MII: Investment Experience

Meridian Investment’s 30-year history with over $6 billion in energy financings and $10 billion in low income housing financings has included many unique transaction structures and long-term financing programs for project sponsors.

  • 1988: Meridian Investments developed the post K-1 investment tax payment system to help low income housing developers attract institutional investment in the LIHTC using this risk-sharing structure.
  • 1991-Present: Meridian Investments has served as the exclusive placement agent for the Section 42 tax credit investment programs of three respected industry sponsors and has supported the construction of approximately $12 billion in multifamily and elderly affordable housing.
  • 1992-1993: Meridian Investments pioneered the development of the first guaranteed yield tax credit products in a $225 million syndication sponsored by AIG-SunAmerica. This structure was instrumental in broadening the Section 42 tax credit marketplace to appeal to new institutional buyers.
  • 1995: Meridian helped pioneer the secondary market for LIHTC investments and served as the long-term exclusive representative for a leading sponsor of Low Income Housing and Historic Preservation tax credits, and the second largest owner of multifamily housing in the United States.
  • 1998: Meridian marketed $100 million of equity for the only affordable housing program offered with a yield guarantee by Fannie Mae.
  • 2002: Meridian Investments raised capital to finance The Victor, a 341-unit multifamily luxury development along the Camden, NJ waterfront, using historic rehabilitation tax credit equity. This was followed in 2004 by an equity raise for Venice Lofts, a 128-unit waterfront multifamily development in Philadelphia, PA, also using historic rehabilitation tax credit equity.

Today, Meridian Investments serves as the placement agent for the WNC Companies, a leading sponsor of housing tax credit investments for more than 37 years, having financed over $4.3 billion in affordable multifamily rental properties, as well as First Sterling and R4 Capital, two other leading sponsors of affordable housing transactions.

Meridian is a founding board member of the Affordable Housing Tax Credit Coalition and subscribes to the best practices of this important industry group. 

 

Fact

Since its inception in 1986, the Low Income Housing Tax Credit (LIHTC) program has helped meet U.S. affordable housing demands by stimulating the production of nearly 2.4 million affordable homes and supporting an estimated 95,000 jobs annually.

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