R4 Capital, a national low-income housing tax credit (LIHTC) syndicator, lender, and asset manager, and R4 Capital Funding, the firm’s tax-exempt debt platform, announced raising more than $281 million in financing for affordable housing in three funds.
The firm recently closed:
· $78 million in R4 California Housing Partners III LP, a California-only equity fund. This is the firm’s fourth California-only LIHTC fund in three years with seven repeat investors;
· $45 million in an initial closing of R4 California Tax-Exempt Bond Partners LP, which marks the closing of R4 Capital Funding’s first mortgage revenue bond fund. The fund primarily targets Southern California rehab properties. The initial $45 million closing has subsequent closings scheduled in the fourth quarter; and
· $158 million in an initial closing of R4 Housing Partners VIII LP, a national equity fund. Firm leaders expect the fund will ultimately reach $200 million. It is comprised of 18 properties spread across 10 states, the District of Columbia, and Puerto Rico.
R4 Capital is led by president and CEO Marc Schnitzer, an industry veteran. Jim Spound is president of R4 Capital Funding.
“We are excited to partner with California financial institutions to preserve essential affordable housing in the communities these institutions serve,” says Spound.
R4 Capital has raised more than $1.7 billion of LIHTC equity capital and more than $230 million of bond investments from 60 institutional investors used to finance affordable housing.
