OAKLAND, CA-Merritt Community Capital Corp. recently closed its $80.5-million Multi-Investor Fund XVI. This is Merritt's largest multi-investor fund ever.
According to the firm, the fund exemplifies Merritt's ability to expand on its reputation and experience in affordable housing in California. Through Fund XVI, 861 units of affordable housing will be built in nine affordable projects statewide, through preservation of existing properties or new construction.
Merritt's key developer partners in this current fund are Bridge Housing / Sacramento Housing Authority, Tenderloin Neighborhood Development Corp., Solano Affordable Housing, American Baptist Homes of the West, Napa Valley Community Housing / Burbank Housing and Area Housing Authority of Ventura.
Through Fund XVI, Merritt continues to be strategic in securing affordable housing properties and in strengthening its partnerships with both developers and investors, the firm says. There are 12 investors in Fund XVI, nine repeat bank investors and three new bank investors.
According to Barney Deasy, president of Merritt recalls that, "25 years ago, when the Community Alliance for Syndicated Housing, the predecessor to Merritt Community Capital Corp., was created, largely by the efforts of Richard Winnie, then Oakland City Attorney, few envisioned the success and impact that Merritt Capital would have on the development and preservation of affordable housing in California. Fund XVI is yet another step in our ongoing pursuit of quality affordable housing for the residents of California. I think Richard would be pleased."
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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.
