MERIDIAN INVESTMENTS CLOSES R4 CALIFORNIA LIHTC FUND
MERIDIAN INVESTMENTS CLOSES R4 CALIFORNIA LIHTC FUNDOct 25 2013
R4 Has Raised $285 Million in LIHTC Institutional Funds in 18 Months
Meridian Investments today announced the $43.4 million initial closing of R4 California Housing Partners LP, a $53.5 million, eight property multi-family LIHTC Fund spread across four California counties. Marc Schnitzer, CEO of New York City based R4 Capital said, “With the closing of R4 California Housing Partners, we have surpassed $285 million of investor capital raised over the past 18 months and continue our strong commitment to maintaining a fully national platform. We are grateful for the support of our investors and developer clients.”
The portfolio consists of 553 Low Income Housing Tax Credit housing units including new construction and rehabilitation for seniors and families. John Boc, Chairman-CEO of Meridian Investments said: “the California market is very challenging to build and rehabilitate multi-family housing. R4 partnered with very experienced and sophisticated developers and our institutional investors recognized they had an opportunity to make a difference in the lives of many people while receiving an excellent financial return.”
Ronne Thielen, Executive Vice President of R4 and former Director of the California Tax Credit Allocatio Committee said: “The properties and developers in this fund are truly high quality and 100% of the investments are with repeat clients. The fund has a terrific combination of preservation of existing housing for seniors and families and new construction in areas of high need for additional affordable units. There will be over 550 families and seniors, including those with special needs, who will be in safe and nourishing environments where they can thrive.”
Jerry McDermott, President of Meridian Investments thanked Meridian’s Fortune 500 clients for investing in these important California Low Income Housing Tax Credit properties. The properties are located in Yucca Valley, CA, Van Nuys, CA, Lindsay, CA, Fresno, CA and two are located in Los Angeles, CA.
“The Low Income Housing Tax Credit public – private partnership housing production program has created 288,831 affordable homes in California since its inception in 1986,” said Jack Casey, Vice Chairman of Meridian Investments. According to the June 2013 “State of the Nation’s Housing” report from the Harvard Joint Center on Housing Studies, the country faces a growing affordable rental housing crisis. “The Housing Credit is virtually the only significant source of capital to address this growing crisis and fortunately Corporate America has stepped up with tax credit equity to try and help close this rental housing shortfall,” Casey said.
About Meridian Investments, Inc.: http://www.meridianinvestments.com
Meridian Investments, Inc. was established in 1981 as an NASD Broker/Dealer licensed to sell direct participation programs and other forms of securities. Meridian is a national leader in placing corporate investors in the following tax-advantaged investments codified by the IRS: Affordable Housing (S42), Historic Rehabilitation (S47); Alternative Fuels (S29); Renewable Energy (S45); Like-kind Exchanges (S1031); New Markets Tax Credits (S45D); Tax Credit Remarkets. The Meridian Companies have serviced over 200 institutional and Fortune 500 clients, placing in excess of $16 Billion of institutional tax credit equity.
About R4 Capital LLC: http://www.r4cap.com
R4 Capital is a proven team of affordable housing leaders whose collective history includes origination, underwriting, and management of more than $12 billion of LIHTC investments for more than 100 corporate investors. We have provided competitively structured capital for developers in over 2,000 transactions for over 25 years. We build enduring relationships. Our clients count on us to think long term. They know we care about their businesses and will provide capital solutions to secure their futures.
R4 Capital is a subsidiary of Regis Group (Holdings) Limited of London, a 60-year-old privately held residential property investment firm. Regis Group, with its affiliates, generates annual revenues in excess of $290 million and manages more than $17 billion of US multifamily assets. In the US, the Regis Group operates through Regis USA, a group of integrated multifamily and residential real estate companies comprising R4 Capital, Recap Real Estate Advisors and Riverstone Residential Group.
Contact Information
John P. Casey
Meridian Investments, Inc.
http://www.meridianinvestments.com
301-983-5000
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May 2024 Meridian Investments, Inc. is pleased to announce the final closing of R4 Housing Partners XXI, LP. R4 Housing Partners XXI, LP raised $296,800,000 of investor equity and will acquire interests in twelve affordable multi-family rental properties located in ten states: Alaska, California, Georgia, Iowa, Illinois, Louisiana, Maryland, Minnesota, Missouri, and Texas. Eight of the fund’s thirteen investors have invested in prior R4 offerings. When completed the [twelve] identified projects will result in the creation and preservation of 2,320 affordable housing units for families and seniors. The closing of R4 Housing Partners XXI, LP increases R4 Capital’s affordable housing AUM to over $5.5 billion with over 120 investors. About Meridian Investments, Inc. Meridian Investments, Inc., a FINRA registered broker dealer and advisor founded in 1981, has completed over $37 Billion in equity placements to over 250 institutional investors. Meridian, a provider of placement agency services for the primary and secondary LIHTC market, as well as the renewable and alternative energy tax credit equity market, has offices in Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
March 2024 Bethesda, MD - Meridian Investments, Inc. is pleased to announce the final closing of R4 California Housing Partners VIII, LP. R4 California Housing Partners VIII, LP raised $120,500,000 investor equity and will acquire interest in five affordable multi-family rental properties located in the state of California. Ten of the fund’s twelve investors have invested in prior R4 offerings. When completed the five identified projects will result in the creation and preservation of 431 affordable housing units for families, and families of special needs veterans who are facing homelessness. The closing of R4 California Housing Partners VIII, LP increases R4 Capital’s affordable housing AUM to over $5.0 billion with over 115 investors. About Meridian Investments, Inc. Meridian Investments, Inc., a FINRA registered broker dealer founded in 1981.
May 2024 Meridian Investments, Inc. is pleased to announce the final closing of R4 Housing Partners XXI, LP. R4 Housing Partners XXI, LP raised $296,800,000 of investor equity and will acquire interests in twelve affordable multi-family rental properties located in ten states: Alaska, California, Georgia, Iowa, Illinois, Louisiana, Maryland, Minnesota, Missouri, and Texas. Eight of the fund’s thirteen investors have invested in prior R4 offerings. When completed the [twelve] identified projects will result in the creation and preservation of 2,320 affordable housing units for families and seniors. The closing of R4 Housing Partners XXI, LP increases R4 Capital’s affordable housing AUM to over $5.5 billion with over 120 investors. About Meridian Investments, Inc. Meridian Investments, Inc., a FIN RA registered broker dealer founded in 1981, has completed over $37 Billion in equity placements to over 250 institutional investors. Meridian, a provider of placement agency services for the primary and secondary LIHTC market, as well as the renewable and alternative energy tax credit equity market, has offices in Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
November 2023 Bethesda, MD - Meridian Investments, Inc. is pleased to announce the closing of R4 San Jose Housing Partners II, LP. R4 San Jose Housing Partners II, LP raised $60,300,000 of investor equity and will acquire interest in one affordable multi-family rental property located in San Jose, California. Three of the fund’s four investors have invested in prior R4 offerings. When completed the identified project will result in the creation and preservation of 271 affordable housing units for families. The closing of R4 San Jose Housing Partners II, LP increases R4 Capital’s affordable housing AUM to over $4.5 billion with over 110 investors. About Meridian Investments, Inc. Meridian Investments, Inc., a FINRA registered broker dealer founded in 1981.
July 2023 Meridian Investments, Inc. is pleased to announce the final closing of R4 Housing Partners XIX, LP. R4 Housing Partners XIX, LP raised $257,500,000 of investor equity and will acquire interests in fifteen affordable multi-family rental properties located in twelve states: California, Colorado, Kentucky, Louisiana, Massachusetts, Minnesota, Mississippi, New Mexico, Nevada, Oregon, Pennsylvania, and Texas. Eight of the fund’s fifteen investors have invested in prior R4 offerings. When completed the fifteen identified projects will result in the creation and preservation of 1,974 affordable housing units for families, seniors, as well as families that have individuals with serious mental illness, and individuals with substance abuse disorder or co-occurring diagnoses. The closing of R4 Housing Partners XIX, LP increases R4 Capital’s affordable housing AUM to over $4.5 billion with over 110 investors. About Meridian Investments, Inc. Meridian Investments, Inc., a FINRA registered broker dealer and advisor founded in 1981, has completed over $37 Billion in equity placements to over 250 institutional investors. Meridian, a provider of placement agency services for the primary and secondary LIHTC market, as well as the renewable and alternative energy tax credit equity market, has offices in Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
March 2022 Meridian Investments, Inc. is pleased to announce the closing of R4 Housing Partners XVII, LP. R4 Housing Partners XVI, LP raised $261,800,000 of investor equity to date and will acquire interests in eighteen affordable multi-family rental properties located in fourteen states: Arkansas, California, Colorado, Florida, Georgia, Indiana, Kentucky, Louisiana, Maine, Michigan, Minnesota, New Mexico, Tennessee, and Virginia. Eighteen corporations invested in the fund. Eleven of the fund’s eighteen investors have invested in prior R4 offerings. When completed the seventeen identified projects will result in the creation and preservation of 2,123 affordable housing units for families, seniors, and homeless or formerly homeless individuals. At least eleven of the identified seventeen properties will provide various supportive services on-site to the residents at no additional cost. Supportive services to be provided will include adult education and literacy programs, employment assistance, afterschool programs for children including tutoring, health and nutrition programs, shuttle services, financial literacy assistance including homeownership and household budgeting programs. The closing of R4 Housing Partners XVII, LP increases R4 Capital’s affordable housing AUM to nearly $4.5 billion with over 100 investors. R4 Capital closed approximately $750 million in LIHTC investor equity for 2021. Meridian Investments, Inc., a FINRA registered broker dealer founded in 1981, has completed approximately $25 Billion in equity placements to over 175 institutional investors. Meridian, a provider of placement agency services for the primary and secondary LIHTC market, as well as the renewable and alternative energy tax credit equity market, has offices in Boston, Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
December 2022 Meridian Investments, Inc. is pleased to announce the final closing of R4 California Housing Partners VII, LP. R4 California Housing Partners VII, LP raised $127,250,000 of investor equity and will acquire interest in nine affordable multi-family rental properties located in the state of California. Nine of the fund’s twelve investors have invested in prior R4 offerings. When completed the nine identified projects will result in the creation and preservation of 719 affordable housing units for families, seniors, and people with special needs. The closing of R4 California Housing Partners VII, LP increases R4 Capital’s affordable housing AUM to over $4.5 billion with over 110 investors. About Meridian Investments, Inc. Meridian Investments, Inc., a FINRA registered broker dealer and advisor founded in 1981, has completed over $37 Billion in equity placements to over 250 institutional investors. Meridian, a provider of placement agency services for the primary and secondary LIHTC market, as well as the renewable and alternative energy tax credit equity market, has offices in Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
August 11, 2021 Meridian Investments, Inc. is pleased to announce the closing of R4 Miami Housing Partners II, LP. R4 Miami Housing Partners II, LP raised $80,375,000 of investor equity and will acquire interests in a 578-unit mixed-use apartment development located in Miami, FL. Four corporate investors participated in the closing, each of whom has invested in prior R4 offerings. When completed the project will provide 555 affordable housing units for seniors and 23 affordable rental units for families. This affordable housing project is located within a mixed-use development known as Block 55 at Sawyer’s Walk. The affordable rental units are part of the larger project comprised including retail, and a 925-space parking structure. The retail tenant roster will include Target, ALDI, Ross Dress for Less, Burlington Coat and Five Below. The closing of R4 Miami Housing Partners II LP increases R4 Capital’s affordable housing equity investments to over $4.0 billion from nearly 100 investors. Through August, R4 Capital has closed more than $525 million in LIHTC investments for 2021. R4 Capital’s subsidiary, R4 Capital Funding, provided approximately $200 million of construction to permanent tax-exempt debt financing for the project. Since 2016, R4 Capital Funding has originated and services on behalf of investors more than $1.9 billion of tax-exempt multi-family debt, which has resulted in the construction and preservation of over 13,700 units of affordable housing across 21 states and the District of Columbia. Meridian Investments, Inc., a FINRA registered broker dealer founded in 1981, has completed approximately $25 Billion in equity placements to over 175 institutional investors. Meridian, a leader in primary and secondary LIHTC transactions and renewable and alternative energy tax credit equity, has offices in Boston, Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
July 22, 2021 Meridian Investments, Inc. is pleased to announce the closing of R4 Housing Partners XVI, LP. R4 Housing Partners XVI, LP raised $325,325,000 of investor equity and will acquire interests in twenty-three affordable multi-family rental properties located in sixteen states. Nineteen corporate investors participated in the fund. Thirteen of the fund’s nineteen investors have invested in prior R4 offerings. When completed the twenty-three projects will result in the creation and preservation of 2,582 affordable housing units for families, seniors, veterans, homeless or formerly homeless individuals, victims of domestic abuse, and persons with special needs. At least fifteen of the twenty-three properties will provide various supportive services on-site to the residents at no additional cost. Supportive services to be provided will include adult education and literacy programs, employment assistance, afterschool programs for children, health and nutrition programs, financial literacy assistance including homeownership and household budgeting programs. The closing of R4 Housing Partners XVI, LP increases R4 Capital’s affordable housing AUM to over $4.0 billion for approximately 100 investors. Through July, R4 Capital has closed more than $427 million in LIHTC investments for 2021. Meridian Investments, Inc., a FINRA registered broker dealer founded in 1981, has completed approximately $25 Billion in equity placements to over 175 institutional investors. Meridian, a leader in primary and secondary LIHTC transactions and renewable and alternative energy tax credit equity, has offices in Boston, Washington, D.C., Atlanta, Chicago, and Louisville. https://www.meridiancompaniesllc.com
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