R4 Capital, a national affordable housing tax-credit syndicator, lender, and asset manager, and R4 Capital Funding (R4CF), R4’s tax-exempt lending platform, announced in 2024 that it surpassed $10.6 billion in equity and mortgage financing since being founded. This was a significant year, marking the most equity closed in a single year, the largest mortgage loan volume closed in a single quarter, and the most important single asset equity investment in the company’s history.
R4 Capital had closed $860 million of equity in 2024 from 50 institutional investors, including 12 new R4 clients. Since 2012, R4 has raised and managed over $6.6 billion in LIHTC equity from 138 institutional investors across 37 multi-investor and 13 proprietary funds.
Last year, R4CF provided $691 million of construction and permanent mortgage capital to build or preserve 3,828 affordable housing units.
Since its founding in 2016, R4CF has provided more than $4 billion in mortgage loans, financing the construction and preservation of over 24,500 affordable housing units across 30 states and Washington, DC. Last year, R4 closed 56 transactions across all business lines, driven by strong collaborations with longstanding and new developer partners. This year also marked the closing of R4’s most significant LIHTC equity investment to date, for which the Company raised $100 million from six investors to finance the construction of much-needed housing in the heart of Silicon Valley.
KEY QUOTES:
“This is the most capital we have deployed in a single year, which is especially gratifying in lieu of the added challenge of an election year.”
– Jason Gershwin, Managing Director and Director of Fund Management
“2024 represents the platform’s second largest year of capital deployed in our nine-year history. Given the industry-wide challenges of rising interest rates with severe construction cost inflation, our accomplishment speaks to R4’s commitment to providing a highly responsive, streamlined, and creative mortgage platform benefiting both our investor and developer clients.”
– R4CF President James Spound
