CREA, LLC (CREA), a national LIHTC syndicator, closed a total of $634 million in investor equity in 2017, creating more than 5,500 affordable housing units nationally. CREA also raised an additional $292 million of committed equity providing a strong start to 2018.
Gary Rodney, Chairman said “CREA had an incredible 2017 thanks to the valued partnerships with our investor and developer clients. We substantially increased the total amount of equity raised, expanded our pool of investors and developers, and expanded into new markets. This is even more compelling considering the uncertainty that tax reform created in the market this past year. I would like to thank our invaluable staff, investors, and development partners for helping us accomplish so much this year.”
CREA added seven new investors as well as 20 new developer relationships and broadened its national coverage by two additional states: Nebraska and Rhode Island. CREA now has properties in 47 states and the U.S. Virgin Islands.
In addition, CREA is pleased to announce the closing of CREA Corporate Tax Credit Fund 57, LLC (“Fund 57”) in December with total capital raised of $199.3 million from 10 investors; eight of which are repeat relationships for CREA.
Jeffrey A. Whiting, President and CEO states, “In an uncertain market we are appreciative that our investors and development partners trusted us with their investments and properties in Fund 57. As we watched last year unfold, we adhered to our fundamentals of transparency and open communication. We are particularly pleased that we reached record volume at CREA and we are looking forward to 2018.”
Fund 57 is fully specified with 27 properties in 18 states, creating 2,320 units of affordable housing, while also expanding CREA’s developer base with the addition of eight new developer relationships. The fund offered five investment classes for economic and CRA motivated investors.