WNC Raises $210M in Affordable Housing Funds
The company has closed on two LIHTC vehicles to develop and renovate more than 1,900 units across the U.S.
Affordable housing investor WNC has closed on $210 million in institutional low-income housing tax credit (LIHTC) funds to develop and renovate more than 1,900 affordable units across the U.S. The equity was raised across two funds, WNC Institutional Tax Credit Fund 47 LP (WNC Corp. 47) and WNC Institutional Tax Credit Fund 10 California Series 17 LP (CA 17). The two funds raised $134.6 million and $75.5 million in equity, respectively.
The properties to be funded are located in Arkansas, California, Colorado, Connecticut, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Virginia and Wyoming. The communities include multifamily and senior housing across urban, suburban and rural areas.
Notable projects in WNC Corp. 47 include Mason Square Apartments II, which involves the adaptive reuse of two adjacent historic buildings in Springfield, Mass. First Resource Cos. is developing the project at 837 State St., which will deliver 60 new apartment units and rehabilitate 139 existing units built in 1980. The overhaul of the former Indian Motorcycle manufacturing complex and Mason Square Fire House forms part of a local redevelopment effort.
Among the projects that will be funded by CA 17 is Park Western Estates in San Pedro, Calif. The 216-unit community in Los Angeles County includes 112 market-rate units that were converted to affordable housing and as well as rare four-bedroom units. Hunt Real Estate Capital recently provided a $64.1 million Fannie Mae affordable multifamily loan for the property’s acquisition by SDG Housing Partners. In partnership with Affordable Housing Access, the borrower will undertake a 14-month renovation program for the property.