CREA, LLC (CREA) is pleased to announce its 2018 results, including $809 million in equity closed and an additional $317 million in equity raised or committed. This represented 73 property closings to further its mission of making affordable housing a reality. The impact of CREA’s 2018 efforts spans 29 states, where nearly 7,000 affordable homes will be preserved or created.
“The last three years have been some of the more trying times in our industry,” said Jeffrey Whiting, President & CEO. “2018 started out with significant changes to the tax code and ended with a government shutdown. We have seen investors enter and exit the market. Throughout all of 2018 we held firm to our commitments to our investor and developer relationships. As such, CREA has been able to navigate the turbulence and meet the expectations of our partners.”
In 2018, CREA closed its largest-ever National Fund, Fund 66, with commitments of up to $258.7 million. The fund supported the development of 32 projects with capital from 17 investors. CREA also closed Fund 61 ($156.6 million National Fund) and Fund 58 ($86.5 million CA Fund), adding 10 new multi-investor fund relationships. CREA was also active with 16 proprietary fund investors including five new relationships in 2018.
“We are very pleased with our activity in 2018 as we continue to see the strategic and organic growth in the syndication platform,” said Tony Bertoldi, EVP – Syndications and Investor Relations. “Heading into 2019, we have a very strong pipeline and significant raised or committed capital from our investor partners. We look forward to navigating the market in 2019 and thank our partners for their continued confidence and trust in CREA.”
With over 20 million households paying more than 30% of their income, the demand for affordable housing across the country continues to rise. CREA is committed to creating communities of opportunity. From generating jobs that fuel the economy to creating the option for a single mom to raise her children where education, transportation, and healthcare are readily available, the impact that CREA has made goes beyond year-end results.
“Given the affordable housing crisis in our country, we are thrilled with the number of homes and jobs that we were able to play a part in creating this past year,“ said Gary Rodney, Chairman. “Regardless of economic background, everyone deserves a safe, decent place to live. The greater impact of our work for individuals within these affordable communities is what matters most and drives our mission.”