RBC Capital Markets (RBCCM)—Tax Credit Equity Group announced the financial closing of RBC Tax Credit Equity California Fund–5, raising approximately $65.7 million.
The fund consists of federal low-income housing tax credit (LIHTC) and federal historic tax credit equity. Five institutional investors participated in the fund, including City National Bank, an RBC affiliate.
The fund is comprised of investments in six LIHTC-eligible multi-family apartment communities located throughout California, representing 707 affordable homes in Fullerton, Los Angeles, Sacramento, San Francisco, Vallejo, and West Hollywood.
RBCCM—Tax Credit Equity Group has more raised more than $10 billion of equity, primarily for affordable multifamily and senior housing, and has 986 assets under administration in 47 states, the District of Columbia, and Puerto Rico, representing over 86,000 affordable homes.
