TCAM Advises on Guaranteed Fund Transaction

TCAM today announced that an institutional client advised by TCAM has reached an agreement for the release of the client’s obligations under a tax credit guarantee. TCAM’s client has provided a yield guarantee to the investor in a large portfolio of properties generating low income housing tax credits. As the properties are now stabilized and performing well, the investor has agreed to release the guarantee in exchange for negotiated consideration.

The agreement addresses part of the client’s exposure. Discussions are proceeding with the other investors in fund portfolios for which TCAM’s client has provided a guarantee.

“The agreement reached serves the purposes of both the investor and the guarantor,” said TCAM CEO Jenny Netzer. “We are pleased to have helped our client sort through the complexities of its tax credit exposure to find a unique solution that benefits both parties.”

TCAM provides asset management and consulting services for investors, syndicators, owners, lenders, housing finance agencies and authorities and guarantors. Overall, TCAM has provided services to clients for over 940 properties comprising 135,000 apartment units in 46 states, Washington, D.C., and Puerto Rico, representing in excess of $6.6 billion of client capital.

TCAM is owned by QuietStream Financial. QuietStream Financial’s companies provide alternative asset management services and structured finance products for real estate borrowers, financial institutions and investors.