RICHMAC Funding LLC (RICHMAC), a national multifamily housing mortgage lender and an affiliate of The Richman Group of Companies (Richman), announced today that it provided over $360 million in loans in 2016 to develop nearly 4,000 units of affordable housing across the country.
This is only the second full year of operations for RICHMAC as a Freddie Mac, FHA, and Fannie Mae lender.
It is managed by Mathew Wambua, former commissioner of the New York City Department of Housing Preservation and Development.
RICHMAC’s loans support new construction, preservation and acquisition loans for low-income properties, including 2,900 units of extremely low-income housing, and mixed income development.
The lender has become know for its work with complex, highly structured deals with numerous public and private counterparties.
“We are thrilled to have come out the gate strong and proud to have worked with mission-driven clients across the country, from New York to California, to fund affordable housing development,” said Mathew Wambua, managing director, RICHMAC Funding.
Properties closed on in 2016 have over $800 million in development costs and include:
Crossing at Jamaica Station, Queens; developed by BRP Companies with 539 mixed income units
New Settlement Apartments, Bronx; developed by Settlement Housing Fund, Inc. with 454 affordable units
Carmen Parsons & Judge Gilbert Ramirez, Bronx; developed by New Vision Community Redevelopment with 194 affordable units
Grace Towers Apartments, Brooklyn; developed by Omni New York, LLC with 168 affordable units
Plaza Residences, Brooklyn; developed by Omni New York, LLC with 385 affordable units
John Paul II Apartments, Bronx; developed by New York Catholic Homes, Inc. with 69 affordable units
Target V Apartments, Bronx; developed by Omni New York, LLC with 83 affordable units
In 2016 RICHMAC also supported the development of five affordable housing developments with nearly 540 units across Texas, a 302-unit development in Los Angeles, 160-unit building in Columbus, Ohio, a 130-unit development in Puerto Rico, and nearly 400 units in Yonkers, NY.
“Richmac has come out of the gate very quickly. I think a lot of their early success relates to their ability to come up with outside the box solutions to difficult problems while working on highly complex deals which have significant public and private counterparty involvement.” said Chuck Brass, partner, Forsyth Street, a real estate and consulting firm.
RICHMAC is working on expanding significantly during 2017, broadening its geographic reach, diversifying its core products to reach an even broader set of needs for affordable housing developers, and continuing to grow all their GSE platforms.
“Having the Richman brand support us has enabled us to do more and we are looking forward to an even more successful 2017,” concluded Wambua.