Thursday, November 6, 2014
525 East Woodruff Avenue, Toledo, Ohio 43604
Diana Patton, MC, Toledo Fair Housing Center
Fred Mitchell, The NHP Foundation
INTRODUCING MANAGING PARTNER
Jason Peeler, National church residences
Dan Dawson, Alpha Phi Alpha
Michael Marsh,Toledo Fair Housing Center, CEO
Mayor Michael D. Collins,City of Toledo
Office of Senator Sherrod Brown
Office of Congresswoman Marcy Kaptur
Larry Sykes, Toledo City Council
Maurice M. McGough,Region V Director, Fair Housing & Equal Opportunity
Cheryl Washington,Community Resident
NHP FOUNDATION-URBAN ATLANTIC FUND I is celebrating the acquisition of Alpha Towers, a 165-unit senior apartment community located in Toledo, Ohio, on August 15, 2014. The 9-story, mid-rise building, situated on 3 acres in downtown Toledo provides affordable housing for low- to moderate-income seniors. This is the fifth acquisition by the Fund.
The $50 million equity Fund, created to address the growing shortage of American affordable housing, brought together three national leaders in the development of affordable real estate: PNC Real Estate, Urban Atlantic, and The NHP Foundation. The Fund’s mission is to identify and preserve affordable housing developments that are both sound investments and important components of the social fabric in their broader communities.
Although the three Fund partners each have their own unique histories preserving and creating affordable multifamily housing, within the Fund their respective goals and business models perfectly align to meet the needs of the communities in which they are investing.
PNC REAL ESTATE is a leading provider of banking, financing and servicing solutions for commercial real estate clients across the country. Its comprehensive array of capabilities includes acquisition, construction and permanent financing for public and private developers and investors; agency financing for multifamily and seniors housing properties; and debt and equity capital for the affordable housing industry. PNC Real Estate is a leading provider of tax credit solutions for developers nationwide and it leverages its tax credit expertise by arranging broadly diversified LIHTC multi-investor funds as well as LIHTC proprietary funds to accredited institutional investors. PNC Real Estate is a member of The PNC Financial Services Group, Inc.
URBAN ATLANTIC,based in Bethesda, Maryland is skilled in real estate development and investment in urban growth markets. Strategically focused on central cities and first-ring suburbs since its founding in 1998, the firm has established a strong track record of successfully transforming urban communities, while also delivering strong returns to investors and development partners. Urban Atlantic has combined agility with the right mix of talent to create sustainable, vibrant developments along the east coast. The firm has completed over $2.4 billion in real estate developments and placed over $1.3 billion in real estate investments. Urban Atlantic has three guiding principles: meet investment objectives, enhance communities for individuals and families, and preserve the environment.