier developers and the strength of the market has been essential to the longstanding success of our California funds.”
WNC offers national and state multi-investor funds, private label funds and New Markets Tax Credit funds. WNC has now invested in more than 234 properties totaling 13,509 units in California since it’s founding in 1971.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
