NU Online News Service, Dec. 12, 11:43 a.m. – MetLife Inc., New York, and National Equity Fund Inc., Chicago, are part of a consortium of public and private partners that has launched an assisted-living facility providing housing and support services for elderly residents of Cambridge, Mass.
The project was funded in part by low-income housing and historic tax credits syndicated by National Equity Fund Inc., a nonprofit tax credit syndicator.
NEF Inc. provided $6.3 million in equity through two of its tax credit funds: MLI Investment Fund, which is capitalized with equity from MetLife, and NEF 2000, a multi-investor fund that includes equity from Freddie Mac, J.P. Morgan Chase, World Book, Wells Fargo, Fifth-Third Bank, Charter One Bank and Beneficial Mutual Savings. As the lead equity investor, MetLife earmarked $3 million for the project, NEF says.
