PHILADELPHIA, PA – May 6, 2021 – Berkadia announced today the recent closing of Berkadia Affordable Housing West Coast Partners 2021 LP, a $70 million multi-investor Low-Income Housing Tax Credit fund. The fund includes six institutional investors and will support the creation of 312 affordable homes across multiple properties in the state of California.
“Berkadia has made significant investments to tackle the affordable housing crisis and to be a leader in the market,” said David Leopold, SVP and Head of Berkadia Affordable Housing. “The closing of this fund exemplifies our commitment to this mission.”
The properties will serve residents earning between 30%-60% AMI in Los Angeles, Riverside, and Sonoma counties. The investment to these communities will provide jobs, as well as much-needed quality affordable housing, to residents in these counties. “We are grateful for our partnerships with new and repeat investors of this fund and the opportunity to deliver capital that will provide safe, affordable homes to families in California,” said Marge Novak, SVP and Head of Capital Markets for Berkadia’s Affordable tax credit syndication business.
With over $1 billion of active tax credit syndications currently in our portfolio, Berkadia’s LIHTC syndication team has helped finance the development of more than 9,470 units of affordable housing across more than 97 properties. In 2020, Berkadia had over $2.46 billion in affordable housing transaction volume across its three business lines comprised of mortgage banking, investment sales, and tax credit syndication.