R4 Capital, a national affordable housing tax credit syndicator and asset manager, announced closing three new multi-investor funds and launching its fifth proprietary fund in 2015.
The firm raised $428 million in equity last year. Highlights include the closing of R4 Housing Partners V, a $279 million multi-investor fund with 19 investors comprising 30 properties in 16 states, Puerto Rico, and Washington, D.C., and raising $41 million for R4 California Housing Partners II, a fully subscribed $70 million multi-investor fund with nine investors comprising seven properties that will close in the first quarter of 2016.
Additionally, the firm established a new proprietary fund with an existing R4 investor, bringing the number of proprietary funds for financial institutions to five, said firm leaders in announcing the company’s year-end results.
The firm added 17 new investors and acquired 35 properties last year, which increased its developer relationships and expanded its national coverage by five additional states: Indiana, Maine, New York, North Dakota, and South Carolina. R4 Capital now has properties in 31 states, Puerto Rico, Washington, D.C., and the commonwealth of Northern Mariana Islands.
In 2015, the company also closed its first sale of New Jersey Economic Redevelopment & Growth (ERG) tax credit certificates and provided $2.3 million of pre-syndication, mezzanine acquisition financing for the firm’s developer clients.
“We are committed to defining our industry’s highest standards in balancing the needs, goals, and objectives of our developer and investor clients,” said Marc Schnitzer, R4 Capital president and founder, in a statement. “Each year, we strive to exceed our clients’ expectations in providing creative and competitive capital to developers and delivering excellent investment performance and transparent, timely reporting to investors. The dedication and diligence of the R4 team are among two of the reasons we have succeeded.”
R4 Capital has raised more than $1.1 billion in equity from 46 institutional investors across eight multi-investor funds and five proprietary funds since 2012. The firm was founded in 2011.