National Equity Fund (NEF) has finalized a $444 million transaction aimed at preserving over 2,700 affordable housing units. This deal, involving properties in Albuquerque and Portland, marks the largest single preservation effort in NEF's history. The investment was made in collaboration with Guardian Real Estate Services.
Daryl Shore, senior vice president of structured finance at NEF, emphasized the organization's commitment to providing innovative capital solutions and fostering meaningful partnerships. "Our integrity and stability as an organization stems directly from developing deep, meaningful relationships with our partners," Shore said.
The transaction includes 13 former Low-Income Housing Tax Credit (LIHTC) properties, ensuring that 93% of the 2,740 units remain affordable. For Guardian Real Estate Services, this acquisition represents a significant expansion into New Mexico while strengthening its presence in Oregon. Tom Brenneke, President of Guardian, noted that the partnership with NEF is crucial for safeguarding homes and expanding their reach.
NEF has been expanding its capabilities to address the affordable housing crisis by focusing on structured finance practices that support both preservation and workforce housing development. Last year alone, NEF facilitated nearly $900 million in structured finance investments.
JPMorganChase served as the capital partner for this investment. This collaboration highlights both organizations' dedication to preserving affordable housing across the nation. Brandon McCall, vice president of structured finance at NEF, mentioned their continuous efforts to build relationships aligned with their mission to address challenges within the affordable housing ecosystem.
Recently, NEF also completed a preservation equity investment with Community HousingWorks and the California Housing Finance Agency (CalHFA), marking CalHFA's first preservation transaction of this kind.
Since its founding in 1987, National Equity Fund has invested over $27.2 billion in nearly 260,000 new or preserved affordable homes nationwide. More information about NEF's initiatives can be found on their website: www.nefinc.org.
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