The Richman Group Affordable Housing Corporation, a sponsor of equity funds for affordable housing, has closed a $166 million fund.
Fund 89 will include a diversified portfolio of properties located in 18 states.
Investors in Fund 89 included 11 institutional investors comprised of insurance companies and banks.
Richman also closed a $125 million fund, Fund 95, with four banking institutions as investors.
It will specifically target for acquisition affordable housing tax credit projects in the five boroughs of New York City.
Richman is the eighth largest owner of affordable and market rate rental property in the U.S.
Stephen M. Daley, executive vice president of Richman, “Fund 89 was a nationally diversified fund while Fund 95’s targeted acquisitions were limited to New York City. Richman’s lengthy experience in the affordable housing industry and its acquisitions capability throughout the U.S. and its territories allows it to custom tailor funds which match the differing needs of institutional investors seeking to invest in affordable housing tax credit properties.”
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