R4 CAPITAL CLOSES THREE FUNDS WITH FUNDING EXCEEDING $281 MILLION
R4 Capital, a national affordable housing tax-credit syndicator, lender, and asset manager, and R4 Capital Funding, R4’s tax-exempt debt platform, announced today the closing more than $281 million in three new multi-investor funds:
- $78 million in R4 California Housing Partners III LP, a California-only equity fund
- $45 million initial closing of R4 California Tax-Exempt Bond Partners LP, a California-only tax-exempt bond fund
- $158 million initial closing in R4 Housing Partners VIII LP, a national equity fund
R4 California Housing Partners III is R4 Capital’s fourth California-only LIHTC fund in three years with seven repeat investors.
R4 Capital Funding closed its first mortgage revenue bond fund, R4 California Tax-Exempt Bond Partners LP which primarily targets Southern California rehab properties. The initial $45 million closing has subsequent closings scheduled in the fourth quarter.
“We are excited to partner with California financial institutions to preserve essential affordable housing in the communities these institutions serve.” notes R4 Capital Funding President, Jim Spound.
With the initial closing of R4 Housing Partners VIII LP, R4 expects that the fund will ultimately reach $200 million and is comprised of 18 properties spread across ten states, the District of Columbia, and Puerto Rico.
According to Marc Schnitzer, R4 Capital President and CEO, “The swift execution of the three fund closings demonstrates the focus and responsiveness of the R4 team to our investor and developer clients.”
R4 Capital has raised more than $1.7 billion of LIHTC equity capital and more than $230 million of bonds investments from 60 institutional investors used to finance affordable housing. All of R4 Capital’s LIHTC funds are performing at or above the originally projected IRR.