R4 Capital Closes 2022 Exceeding $8 Billion

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R4 Capital , a national affordable housing tax-credit syndicator, loan servicer, and asset manager, and R4 Capital Funding , R4’s tax-exempt lending subsidiary, announced that the firm has closed more than $8 billion in tax credit equity investments and tax-exempt mortgage capital on behalf of its more than 110 institutional investors in 12 years.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, March 2, 2023
Information
Tags: 
Finance, Professional Services, Residential Building & Real Estate, Asset Management, Construction & Property, XIX, IRR, VII, Partner, Housing, XVIII, XVII, DC, Security (finance), Renewable energy, LIHTC, R4
Geotags: 
UNITED STATES, NORTH AMERICA, NEW YORK, CALIFORNIA, WASHINGTON
Organisation: 
R4 CAPITAL
Summary
Key Points: 
  • R4 Capital , a national affordable housing tax-credit syndicator, loan servicer, and asset manager, and R4 Capital Funding , R4’s tax-exempt lending subsidiary, announced that the firm has closed more than $8 billion in tax credit equity investments and tax-exempt mortgage capital on behalf of its more than 110 institutional investors in 12 years.
  • In 2022, R4 and R4CF closed more than $1.4 billion in LIHTC equity and tax-exempt debt.
  • At the end of 2022, R4 closed $755 million of LIHTC equity, with $690 million closed into multi-investor funds and $65 million of proprietary investments.
  • R4’s 2022 multi-investor funds included:
    $319 million in R4 Housing Partners XVIII LP, a national equity fund.


R4 Capital, a national affordable housing tax-credit syndicator, loan servicer, and asset manager, and R4 Capital Funding, R4’s tax-exempt lending subsidiary, announced that the firm has closed more than $8 billion in tax credit equity investments and tax-exempt mortgage capital on behalf of its more than 110 institutional investors in 12 years. In 2022, R4 and R4CF closed more than $1.4 billion in LIHTC equity and tax-exempt debt.

At the end of 2022, R4 closed $755 million of LIHTC equity, with $690 million closed into multi-investor funds and $65 million of proprietary investments. R4’s 2022 multi-investor funds included:

  • $319 million in R4 Housing Partners XVIII LP, a national equity fund.
  • $131.9 million initial closing of R4 Housing Partners XIX LP, a national equity fund.
  • $128.4 million in R4 California Housing Partners VII LP, a California-only equity fund. This marks the eighth and largest California-only LIHTC fund in nine years with nine repeat investors.
  • $111 million follow-on closing of R4 Housing Partners XVII LP, a national equity fund that held its initial closing in December 2021.

With the initial closing of R4 Housing Partners XIX LP, R4 expects that the fund will ultimately reach $250 million and is comprised of 16 properties spread across twelves states. All of R4 Capital’s LIHTC funds are performing at or above the originally projected IRR.

R4CF (R4’s debt subsidiary) has raised and deployed more than $3.1 billion since inception in 2016, financing the construction and preservation of over 19,000 units of affordable housing across 27 states and Washington, DC.

Looking ahead to 2023, Marc Schnitzer, R4 Capital President and CEO, notes “The year ahead may prove to be a tough economic environment but we are energized and optimistic. Unfortunately, spiking rents and the lack of safe, quality affordable housing continues to be a struggle for so many. Through consistent performance of the LIHTC program in all market cycles, our investor and developer partners will continue to join us to ensure low-income housing is built and preserved.”

About R4 Capital

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