Related provided $900 million of debt & equity in 2000.Related Capital Company, the largest private financier of affordable housing real estate in the country, along with its two AMEX-traded companies, CharterMac and American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Mortgage, experienced tremendous growth in the year 2000. Related Capital raised a record $515 million in equity and originated $390 million in debt. "Our growth demonstrates the level of confidence investors have in our work, something for which we are very grateful," says Marc D. Schnitzer, Managing Director of Related Capital Company. "Related Capital is able to provide developers with all of their financing needs in one place: equity, debt, taxable and tax-exempt financing, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , and asset management. This has allowed us to help developers build multifamily and affordable housing across the country, a positive step towards addressing the housing crisis that exists in America." For over 28 years, Related Capital Company has been partnering with its developer and investor clients to create and preserve real estate value. The Company has raised nearly $5 billion in equity and acquired a real estate portfolio valued in excess of $11 billion, providing nearly 150,000 families with affordable, quality housing. CharterMac, a leading investor in tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. which finance multifamily housing nationwide, reached a portfolio value of over $825 million in 2000 by raising over $140 million dollars in equity and acquiring 38 bonds representing over $275 million. The 38 bonds financed 6,036 multifamily units. American Mortgage Acceptance Company, a real estate investment trust, originated 14 loans and made an investment in preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , representing more than $88.5 million in total principal and preferred stock. AMAC's investments represent $47.2 million in FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). insured loans, $6.4 million in FHA equity loans, $10.9 million in mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. low-income housing tax credit The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. loans, $4.9 million in the Fannie Mae/APF loan program and $20 million in ARCap preferred stock. |
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