The Community Development Trust (CDT) has passed the $1 billion mark in cumulative investments in affordable housing.
The firm announced the milestone following a $40 million portfolio closing in California and two new commitments in New York.
CDT is the first and largest private real estate investment trust providing capital for the preservation of affordable housing.
“We’ve come a long way from our first deal in affordable housing 15 years ago, which impacted 35 families, to our most recent investment, which has extended our total reach to nearly 35,000 families,” says Joseph Reilly, president and CEO. “Providing over 100,000 people with safe, affordable housing is absolutely our proudest accomplishment to date, and we look forward to growing that number over the next 15 years.”
CDT’s investments are split about equally between equity properties and mortgage loan investments.
It recently completed a $40 million loan portfolio purchase from the California Community Reinvestment Corp., a longtime partner and a fellow Community Development Financial Institution.
CDT also added two New York-based forward commitments to its debt program. The organization committed $5.2 million to Grant Park, a 56-unit family development in Yonkers. The 30-month forward commitment, executed in May, is part of a multi-phase redevelopment of a 264-unit housing project. The partners involved in the deal are Richman Group Development Corp. and Landex Development.
CDT also committed $9.3 million to Wincoram Commons, a 98-unit family development in Coram. The deal is the firm’s largest forward commitment to date. Conifer Realty is the principal developer, and the Community Development Corporation of Long Island is the nonprofit partner.
During its history, CDT has acquired equity properties that comprise more than 6,800 units of affordable housing. The organization’s first investment was in Summerfield Townhomes, a 396-unit Sec. 8 property in East Hartford, Conn., which CDT still owns today.