CDT Reaches $1B in Cumulative Investments on Organization’s 15th Anniversary
- Jul 23, 2014
New York—The nation’s first and largest private REIT, Community Development Trust, has announced that it has surpassed the $1 billion mark in cumulative investments in affordable housing after closing on a $40 million portfolio in California. The accomplishment coincides with the organization’s 15-year anniversary.
“We’ve come a long way, from our first deal in affordable housing 15 years ago, which impacted 35 families, to our most recent investment, which has extended our total reach to nearly 35,000 families,” says CDT President and CEO Joseph Reilly. “Providing over 100,000 people with safe, affordable housing is absolutely our proudest accomplishment to date, and we look forward to growing that number over the next 15 years.”
Total investments at CDT, which have surpassed the $1 billion mark, are about evenly split between equity properties, which total more than 6,800 units, and mortgage loan investments.
The $40 million California deal was a loan portfolio purchase from long-time customer California Community Reinvestment Corporation (CCRC) and Community Development Financial Institution (CDFI), which has been a partner of CDT since its inception.
In addition to that transaction, CDT added two forward commitments to its debt program in New York. The first was a $9.3 million forward commitment at the 98-unit Wincoram Commons in Coram, N.Y., and the second was a 30-month forwarded commitment of $5.2 million to the 56-unit Grant Park development in Yonkers, N.Y., which was executed in May. The pair of properties, combined with CDT’s redevelopment of Ocean Towers represents its growing investment activity in the state.
“Over the past 15 years, CDT has seen growth both in the size of our portfolio and in the complexity of our projects,” Reilly says. “However, despite, and maybe even because of this progress, we have also managed to maintain a level of consistency in our work. We pride ourselves on creating relationships for the long-term, and that is apparent in both our work and in our investor relations.”