AEGON USA Realty Advisors, LLC, has closed a $66 million low-income housing tax credit (LIHTC) fund, its first unguaranteed offering.
The Garnet LIHTC Fund XXVII, LLC, is the most recent partnership syndicated by the firm. However, unlike its prior funds, it marks AEGON’s first unguaranteed fund organized with other investors.
“It launches a new growth opportunity for our already successful investment platform,” said Christoph Gabler, senior vice president of community investments for AEGON. “We expect to offer similar new funds, both guaranteed and non-guaranteed, in the near future and to accelerate our growth in the affordable housing industry.”
The firm has previously guaranteed more than $1 billion in tax credit fund offerings to numerous financial institutions across the United States since 2003.
The latest fund invests in five properties with 1,939 affordable housing units in Illinois, Louisiana, Michigan, Minnesota, and Texas.
AEGON USA Realty Advisors said its affiliates invested alongside several third-party investors, including a major bank and three insurance companies.
