‘Foong on Finance’ with Keat Foong: Centerline’s Schnitzer to Head New Venture

As we know, prices for Low Income Housing Tax Cred...

As we know, prices for Low Income Housing Tax Credits (LIHTC) have come down considerably. Marc Schnitzer is making a move to help players take advantage of what can be a great time to invest in LIHTC properties.

Schnitzer, Centerline Capital Group’s CEO and president, is leaving Centerline to join an affiliate of Island Capital Group LLC. At his new company, Schnitzer will establish and lead a business venture to help investors take advantage of the favorable terms in the Low Income Housing Tax Credit market.   

“Tax credit market conditions have created unique opportunities for savvy investors to take advantage of historically attractive deal terms and risk adjusted yields,” states Schnitzer, a 24-year veteran of the industry. He says he would make the opportunities available to new and experienced investors alike.

And–distressed opportunities are not overlooked. Schnitzer would also help identify distressed real estate in the LIHTC sector for his clients.

Island Capital is a real estate merchant banking firm established in 2003 and the parent company of C-III Capital Partners LLC and Anubis Advisors. In a comprehensive restructuring transaction completed March 5, 2010, C-III Capital became a 40-percent owner of Centerline, and Island Centerline Manager LLC, a wholly-owned subsidiary of Anubis, became the external manager of Centerline.

Schnitzer has been part of Centerline, and its predecessor companies, Related Capital Company and CharterMac, since 1986, where he assembled and led a team that raised and deployed $10 billion of investor equity in a portfolio of more than 1,400 Low-Income Housing Tax Credit (LIHTC) properties. In his new role, he will establish and lead a new business venture to expand the investor base in the affordable housing industry.