RBC Capital Markets (RBCCM) Tax Credit Equity Group announced the closing of a $160.1 million low-income housing tax credit (LIHTC) fund.
RBC Tax Credit Equity National Fund 25 represents the first launch and closing of a multi-investor, multi-property national fund in 2017, announced the firm, a LIHTC syndicator.
“We navigated through some uncertainty at times, with a goal of creating a fund with beneficial terms for both our developer and investor clients,” says Tony Alfieri, managing director. “I think the outcome was a great testament to strong relationships across our team.”
Nine institutional investors, including one new investor client, participated in the fund. RBCCM said its commitment to the fund was evidenced by its own $10 million direct investment and a $15 million investment by City National Bank, an RBC affiliate.
Fund 25 will invest in 21 LIHTC-eligible multifamily and senior apartment communities representing 1,471 units of affordable housing in 14 states—California, Florida, Georgia, Kansas, Louisiana, Massachusetts, Minnesota, New Jersey, North Carolina, Pennsylvania, South Carolina, Texas, Virginia, and Washington.
RBCCM Tax Credit Equity Group has raised over $7.4 billion of equity for affordable multifamily and senior housing, historic and New Markets developments, and has 873 assets and 74,000 housing units under administration.
