R4 Capital, a national low-income housing tax credit (LIHTC) syndicator, lender, and asset manager, broke several records in 2024.
The company reported achieving the most equity closed in a single year, the largest mortgage loan volume closed in a single quarter, and the largest single asset equity investment in the firm’s history.
Overall, R4 Capital and R4 Capital Funding (R4CF), R4’s tax-exempt lending platform, surpassed $10.6 billion in equity and mortgage financing since their inception.
R4 Capital closed $860 million of equity in 2024 from 50 institutional investors, including 12 new clients. “This is the most capital we have deployed in a single year, which is especially gratifying in lieu of the added challenge of an election year,” noted Jason Gershwin, managing director and director of fund management. Since 2012, R4 has raised and manages more than $6.6 billion in LIHTC equity from 138 institutional investors across 37 multi-investor funds and 13 proprietary funds.
In 2024, R4CF provided $691 million of construction and permanent mortgage capital to build or preserve 3,828 units of affordable housing. “2024 represents the platform’s second-largest year of capital deployed in our nine-year history,” said James Spound, R4CF president. “Given the industrywide challenges of rising interest rates with severe construction cost inflation, our accomplishment speaks to R4’s commitment to providing a highly responsive, streamlined, and creative mortgage platform benefiting both our investor and developer clients.”
Since inception in 2016, R4CF has provided more than $4 billion in mortgage loans, financing the construction and preservation of over 24,500 units of affordable housing across 30 states and Washington, DC.
In 2024, R4 closed 56 transactions across all business lines. The company also marked the closing of its largest LIHTC equity investment to date, for which the company raised $100 million from six investors to finance the construction of much-needed housing in the heart of Silicon Valley.
