IFG Capital, a low-income housing tax credit (LIHTC) syndicator, announced the closing of two transactions.
The firm wrapped up its first New York real estate transaction, Willoughby Court Apartments. The 267-unit building in Brooklyn will undergo significant renovations with the help of LIHTC equity. IFG Capital served as an adviser to the property's general partners, Phoenix Realty Group and New Era GP, LLC, to close the $51.7 million transaction with a global investment bank.
The firm also closed on a $35.5 million transaction involving Meadowlark Apartments, which will allow the 360-unit Indianapolis property to be rehabilitated with the help of LIHTC equity.
IFG Capital worked with general partner Allied Real Estate Partners, LLC, to close the transaction with a leading international insurance group.
In other news, Dale Young Jr. has taken over as CEO from Neil Socquet, who has left IFG. Young had been on the Los Angeles-based firm's board of directors.