The firm’s Minnesota portfolio has grown to more than 2,200 affordable housing units in just over ten years.

R4 Capital, a national affordable housing tax-credit syndicator, lender, and asset manager, is pleased to announce the closing of more than $10.6 million in Housing Credit equity to finance 103 homes at two adjacent properties in Carver, Minnesota.

Carver Place, the first of the two properties to close, is a family-focused, 60-unit affordable housing complex available to those earning 40%-60% AMI. Through the Carver County’s Local Continuum of Care program, 14 homes will be set aside for those with special needs. Residents will be offered social services at no additional cost.

The recently closed Carver Oaks brings 43 additional units of affordable housing to the area. The property will house residents who are 55+ and earn 30%-50% AMI. Seven of the 43 homes will be set aside for veterans and high-priority homeless households leveraging the HUD-Veterans Affairs Supportive Housing program (HUD-VASH). Upon 100% completion, the properties will be linked through shared pedestrian and vehicular access, providing a diverse and interconnected community.

Carver Place is more than 60% complete and on track for 100% completion by this August while work at Carver Oaks is expected to finish just 12 months after closing.

Carver Place and Carver Oaks were financed using Low-Income Housing Tax Credits. Other integral financing partners include Minnesota Housing, Carver County, Minnesota Department of Veterans Affairs (MDVA), and Metropolitan Council of the Twin Cities.

R4 Capital Senior Vice President, Adam Cohen, stated, “R4 is proud to partner with the Carver County CDA to help complete the transformation of Carver into a vibrant multi-use, transit-oriented community. The Metropolitan Council was instrumental in providing funding to both projects and once again has proven to be a reliable financing partner for the creation of affordable housing in the Twin Cities metropolitan area.” Collaboration with the Minnesota Department of Veterans Affairs (MDVA), was another vital part in providing necessary services to the residents at the Carver properties, paving the way for affordable housing that provides more than just shelter.

R4 Capital’s involvement in Minnesota affordable housing dates to the firm’s earliest transactions. Today, the equity portfolio has grown to $180 million invested across 24 properties representing 2,200 units of affordable housing spanning the state. In the Twin Cities metro-area alone, R4 has provided $90+ million in Housing Credit equity to finance nine affordable properties. R4 Capital Funding has raised and invested more than $138 million of tax-exempt capital to build or preserve 600+ units of affordable housing in the state.

Ongoing collaboration between CCCDA and R4 Capital has created hundreds of units of affordable housing and plays a part in the broader initiative of Carver County to meet the growing demand for housing. The team at R4 is pleased to contribute to these efforts and thank our trusted investor partners for making these transactions possible.