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Transactions represent nearly $81M in new commitments and purchases that will help finance more than 900 units of high-quality affordable housing.

SAN FRANCISCO, CA – May 7, 2024 – IMPACT Community Capital (“IMPACT”) announced today that it successfully closed nine affordable housing deals in the first quarter of 2024. These deals represent nearly $81 million closed or committed capital during the first three months of the year that will support the financing of 948 units of affordable housing.

“While oversupply may be a leading concern in the broader multifamily market, lack of supply continues to be the dominant issue in affordable housing. We remain optimistic that private-market solutions, such as affordable housing bridge loans, can play an important role in ensuring there is sufficient capital to preserve existing affordable housing to meet growing demand,” said Michael J. Lohmeier, Chief Investment Officer, IMPACT Community Capital. “Our ongoing work in the first quarter was aimed at deploying our investors’ capital where it can have the most pronounced benefits in fulfilling this demand in communities across the country.”

IMPACT’s Q1 transactions included a $3.3 million tax-exempt loan made to support the rehabilitation of Pine Terrace, a 76-unit senior living development in Mt. Pleasant, Texas. The site features a swimming pool, exercise room, community kitchen, patio, and covered picnic area. These amenities are in addition to a full complement of free supportive services that include education and professional training, housekeeping, and local on-demand transit service for eligible residents. Fifty-two of the units are covered by a Section 8 contract, and the remaining units are reserved for tenants making less than 60% of area median income (AMI).

IMPACT also provided an $8.5 million bridge loan to Washington Apartments, a 99-unit property in St. Louis that was originally constructed in 1902. The neighborhood boasts convenient access to multiple public transportation options with direct service to downtown St. Louis. Additionally, residents enjoy proximity to community amenities such as the vast 1,300-acre Forest Park as well as an assortment of on-site amenities. The financing will support the preservation of the property’s multiple layers of rental restrictions, with 100% percent of the units covered by Section 8 contracts that reserve occupancy for tenants making 60% or less of AMI.

About IMPACT Community Capital:

IMPACT Community Capital is a leading private debt and fixed income investment manager. Founded by major insurance companies, IMPACT has a 26-year track record of impact investing, primarily in affordable housing. With $2.9B of investments originated to-date, IMPACT’s innovations in the capital markets result in institutional-quality investments in scale, while also advancing opportunity in underinvested communities. For more information about IMPACT Community Capital, please visit

Media Contact:

George Spencer
BackBay Communications