GE Real Estate closed one of its largest low-income housing tax credit (LIHTC) deals with a $107 million investment in an affordable housing portfolio across several states.
The portfolio includes 2,218 affordable housing units across 14 multifamily assets and five seniors housing projects. Nearly 75 percent of the investment is in suburban markets, with the balance in urban and rural areas. Nearly one-third of the properties have rental assistance available for residents.
GE announced in July that it had made the investment through a proprietary fund with Capmark Financial Group, Inc. Six of the properties are new construction projects, with the remaining being rehab deals, according to James Mendelson, managing director of GE Real Estate.
“This transaction demonstrates GE’s appetite for tax credits and showed that we can get our hands around a large portfolio and that we can execute,” he said. The firm expects to invest approximately $500 million in LIHTCs this year after having closed about $275 million in 2006.
