Peabody, Massachusetts, December 16, 2009: Stratford Capital Group (“Stratford Capital”) is pleased to announce the conclusion of a successful 2009 in raising LIHTC equity for both individual
projects and its Stratford Fund II Limited Partnership. Stratford succeeded in raising over $70 million in equity for 9 affordable housing projects representing 1,329 units in 7 states and the District of Columbia with a capitalized value in excess of $210 million. These affordable housing acquisitions included projects financed, in part, with both 4% and 9% LIHTC. An affiliate of Stratford Capital served as developer or co-developer on three of the projects.
“In a very difficult environment for raising equity dollars, we are quite pleased with our success,” said Jerry Nelson, Stratford’s Chairman and CEO. Mr. Nelson added, “we have a great roster of investors and are looking forward to 2010.”
Stratford Capital is a four year old Boston based real estate investment and development firm whose principals have over 100 years of combined experience in all aspects of affordable and conventional multifamily rental housing. Stratford Capital’s current multifamily rental housing portfolio consists of 5,648 units in fifteen states and the District of Columbia.
I have worked with the principals of the Stratford Capital Group for several years and have invested in a number of their multifamily offerings as an economic joint venture partner, for tax credits and also as a bridge loan participant. They are disciplined, know what the objectives are and detailed from an asset management perspective. Our relationship has been rewarding, and throughout it, they have treated us like partners.