PNC has closed PNC Mulitfamily Capital Fund XLI, a $130.7 million low-income housing tax credit (LIHTC) fund.
Seven institutional investors invested between $5 million to $25 million to acquire limited partnership interests in the fund. Investors will derive a return based primarily on the receipt of LIHTCs and passive losses from real estate depreciation.
“This tax credit equity fund attracted new and repeat investors to PNC; the result is one of the largest funds completed in 2009,” said Todd Crow, executive vice president, PNC MultiFamily Capital. “Our clients see this fund as an attractive return on their investment dollars. These funds will benefit families and seniors, providing for the development of new affordable multifamily properties.”
The fund features investments in 23 separate partnerships involving properties targeting families and seniors in 12 states, with 2,299 apartment units.