Affordable Investment Advisors (AIA) announced closing the second transaction into its Opportunity Acquisition Fund.
The investment consists of mezzanine acquisition financing for an existing 81-unit market-rate property in Washington, D.C. In addition to providing the mezzanine financing, AIA has been hired by the general partner, an affiliate of The Hampstead Cos., to assist in structuring the property for eventual low-income housing tax credit (LIHTC) syndication.
Formed earlier this year, AIA has been raising and investing capital in its fund, which provides debt and equity investments for affordable housing properties. The firm has hired Tax Credit Asset Management to provide loan and asset management services to the Opportunity Acquisition Fund.
The Hampstead Cos. is a full-service development firm with extensive experience in acquiring and repositioning affordable properties. Its portfolio consists of 22 LIHTC properties with about 2,700 units in seven states.