NEW YORK CITY-R4 Capital has closed its fifth LIHTC fund of 2013, with an initial $43.4 million of a new $53.5-million California state multi-investor low-income housing tax credit fund. The fund, R4 California Housing Partners, includes eight properties, totaling 553 affordable housing units. Meridian Investments served as the placement agent and Nixon Peabody as the fund's legal counsel.
“This fund represents both our long-standing commitment to providing affordable housing in California and our strong presence in that marketplace,” says Ronne Thielen, an EVP in the company's Santa Ana, CA office.
“In California, the need for affordable housing continues to grow even as local capital sources have been eliminated,” she adds. “Our ability to assemble this fund is due to the developer and investor relationships that we have maintained in the state for over 20 years.”
With the closing, R4 Capital has raised more than $285 million of equity in the last 18 months. The company was founded in 2011 and is led by Marc Schnitzer, a 27-year LIHTC industry veteran.
“We began building real momentum in 2012, and we've increased the pace in 2013,” notes Schnitzer. “I've had faith in the market through all its cycles. But in today's economy it takes a lot more than faith. It takes experience, relationships, skill, knowledge, tenacity—and the ability to create investments that work for all parties. I look forward to an even better 2014.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
