{"id":1004105976,"date":"2014-10-22T06:30:07","date_gmt":"2014-10-22T14:30:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004105976"},"modified":"2022-12-09T00:10:01","modified_gmt":"2022-12-09T08:10:01","slug":"jonathan-rose-cos-tiaa-cref-launch-new-affordable-housing-preservation-fund","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jonathan-rose-cos-tiaa-cref-launch-new-affordable-housing-preservation-fund\/","title":{"rendered":"Jonathan Rose Cos., TIAA-CREF Launch New Affordable Housing Preservation Fund"},"content":{"rendered":"

By Joshua Ayers, Contributing Editor<\/em><\/p>\n

\"Nathan<\/a>

Nathan Taft, Jonathan Rose Cos.<\/p><\/div>\n

TIAA-CREF and Jonathan Rose Cos. have unveiled the Rose Affordable Housing Preservation Fund L.L.C.\u2014a $51.6 million fund seeded by the two organizations that will help with the acquisition and improvement of affordable and mixed-use housing in strategic major metros in the United States.<\/p>\n

Jonathan Rose Cos. will manage the fund, which aims to renovate the existing rental housing stock and bring \u201cgreen\u201d infrastructure to those communities that will help enhance savings on operational costs while providing a greater quality of life to the renters.<\/p>\n

\u201cThe TIAA is one of our prior investors and we were really pleased that they re-upped with us,\u201d Jonathan Rose Cos. Director of Acquisitions Nathan Taft, told CPE<\/em>. \u201cThe fund is focused on investing in existing affordable housing and mixed-income housing in select markets nationally \u2026 The green retrofit and repositioning of the assets is really what our company does and has been part of our history for a long time. We\u2019re just pleased that we were able to get an investor aligned with the work that we do.\u201d<\/p>\n

The Fund will focus on major U.S. markets including the eastern cities between Washington, D.C., and Boston, as well as Chicago; Denver; Los Angeles; San Francisco; Portland, Ore.; and Seattle, though Taft noted that investing isn\u2019t necessarily confined to those markets. Efforts hope to \u201ccombine solid, risk-adjusted return potential with an integrated social and environmental mission.\u201d<\/p>\n

\u201cTIAA-CREF\u2019s Social Impact Portfolio has a focus on affordable housing, and this investment with Jonathan Rose Cos. furthers the portfolio\u2019s objective to preserve and recapitalize affordable properties while fostering vibrant, healthy and diverse communities,\u201d said Rekha Unnithan, director within the TIAA\u2019s Responsible Investment-Impact Investing team in a news release.<\/p>\n

The Social Impact Portfolio mentioned by Unnithan included $700 million in commitments as of Dec. 31 2013 and is intended to be used toward high-quality investments in which a quantifiable social outcome can be achieved. Investments are typically made in areas facing \u201ccapital gaps,\u201d but haven\u2019t garnered the attention of mainstream investors.<\/p>\n

\u201cWe are gratified that TIAA has chosen to reinvest with us,\u201d Jonathan Rose, founder of Jonathan Rose Cos. said in the news release \u201cIn today\u2019s heated apartment rental market, preservation of well-located affordable housing that is at risk of becoming market rate is critical to the health of our communities. At the same time, these investments can provide a great opportunity to generate attractive, low-risk returns.\u201d<\/p>\n

Taft added that The Fund is targeting projects and portfolios in the $25 million to $50 million range of total capitalization and particularly mixed-income, Low Income Housing Tax Credit (LIHTC) and Section 8 properties, as well as properties that have expiring affordability restrictions.<\/p>\n

\u201cWe have a number of promising projects already in the pipeline, and we are actively seeking new opportunities,\u201d Taft concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

TIAA-CREF and Jonathan Rose Cos. have unveiled the Rose Affordable Housing Preservation Fund\u2014a $52 million fund seeded by the two organizations that will help with the acquisition and improvement of affordable and mixed-use housing in strategic major metros in the U.S.<\/p>\n","protected":false},"author":1551,"featured_media":1004105977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004105976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest"],"acf":[],"yoast_head":"\nJonathan Rose Cos., TIAA-CREF Launch New Affordable Housing Preservation Fund - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jonathan-rose-cos-tiaa-cref-launch-new-affordable-housing-preservation-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jonathan Rose Cos., TIAA-CREF Launch New Affordable Housing Preservation Fund\" \/>\n<meta property=\"og:description\" content=\"TIAA-CREF and Jonathan Rose Cos. have unveiled the Rose Affordable Housing Preservation Fund\u2014a $52 million fund seeded by the two organizations that will help with the acquisition and improvement of affordable and mixed-use housing in strategic major metros in the U.S.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jonathan-rose-cos-tiaa-cref-launch-new-affordable-housing-preservation-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-10-22T14:30:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:10:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Nathan-Taft.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"448\" \/>\n\t<meta property=\"og:image:height\" content=\"325\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joshua Ayers\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jonathan-rose-cos-tiaa-cref-launch-new-affordable-housing-preservation-fund\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jonathan-rose-cos-tiaa-cref-launch-new-affordable-housing-preservation-fund\/\",\"name\":\"Jonathan Rose Cos., TIAA-CREF Launch New Affordable Housing Preservation Fund - 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