R4 Capital, a national low-income housing tax credit (LIHTC) syndicator, announced that it has closed on the initial $80 million of a $100 million multi-investor fund.
The fund is the first for R4, which was formed last year by LIHTC industry veteran Marc Schnitzer and the Regis Group of London. The firm is part of Regis USA, an integrated real estate company.
The $100 million R4 Housing Partners LP Fund comprises 15 properties in 10 states and Washington, D.C., and will provide 1,459 affordable housing units.
“In a highly competitive market our investors expressed their confidence in the R4 Capital team,” said Schnitzer, president of R4 Capital, in a statement. “By proving the ability to raise investor capital in our first year of business, we have shown that R4 Capital is a reliable and competitive source of tax credit equity for developers.”
The firm has about another $10 million committed.
Seventy-three percent of the portfolio represents projects where an R4 Capital senior executive had completed prior transactions with a developer or consultant involved in the new R4 Housing Partners Fund. Meridian Investments, Inc., acted as placement agent for the fund, and Nixon Peabody, LLP, served as legal counsel in forming the fund.
R4 Capital has offices in New York, Boston, and Santa Ana, Calif.
