FOR IMMEDIATE RELEASE: March 7, 2022
CONTACT: Lisa Patlis, (802) 861-3814
Evernorth Closes Third Multi-Investor Fund
− $82.5 million fund provides equity financing for affordable housing in Maine, New Hampshire and Vermont −
Evernorth closed its third multi-investor fund – Housing New England, Fund III – on March 4, 2022. This fund will provide equity to finance affordable housing in Maine, New Hampshire and Vermont.
21 investors committed a total of $82.5 million in equity making Housing New England, Fund III (HNE Fund III) a significant financial resource for the region’s critical affordable housing needs. HNE Fund III’s investors include community, regional and national banks as well as one of the nation’s largest mortgage banking organizations.
“We raised capital from a wide-range of investors and new partners enabling us to expand our reach to preserve and create much-needed affordable housing in these unprecedented times,” said Nancy Owens, Co-President, Evernorth.
Evernorth raises equity by syndicating federal Low Income Housing and Historic tax credits as well as various state, historic, and affordable housing credits. “In addition to a reliable return on their investments, the community banks and the regional and national companies that have invested with the Housing New England, Fund III will help to build or renovate tangible, long-lasting affordable housing resources throughout northern New England,” said Bill Shanahan, Co-President, Evernorth.
All of the projects that are receiving funding from Housing New England, Fund III have been identified, and 10 are in construction. The first new homes will be available in Lebanon, NH in August. In all, the fund will invest in 17 total developments, with 7 in Maine, 5 in New Hampshire and 5 in Vermont, creating 702 affordable apartments.
The need for affordable housing in all three states remains strong. Evernorth has a pipeline of high quality community developments which need financing and so will be unveiling another investment fund – Housing New England, Fund IV – in the spring.