City Real Estate Advisors (CREA) announced the closing of a $126.6 million multi-investor fund consisting of 17 properties in 10 states.
CREA Fund 45, a low-income housing tax credit (LIHTC) fund, closed in two tranches on Dec. 18, 2015, and Jan. 8, 2016.
With CREA Fund 45, CREA expanded its investor group by adding six new investors in 2015.
In total, the firm closed $500 million in investor equity in 2015 and an additional $260 million of equity was raised in closed and committed funds.
CREA's total equity raised since inception is $2.9 billion. The company's national footprint was also extended by adding several new developer relationships. CREA now operates in over 40 states and one U.S. territory, having recently added developments in Arizona, Georgia, Nevada, New Mexico, and South Carolina.
Jeff Whiting, president and CEO, reflected on 2015 by saying, “We are very grateful to play a part in creating affordable housing in America. This can only be accomplished through the faith and trust of our investors and developers. CREA employees are committed to serving these partners with excellence and ensuring their needs are continually met.”
Tony Bertoldi, executive vice president of syndication and investor relations, said in a statement, "2015 was an important year for CREA as we continued to execute our plan of diversifying the investor and developer base while fully appreciating and serving our existing clients. Our goal is to build sustainable, long-term partnerships with all of our clients which benefits everyone. As I look forward to 2016, I hope for much of the same as we continue down that path towards our mutual goal."
Formed in 2001, CREA is a full-service tax credit syndicator specializing in LIHTCs.