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 community development expertise with industry leading capital markets capabilities to offer financial solutions to preserve and build stronger communities. Read more >
It is our mission to be the preferred financial partner for affordable housing developers, non-profits and governmental entities that focus on community development. We provide our customers with a distinctive, remarkable experience based on world class responsiveness, customer service, creativity and superior execution. We accomplish this mission while delivering consistent and impactful CRA results, superior financial performance for Citi and a rewarding experience for our employees.
Citi continued its reign as No. 1 in Affordable Housing Finance Magazine’s annual survey of affordable housing lenders for the sixth consecutive year, having provided over $3.2 billion of lending to finance affordable housing rental projects in 2014, more than any other institution. CCC's origination, structuring, asset and risk management staff across the country provides creative financing solutions designed to meet their 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.
- 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.
- Seattle, WA - Closed 5 loans providing $53MM in short term financing to pay-off the existing debt and buy-out the LIHTC partner on 5 of their existing properties.
- Minneapolis, MN – Closed a $22 million tax exempt construction loan to facilitate the construction of a mixed-use property in downtown Minneapolis, MN consisting of 150 affordable housing units in five floors and 14,495 square feet of retail space on the first floor, all over a two level underground parking garage containing 210 spaces.
- Selma, TX - Closed on a construction to permanent loan to finance the new construction of 104 units of affordable rental housing. In addition to Citi’s $8.6 million construction and $2.5 million permanent loan, Citi also provided a $1 million Subordinate Loan. 92% of the units are set-aside for individuals or families whose income is no greater than 60% of area median income. Approximately 38% of the units are further restricted to tenants earning no more than 50% of Area Median Income and approximately 10% are restricted to tenants earning no more than 30% of area median income.