Greenwich-based affordable housing developers plan $450M in new projects in US, Puerto Rico

By Marlena DeFalco,

A large Greenwich-based real-estate and development company that owns and operates housing complexes from Florida to California is upping its commitment to affordable housing.

The Richman Group Affordable Housing Corporation this week announced it had raised $450 million to acquire, rehabilitate and-or build more than 50 properties across the U.S. and Puerto Rico. The funding will provide “safe, quality and affordable” rental units to more than 4,300 households, the company stated.

Read the Greenwich Times article here

The Richman Group Closes $450 Million in Three Housing Credit Funds

By Marlena DeFalco,

The Richman Group Affordable Housing Corp. announced it has raised $450 million in equity financing across three separate multi-investor affordable housing tax credit funds. Collectively, these funds will construct or acquire and rehabilitate over 50 properties and provide safe, quality, affordable rental units to more than 4,300 households.The institutional investors in these funds include the nation’s leading banks and insurance companies.

“Each fund offered a unique investment opportunity to our investors,” said Stephen M. Daley, executive vice president, who leads Richman’s equity-raising activities. “The largest of three funds offered a diversified pool of properties located throughout the U.S. The second fund will acquire properties located in the Western states and was an ideal vehicle for investors with a targeted geographic focus. The third fund will acquire properties located exclusively in Puerto Rico. This was Richman’s second Puerto Rico-focused fund and will provide much-needed housing for the island’s residents.”

To learn more about Richman’s fund, read on at Affordable Housing Finance

Metro-adjacent apartments unwrapped at 11311 Chandler in North Hollywood

By Marlena DeFalco,

Across the street from Metro’s North Hollywood Station, construction is in the home stretch for a new mixed-use apartment complex from the Richman Group.

The Chandler NoHo apartments, located at 11311 Chandler Boulevard, consist of a seven-story building that will feature 127 studio, one-, two-, and three-bedroom apartments above a CVS Pharmacy on the ground floor. Plans also call for a 218-car garage in a podium structure.

Learn more about The Chandler in this Urbanize LA article.