About Citi Community Capital
Citi Community Capital (“CCC”), the community development lending and investing group of Citi, offers the industry's most comprehensive affordable housing and community development financial products. From single-project transactions to portfolio-wide solutions, CCC combines unparalleled expertise with industry-leading capital markets capabilities to offer financial solutions that build, renovate and preserve strong communities. Read more >
It is CCC’s mission to be the preferred financial partner for affordable housing developers, non-profits and governmental entities that focus on community development. This is accomplished by providing customers with a distinctive, remarkable experience based on world class responsiveness, customer service, creativity and superior execution. This mission is accomplished while delivering consistent and impactful Community Reinvestment Act (“CRA”) results, superior financial performance for Citi and a rewarding experience for employees.
Citi continues to reign as the #1 affordable housing lender according to Affordable Housing Finance Magazine, with $3-$5 billion of lending to finance affordable housing rental developments in each of the past several years. CCC's origination, structuring, underwriting, asset management and risk management staff across the country provides creative financing solutions designed to meet clients' needs. CCC helps community development financial institutions, real estate developers, national intermediaries and nonprofit organizations achieve their goals through a broad, integrated platform of debt and equity offerings.
CCC is part of the Municipal Securities Division in the Institutional Clients Group of Citi.
- Honolulu, HI – Closed a $11.7 million construction loan which will convert to a $4 million permanent loan to build 52 units of new, deeply affordable housing in the third and final phase of a new 192-unit affordable housing community.
- New York, NY – Closed an $80 million construction loan to finance 106 affordable housing rental units contained within a 70 story multi-use tower at 15 Hudson Yards on Manhattan’s West Side. This building is part of the iconic Hudson Yards project, which is the largest private real estate development in the history of the United States and the largest development in New York City since Rockefeller Center.
- Port Townsend, Bremerton and Olympia, WA – Closed a three property portfolio deal using a back-to-back, tax-exempt construction loan amount of $13,200M and a $10,400M permanent loan amount alongside a subordinate loan in the amount of $800M under the Citi Subordinate Loan Program to preserve the affordability of 125 housing units.
- Citi Community Capital closed a $42 million loan for Turner Multifamily Impact Fund (“TMIF”) to acquire Regency Pointe Apartments, a 599 unit apartment project in Forestville, MD. The 7 year fixed rate term loan was arranged through Freddie Mac’s Multifamily Loan Program. TMIF is a multi-investor equity fund focusing on preserving and enhancing naturally affordable multifamily housing properties. Regency Pointe is TMIF’s first property acquisition.
- San Diego, CA – Closed a $40.3MM short-term acquisition loan for our client to acquire a 312 unit affordable housing property. Citi also provided a $1.2MM long-term, subordinate debt loan to facilitate the acquisition and planned recapitalization for the property enabling our client to enter a new geographic market.
- Chesapeake, VA – Closed a tax-exempt loan consisting of a $13.5 million construction loan that will convert to a $9.45 million permanent mortgage. Citi also provided a $930,000 subordinate debt loan. The proceeds of the loans will finance the construction of Catalina Crossing, a 124-unit apartment building for low income families.
- San Francisco, CA – Closed a $56.7 million loan to finance the development of Mission Bay Block 7 Apartments, a 200 unit building located in San Francisco, CA. The property is adjacent to the new University of California at San Francisco medical campus. The property will provide much needed affordable housing in one of the most expensive housing markets in the country. In addition to providing a traditional construction and permanent loan Citi committed $3 million of subordinate loan catalyst funds to the transaction. The subordinate proceeds helped fill a gap in the project sources and uses and ensure the viability of the development.