AEGON USA Realty Advisors, LLC has announced the start of their management of a Low-Income Housing Tax Credit fund (Garnet LIHTC Fund XXV, LLC, “Fund”) for Google Inc. (“Google”) The first tranche of the Fund closed January 28, 2011 and includes a $28 million investment in two low-income housing developments in Minneapolis, MN (Riverside Plaza Apartments) and Sante Fe, NM (Villa Alegre Senior Apartments). The Fund will provide a major source of funding for the rehabilitation and construction of 1,353 units for families and senior citizens.
Brent Callinicos, Google Vice President and Treasurer said, "We’re proud to be partnering with AEGON USA Realty Advisors, LLC to provide vibrant communities for families. Our investment reflects an ongoing commitment to help people afford quality homes."
The Villa Alegre Senior Apartments development will include the new construction of 25 one story buildings that will create 50 units for senior citizens. The project will also obtain at least LEED Gold status in which the units are expected to use 50% less energy than the energy of a standard home and will include ground source geothermal heating and cooling and solar panels for electricity generation.
“We are excited about our investment partnership with Google,” said Brian Herman, Senior Vice-President for AEGON USA Realty Advisors, LLC. “We take great pride in forming long-term relationships with companies, including Google, and we look forward to working with them on future projects. Google’s continued investment in affordable housing sends a clear message about their willingness to address the critical lack of funding for affordable housing in underserved communities.”