CREA Concludes a Successful First Half of 2019
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CREA Concludes a Successful First Half of 2019

As CREA enters the second half of 2019, it pauses to celebrate the success found in the first half of the year. On May 3, CREA closed California Tax Credit Fund 70, LP (“Fund 70”), followed by the closing of Corporate Tax Credit Fund 72, LLC (“Fund 72”) on June 26. They also partnered with six active proprietary investors in the first half of the year.

Proprietary fund relationships have been a key component of CREA’s syndication platform since its inception. CREA currently manages 18 active proprietary funds across the country, partnering with investors on debt and equity executions. During the first half of the year, they closed on 10 separate transactions in six funds and have procured a healthy pipeline of signed and pending LOI’s for another five proprietary funds.

“Our market seems to be in a steady state phase after a couple of years of turmoil related to tax reform,” said Tony Bertoldi, Executive Vice President – Syndications and Investor Relations. “We are thankful for the continued partnership with our investors and their ability to execute.”

CREA’s largest California fund to date, Fund 70, raised $103.4 million and is comprised of nine investors – six repeat and three new investors. Fund 70 is specified with 11 properties and four new developer client relationships.

“We are grateful to the investors and developers who continue to place their trust and confidence in CREA,” said Jeff Whiting, President and CEO. “Our industry is remarkably resilient, and we are optimistic as we look toward the balance of the year.”

Marking its 22nd multi-investor and 17th national fund, $182.2 million was raised in Fund 72 with 13 different investors. Of the 13 investors, 12 were repeat and one was a new investor relationship. Fund 72 is fully specified with 24 properties spanning 15 states. CREA was also able to grow its pool of developer clients by adding seven new relationships.

“The market is signaling long overdue stability and our pipeline activity is demonstrating marked improvement,” said Charles Anderson, Executive Vice President – Acquisitions. “We are genuinely inspired by the loyalty and resolve of our developer clients.”

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