R4 Capital has arranged more than $8.5 million in low-income housing tax credit (LIHTC) equity to help fund the construction of a 56-unit development in Anchorage, Alaska.
AVS56 will feature three residential buildings on three contiguous tracts of land and will have both LIHTC and market-rate units for families and seniors with set asides for homeless and disabled residents. It is the latest development by the Cook Inlet Housing Authority (CIHA), which is pledging 17 units for special-needs residents, five of which are garden-style units designed to full accessibility standards with sight and sound equipment.
“We are proud to partner with CIHA and lenders to advance a project that delivers housing to a broad array of local residents,” said Ronne Thielen, R4 executive vice president, in a statement. The firm is a national LIHTC syndicator, lender, and asset manager.
Additional funds were provided by the Rasmuson Foundation, the Federal Home Loan Bank’s Affordable Housing Program, the Department of Housing and Urban Development’s Native American Housing Assistance and Self Determination Act program, and the developer’s program funds.
Northrim Bank is providing construction and permanent debt, and the Alaska Housing Finance Corp. allocated the LIHTCs and energy/solar credits.
CIHA has developed 19 family and senior LIHTC communities in the Anchorage and Eagle River area. The organization has a longstanding relationship with R4 executives, including partnering on 10 prior LIHTC properties. In addition to AVS56, they firms recently closed financing on Grass Creek North II, a 45-unit development in Anchorage.