CREA, LLC is Pleased to Announce the Closing of CREA Corporate Tax Credit Fund 48 with Total Capital Raised of $224.8 Million
CREA, LLC (CREA) is pleased to announce the closing of CREA Corporate Tax Credit Fund 48, LLC (“Fund 48”) with total capital raised of $224.8 million from 12 investors; ten of which are repeat relationships for CREA. Since inception, CREA has raised over $3.2 billion in LIHTC equity in 48 corporate funds.
Jeffrey A. Whiting, President and CEO states, “We are extremely pleased with the level of commitment that our investors and developers have shown CREA. It is the assurance from our partners that allows CREA to continue to provide capital for affordable housing throughout the United States.”
The fund is fully specified with 30 properties in 13 states, creating 2,676 units of affordable housing, while also expanding CREA’s developer base with the addition of five new developer relationships. There were four investment classes offered: Premium, Class CRA I, Class CRA II and Class CRA III. Approximately 57% of the fund was claimed for CRA.
Tony Bertoldi, Executive Vice President of Syndication & Investor Relations offers the following, “The underwriting and closing of CREA Fund 48 came at an interesting time for us. Our investors were patient and diligent during that process. We are very pleased to have the fund closed and extremely thankful for the partnerships we have with our investors.”