BOSTON, MA – TCAM today announced the successful completion of several underwriting and due diligence assignments for the Housing Partnership Equity Trust (“HPET”). Most recently, TCAM helped HPET close the acquisition of Quail Run, a 104-unit LIHTC property in San Leandro, California. HPET worked with Eden Housing to acquire this property and preserve critical affordable housing. Quail Run was the 16th acquisition to date by HPET, with TCAM’s underwriting and due diligence assistance (HPET Press Release 4.3.2018).
The other two acquisitions closed by HPET with TCAM underwriting assistance in the past 6 months were as follows:
• Pacific Villas Apartments, a garden-style rental property in Stockton, California, comprised of 86 units in seven garden style buildings, with LINC Housing Corporation (LINC) (HPET Press Release 12.20.2017).
• Courtyard at Encanto, a rental property in Phoenix, Arizona, comprised of 160 units in 12 two-story garden style buildings, with Chicanos por la Causa (CPLC) (HPET Press Release 11.17.2017).
HPET (http://hpequitytrust.com/) is an investment vehicle created by the Housing Partnership Network (http://housingpartnership.net/) and a group of nonprofit housing developers to preserve affordable rental homes for families, seniors and others with low and modest incomes. This innovative approach to attracting new sources of private equity to the affordable housing space was launched in 2013 with investments from Prudential Financial, Inc., Citi, Morgan Stanley, the John D. and Catherine T. MacArthur Foundation and the Ford Foundation. HPN and the 14 nonprofit members of the REIT are also investors.
TCAM (http://www.tcamre.com) provides similar underwriting and due diligence services to other clients acquiring properties or partnership interests. TCAM also provides analytical support to clients disposing of properties and limited partnership interests, and has managed workouts on behalf of investor clients. TCAM’s clients include capital providers for affordable housing with and without low income housing tax credits. Clients are major financial institutions, investors, insurance companies, affordable housing lenders, LIHTC syndicators, guarantors, owners and developers, investment funds, large urban housing authorities and state housing finance agencies. Overall, TCAM provides services for 1,677 properties comprising 176,837 apartment units in 48 states, Washington, D.C., and Puerto Rico, representing in excess of $5 billion of client capital.
TCAM is headquartered in Boston, MA and is owned by its employees and QuietStream Financial (http://quietstreamfinancial.com/). QuietStream Financial serves commercial real estate owners and related professionals with a portfolio of innovative businesses.