TCAM, a leading investment manager and consultant in the affordable housing industry, today announced its role in the recent acquisitions by the Housing Partnership Equity Trust (“Equity Trust” or “HPET”) of Damen Court Apartments, a 150-unit Section 8 property in Chicago, Illinois and Mallard Point Apartments a 173-unit development in Channahon, Illinois. The Equity Trust worked with Hispanic Housing Development Corporation (“HHDC”) to acquire Damen Court and Mallard Point, preserving critical affordable housing.
As part of our ongoing engagement with the Equity Trust, TCAM provided underwriting and due diligence services for the acquisitions. These are the latest acquisitions for HPET, an investment vehicle created by the Housing Partnership Network and 12 nonprofit housing developers to preserve affordable rental homes for families, seniors and others with low and modest incomes. This innovative approach to attracting new sources of private equity to the affordable housing space launched in 2013 with investments from Prudential Financial, Inc., Citi, Morgan Stanley, the John D. and Catherine T. MacArthur Foundation, and the Ford Foundation. HPN and the 12 nonprofit members of the REIT are also investors.
In addition to underwriting and due diligence services, TCAM supports clients engaged in a number of other transactions. TCAM has helped clients dispose of properties and limited partnership interests, and has managed workouts on behalf of investor clients. “Affordable housing transactions are complex and time-consuming,” said Chief Executive Officer Jenny Netzer. “TCAM’s participation helps clients manage their time and achieve better results.”
TCAM’s clients include capital providers for affordable housing with and without low income housing tax credits. Clients are major financial institutions, investors, insurance companies, affordable housing lenders, LIHTC syndicators, guarantors, owners and developers, investment funds, large urban housing authorities and state housing finance agencies. To date, 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 (https://www.quietstreamfinancial.com/). QuietStream Financial’s companies provide alternative asset management services and structured finance products for real estate borrowers, financial institutions and investors.