LIHTC Multi-Investor Fund Activity

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Boston Capital recently closed a $132 million national multi-investor fund (7% projected yield) and is on the street with a new $175 million national fund (7.25% yield), said executive Jeff Goldstein.

Boston Financial Investment Management has rolled out a new $100 million national multi-investor fund (7.25% yield) expected to close around mid-June, and anticipates coming out in July with a national fund of $75 million to $100 million, said executive Sarah Laubinger.

City Real Estate Advisors, Inc. expected to finish a new national multi-investor fund at $80 million-$100 million, said executive Tony Bertoldi. The fund has two classes: one for investors investing $25 million or more (7.30% yield); and a second for investors investing less (7.05% yield).

Enterprise Community Investment, Inc. will launch a new national multi-investor fund – anticipated size $150 million-$200 million – in May, said executive Raoul Moore.

First Sterling is in the late stages of specifying a $100 million national multi-investor fund that will have an offered yield of 7.25% to 7.35%, said executive Victor Sostar.

Ohio Capital Corporation for Housing is out with a $180 million multi-investor fund (7% yield) that will invest in properties in Ohio and Kentucky, said executive Hal Keller.

R4 Capital, Inc. finished its first national multi-investor fund at $105 million (7% yield) and is marketing a new $125 million national multi-investor fund and a $50 million California fund, said executive Marc Schnitzer. The national fund has a projected yield of 7.5% for investors investing $20 million or more and 7.25% for investors investing less. The California fund has a projected yield of 6%.

Raymond James Tax Credit Funds, Inc. plans to roll out a new $200 million national multi-investor fund with an expected yield above 7% in the second quarter, said executive Steve Kropf. The company expects to close a $65 million California fund (5% IRR) in the late second quarter.

RBC Capital Markets’ Tax Credit Equity Group expected to close a new $126 million national multi-investor fund (7.25% yield) by the end of April, said executives Craig Wagner and Tony Alfieri. RBC also planned to launch a $53 million California fund – probable yield of 5.50% to 5.75% – and is working on a Southeast regional fund of $40 million-$80 million that will invest mainly in properties in Florida, Georgia, and North Carolina.

Red Stone Equity Partners is marketing a new $100 million national multi-investor funds with a targeted after-tax IRR of 7.5% for investors investing $20 million or more and 7.25% for investors investing less, said executive Ryan Sfreddo.

Stratford Capital Group is out with a new national multi-investor fund (7.5% yield) expected to raise $100 million-$120 million, said executive Ben Mottola.

WNC has launched a new national multi-investor fund (7.45% yield) with a target size of $125 million that is expected to close in July, and a California fund (5.75% yield) with a target size of $50 million that is expected to close in May, said executive Michael Gaber.