IRVINE, CA – WNC, a leading provider of investment, asset management and development services in the affordable housing industry, announced it has closed WNC Institutional Tax Credit Fund 49 LP (WNC Fund 49). The fund raised $153 million in institutional low-income housing tax credit (LIHTC) equity that will be used to develop and renovate more than 1,600 affordable housing units in 13 states.
A total of nine investors participated in WNC Fund 49, which will develop and renovate units for families and seniors at 21 properties in Alaska, Arkansas, California, Louisiana, Massachusetts, Michigan, Maine, North Dakota, Nevada, Texas, Washington, Wisconsin and Wyoming.
“Affordable housing is a mission that stands tall in any economy, but we couldn’t be more pleased to close this fund despite the current pandemic concerns nationwide,” said WNC Senior Vice President of Investor Relations Christine Cormier. “The closing of WNC Fund 49 is strong evidence of both our investor and development partners’ confidence in, and commitment to, WNC.”
WNC Fund 49 also includes six new development partners for WNC. Among the projects within the fund is a 20-unit family housing development that will be located in Owyhee, Nevada, on the Duck Valley Shoshone-Paiute Indian Reservation. Additionally, a 56-unit housing development will be constructed in Grand Rapids, Minnesota, with four units set aside for those who were formerly homeless. A 105-unit family community will also be constructed in Coachella, California, with 10 units set aside for those who are developmentally disabled.
The completion of WNC Fund 49 brings WNC’s total equity raise since inception to more than $5.7 billion, which has helped develop and renovate more than 91,000 affordable housing units across the country. To-date, the firm has bought approximately $10.9 billion of assets in 47 states, Washington D.C. and the U.S. Virgin Islands.
According to the National Low Income Housing Coalition, the United States needs 7.2 million more units of affordable and available housing than it currently has for extremely low income families. The coalition also reports that research shows that the shortage of affordable housing costs the American economy approximately $2 trillion per year in lower wages and productivity.

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CHASKA, MN – Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital (OREC), recently announced the closing of a $25 million refinance for Chaska Heights Senior Living, a 138-unit helped living (AL) and memory care (MC) community in Chaska, Minnesota.
Chaska Heights is managed by Tealwood Senior Living, a repeat client of Lancaster Pollard and longtime FHA borrower, which manages over 38 skilled nursing and AL communities in Minnesota and Wisconsin. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction.
We were able to significantly improve the fiscal outlook of our valued client by refinancing construction debt that carried a variable interest rate with non-recourse agency debt that features a fixed rate below 3%, said Harris, a managing director with over 15 years of agency financing experience. The benefits of FHA financing are ample in situations like this and Chaska Heights is now well-positioned for continued growth and success.
The financing, which carries a 35-year term, also funds renovations and the replacement reserves account, both of which will support the long-term success of the facility.
Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, connected by a ground level breezeway and by upper level hallways, which feature 66 AL light units in one section and 58 AL units coupled with 14 MC units in another section. The AL light units are fully licensed and the tenants share common areas and dining rooms with the higher acuity residents.

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CHARLOTTE, NC – Broadshore Capital Partners announced that it has closed a $44.5 million senior construction loan to Panorama Holdings for the construction of the 314-unit Lumeo apartment community in Charlotte, North Carolina. Lumeo, at 7100 MacFarlane Blvd, is located adjacent to the University City Light Rail stop offering convenient access to nearby shops, dining and entertainment, as well as a small ride to both UNC Charlotte and Uptown Charlotte.
Broadshore s debt program seeks to make stretch senior construction loans on multifamily projects in communities with multiple economic drivers that are being undertaken by experienced developers such as at Lumeo, said Bleecker Seaman, co-CEO, Broadshore. This loan expands our long-standing debt program to include multifamily construction lending. Changing market conditions coupled with our company s expertise in multifamily investing allows us to seamlessly adapt our debt program to multifamily lending where we see the opportunity to provide capital where other lenders have pulled back.
Lumeo is an urban-style community with residential buildings, club house and outdoor recreation and gathering spaces spread across its approximately 10.1-acre site. The apartments are designed with modern fixtures and finishes. It offers an array of services, including a full-service pet spa, business center, club house and fitness center with yoga studio; and outdoor areas such as a large saltwater pool and sun deck, courtyards with gas grills and fire pit, and community-wide walking trails.
Broadshore has extensive experience in multifamily investment and management built over more than 30 years of investing in markets across the United States. Broadshore s team draws on this expertise for its debt program which allows the company to quickly evaluate and make loan determinations. Broadshore s niche is as a non-recourse lender for construction and transitional assets. Broadshore can provide stretch senior and mezzanine financing targeting loans sized in the $10-75 million range for projects throughout the U.S.
We believe one of the strengths of Broadshore s lending program is our ability to view the project from the borrower s perspective, added Senior Vice President, Chris Miller who led the loan origination.
With multiple multifamily communities and mixed-use projects in Charlotte, Panorama Holdings is a real estate development company aiming to make high-quality and differentiated communities in the most quick-growing markets in the United States. The Lumeo community benefits from its location near the mix of professional businesses, dining and entertainment that comprises Uptown Charlotte as well as being a small distance from UNC Charlotte and the University City sub-market. It also is a transit-oriented community steps away from the University City Boulevard station on the LYNX Blue Line light rail extension. Panorama is currently under construction on Lumeo with occupancy of the first units anticipated to be available in the first quarter 2021 and final completion by the end of 2021.

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