MBA NewsLink Staff
Walker & Dunlop Acquires iCap Realty Advisors
Walker & Dunlop, Bethesda, Md., acquired iCap Realty Advisors, an Atlanta mortgage banking firm based that places debt for all commercial real estate asset classes.
iCap services nearly $2 billion in life insurance company loans, nearly all of which will be added to Walker & Dunlop's servicing portfolio before year end.
iCap's five bankers and brokers and their support staff have joined Walker & Dunlop's Capital Markets group, including Managing Directors Alfie Means and David Collie, who will oversee the team's origination activities. The team has historically originated between $700 million and $1 billion of annual brokered volume.
Fannie Mae Commits to Invest $145 Million in Low-Income Housing Tax Credit Funds
Fannie Mae, Washington, D.C., committed to invest up to $145 million in three Low-Income Housing Tax Credit funds to provide a source of capital for affordable rental housing in underserved markets. The new funds are Cinnaire Fund for Housing LP 33, Ohio Equity Fund for Housing LP XXVII and MHEG Fund 50 LP.
Cinnaire Fund for Housing
Fannie Mae committed to invest up to $35 million in the Cinnaire Fund for Housing LP 33 with Cinnaire Corp. The fund manages $150.8 million and will invest in partnerships that own LIHTC properties located in Illinois, Indiana, Michigan, Minnesota and Wisconsin.
Ohio Equity Fund for Housing
Fannie Mae committed to invest up to $50 million in Ohio Equity Fund for Housing LP XXVII with Ohio Capital Corp. The total amount of the fund will be $250 million to $275 million. Ohio Equity Fund will invest in LIHTC housing projects in Ohio, Indiana, Michigan, Kentucky, Pennsylvania, Tennessee and West Virginia.
Fannie Mae committed to invest up to $60 million in MHEG Fund 50 LP with Midwest Housing Equity Group. The fund manages $182 million and will invest in partnerships that own 41 LIHTC properties in Nebraska, Iowa, Missouri, Kansas, Colorado, Oklahoma and Texas.
The three funds are members of NASLEF, a non-profit association that promotes efficient management of state and local equity funds.
The Federal Housing Finance Agency approved Fannie Mae's re-entry into the LIHTC market as an equity investor in November 2017.