US- Henderson Global Investors has announced the closure of the California Workforce Housing separate account in conjunction with a large state retirement system and market leading developer, The Olson Company.
The account will be used to fund single-family housing development mezzanine loans in the state of California.
According to Charles Wurtzebach, managing director of Henderson Global Investors North America, this represents the ongoing expansion of Henderson’s Manager of Partners Program and Henderson’s commitment to work with “innovative real estate specialists such as The Olson Company”.
The Olson Company, located in Seal Beach, California, has been California’s leading developer of affordable housing in urban areas in partnership with cities.
According to Stephen Olson, chairman and chief executive officer, the US$75m commitment is very important to the company, as it can now provide in excess of 2,000 affordable housing units over the next several years in downtown locations.
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