About Citi Community Capital
Citi Community Capital (“CCC”) is the community lending and investing arm of Citi. It is housed in the Municipal Securities Division of Citi’s Institutional Clients Group. Unique among its peers, CCC provides a comprehensive array of financial products, from investment banking to lending and equity investment, designed to create strong communities and contribute toward Citi’s Community Reinvestment Act performance. Read more >
Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit developers, Community Development Financial Institutions, and state and local government agencies.
Our financings may employ a combination of taxable and tax-exempt loans or bonds; Low Income, Historic or New Markets Tax Credits; and government and private subsidies. CCC can provide capital directly or as an intermediary. We are a construction lender and a permanent lender, a Fannie Mae and Freddie Mac mortgage banker, and principal in unique equity investments – all designed to improve neighborhoods, create jobs, or improve the health care services or educational opportunities available to the communities we serve.
The projects we finance serve special needs populations including our nation’s homeless population, seniors and those with disabilities, as well as low income families and individuals. We are the leading investment banker, lender or equity provider in many of the areas in which we participate, and are generally acknowledged to be among the most creative and innovative firms in the industry.
We work throughout the country from 13 offices and have been the #1 affordable housing lender in the United States in each of the past six years as reported by Affordable Housing Finance magazine. That success is due in large part to having the strongest, most innovative team of professionals in the country. Our work doesn’t just stop when we originate, structure and close a transaction; we have full underwriting, asset management and support groups that analyze and manage our transactions from closing through construction and during the life of the asset or program we’ve financed. Portfolio, risk management and finance professionals ensure that our activities remain within our economic and risk thresholds. With Citi’s capital committing capability and team of experienced professionals, we are able to provide financing solutions that are specifically designed to meet each client’s needs.
- Pittsburgh, PA – Closed an $18.2 million permanent loan which will renovate Carson Towers, a 133-unit senior affordable housing property originally constructed in 1900, and preserve its affordability for an additional 20 years.
- 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.