CIM and Bryant Group Push Capacity for Affordable Housing Fund Past $315M
CIM Group and Bryant Group Ventures' Affordable Housing Impact Fund (AHIF) has secured a new commitment from KeyBank. Additionally, this has forced Truist Bank and Flagstar Bank to upsize their commitments to take total investment capacity in excess of $315 million.
This marks the latest close for the fund, which is focusing on preserving existing housing in the nation and supporting communities.
The two firms are partnered through an initiative, CIM-BGV Impact Ventures, which, like the fund, is investing and preserving affordable housing. CIM is leveraging its experience in both real estate infrastructure and credit, while its partner is leaning on its founder, John Hope Bryant, who has a track record for investment and business, which includes an understanding of economics and financial empowerment.
The CIM-BGV venture also concentrates on ground-up developments and acquisitions of existing properties.
"KeyBank is pleased to support the CIM-BGV Affordable Housing Impact Fund and its efforts to expand access to affordable and attainable housing," Celia Smoot, senior vice president and head of equity originations at KeyBank, said in a statement.
"This commitment reflects our longstanding focus on putting capital to work with partners who help serve and strengthen our communities."
So far, the investments in AFIH are spread across the following markets: Florida, New York metro, Southern California, Washington, D.C. metro and Georgia.
Recently, The Richman Group's Richard Richman told GlobeSt. that institutional capital has not left affordable housing — but the number of investors has not kept pace with the growing volume of available tax credits. This mismatch is driving up yields and dropping the price per credit.
Source: GlobeSt/ALM