Merritt Community Capital Corp. announced the closing of Fund XXI, which raised $76.5 million in capital for affordable housing throughout California.
Closing the second-biggest fund in Merritt’s history during the COVID-19 pandemic was no small feat, as the year brought much uncertainty in the affordable housing investor market, according to company leaders.Ari Beliak, president and CEO, credits the fund’s success to Merritt’s historical performance and strong investor commitment.
“Given the dire need for safe and affordable housing, Merritt is proud to almost double our impact and fund during these challenging times,” he said. “We look forward to continuing to grow and support the most impactful and challenging projects in the state while providing our investors with market-rate returns.”
Fund XXI is the first to close under Beliak’s direction. Since taking the helm at Merritt in July 2019, he has also added to his leadership team. In 2020, he brought on David Dologite as director of acquisitions and Julie Quinn as director of investor relations. Dologite brings over 21 years of experience in the preservation, development, and financing of affordable housing and community facilities. Quinn has raised over $260 million from banks, corporations, foundations, and government sources and plays an instrumental role in achieving Merritt’s ambitious capital-raising goals to support the development and preservation of affordable housing in California.
For Fund XXI, Merritt partnered with developers A Community of Friends; BRIDGE Housing, in partnership with Berkeley Food and Housing Project; Community HousingWorks; EAH Housing; LA Family Housing; Many Mansions; and PEP Housing.
“Merritt brings more to the table than just capital, and we’re delighted to have partnered with them for many years,” said Cynthia A. Parker, president and CEO of BRIDGE Housing. “Their tax credit investments in Berkeley Way and the Hope Center came at a critical time when investor interest had thinned. These investments are proof of Merritt's commitment to improving communities and providing people with opportunities. These developments will change people’s lives.”
Merritt is a mission-based investor and low-income housing tax credit syndicator, dedicated to serving California’s affordable housing equity needs. The nonprofit provides equity capital for affordable housing throughout the state, revitalizing neighborhoods through construction, rehabilitation, and long-term asset management.In January 2021, Merritt will bring to market Fund XXII with its most ambitious goal to date—raising $125 million in equity. In addition, Merritt will be launching proprietary funds with mission-aligned investors.
Since 1989, Merritt has created and/or preserved more than 9,000 affordable homes, through investing $950 million in 22 separate funds, providing housing for over 30,000 people.
