Washington, DC (PRWEB) October 25, 2013
Meridian Investments today announced the $43.4 million initial closing of R4 California Housing Partners LP, a $53.5 million, eight property multi-family LIHTC Fund spread across four California counties. Marc Schnitzer, CEO of New York City based R4 Capital said, “With the closing of R4 California Housing Partners, we have surpassed $285 million of investor capital raised over the past 18 months and continue our strong commitment to maintaining a fully national platform. We are grateful for the support of our investors and developer clients.”
The portfolio consists of 553 Low Income Housing Tax Credit housing units including new construction and rehabilitation for seniors and families. John Boc, Chairman-CEO of Meridian Investments said: “The California market is very challenging to build and rehabilitate multi-family housing. R4 partnered with very experienced and sophisticated developers and our institutional investors recognized they had an opportunity to make a difference in the lives of many people while receiving an excellent financial return.”
Ronne Thielen, Executive Vice President of R4 and former Director of the California Tax Credit Allocation Committee said: “The properties and developers in this fund are truly high quality and 100% of the investments are with repeat clients. The fund has a terrific combination of preservation of existing housing for seniors and families and new construction in areas of high need for additional affordable units. There will be over 550 families and seniors, including those with special needs, who will be in safe and nourishing environments where they can thrive.”
Jerry McDermott, President of Meridian Investments thanked Meridian’s Fortune 500 clients for investing in these important California Low Income Housing Tax Credit properties. The properties are located in Yucca Valley, CA, Van Nuys, CA, Lindsay, CA, Fresno, CA and two are located in Los Angeles, CA.
“The Low Income Housing Tax Credit public – private partnership housing production program has created 288,831 affordable homes in California since its inception in 1986,” said Jack Casey, Vice Chairman of Meridian Investments. According to the June 2013 “State of the Nation’s Housing” report from the Harvard Joint Center on Housing Studies, the country faces a growing affordable rental housing crisis. “The Housing Credit is virtually the only significant source of capital to address this growing crisis and fortunately Corporate America has stepped up with tax credit equity to try and help close this rental housing shortfall,” Casey said.
About Meridian Investments, Inc.: http://www.meridianinvestments.com
Meridian Investments, Inc. was established in 1981 as an NASD Broker/Dealer licensed to sell direct participation programs and other forms of securities. Meridian is a national leader in placing corporate investors in the following tax-advantaged investments codified by the IRS: Affordable Housing (S42), Historic Rehabilitation (S47); Alternative Fuels (S29); Renewable Energy (S45); Like-kind Exchanges (S1031); New Markets Tax Credits (S45D); Tax Credit Remarkets. The Meridian Companies have serviced over 200 institutional and Fortune 500 clients, placing in excess of $16 Billion of institutional tax credit equity.
About R4 Capital LLC: http://www.r4cap.com
R4 Capital is a proven team of affordable housing leaders whose collective history includes origination, underwriting, and management of more than $12 billion of LIHTC investments for more than 100 corporate investors. We have provided competitively structured capital for developers in over 2,000 transactions for over 25 years. We build enduring relationships. Our clients count on us to think long term. They know we care about their businesses and will provide capital solutions to secure their futures.
R4 Capital is a subsidiary of Regis Group (Holdings) Limited of London, a 60-year-old privately held residential property investment firm. Regis Group, with its affiliates, generates annual revenues in excess of $290 million and manages more than $17 billion of US multifamily assets. In the US, the Regis Group operates through Regis USA, a group of integrated multifamily and residential real estate companies comprising R4 Capital, Recap Real Estate Advisors and Riverstone Residential Group.