RBC Capital Markets (RBCCM) Tax Credit Equity Group has announced the closing of a $158.4 million low-income housing tax credit (LIHTC) fund.
RBC Tax Credit Equity National Fund-27 will invest in 19 LIHTC-eligible multifamily and senior apartment communities with 1,773 affordable housing units. The properties are located in Arkansas, California, Colorado, the District of Columbia, Massachusetts, Montana, North Carolina, South Carolina, Texas, Washington, and Wisconsin.
The latest fund represents the first launch and closing of a multi-investor, multi-property national fund post-tax reform for the company and speaks to the strength of investor confidence in the firm’s tax credit syndication platform in uncertain market conditions, said RBCCM leaders.
Eight institutional investors participated in the fund, according to officials, noting that RBCCM’s commitment to the fund is evidenced by a $2.8 million investment by City National Bank, an RBC affiliate.
Led by managing directors Tony Alfieri and Craig Wagner, the RBCCM Tax Credit Equity Group raised a total of $914 million in tax credit equity in 2017, with $378 million from three national fund closings.
