The Richman Group Affordable Housing Corp. has closed on financing that will provide more than $400 million in equity for the construction or rehabilitation of more than 50 properties across the county.

Stephen Daley
Stephen Daley

The longtime low-income housing tax credit syndicator announced that the equity was raised through three multi-investor funds this summer. Institutional investors in the funds include some of the nation’s leading banks and insurance companies.

The recent funds will help drive about $850 million in affordable housing development. The properties acquired in the funds will provide high-quality affordable housing for seniors, families, and special-needs tenants and will add more than 4,000 units to Richman’s portfolio, which exceeds 115,000 units, according to the company.

“Each fund offered a unique investment opportunity,” said Stephen M. Daley, executive vice president, who heads up Richman’s equity-raising activities. “The largest of three funds offered a diversified pool of properties located throughout the country. The second fund will acquire properties located specifically in Western U.S. states appealing to investors with targeted geographic needs. The third fund will provide financing to construct a 278-unit permanent supportive housing high-rise property to address the homeless housing crisis in downtown Los Angeles. The project will transform the existing neighborhood and include a number of infrastructure improvements to provide accessibility to the greater downtown area.”

In addition to historically being the nation’s largest sponsors of affordable housing tax credit funds, Richman conducts a wide range of development, equity investment, and asset and property management activities in the luxury, mixed-income, and affordable rental housing markets.