Wells Fargo Sells 11 Low-Income Projects
The low-income housing tax credit assets are located throughout California, and sold for $57.5 million.
Wells Fargo has sold 11 low-income tax credit housing projects in the State of California. The assets traded for a combined total of $57.5 million, and are located in Los Angeles and Sacramento. Wells Fargo had gained ownership of the management partnership through receivership.
The transactions took eight months of negotiations, and included nuanced transfers of ownership. Due to local city and state requirements and approvals around LIHTC, the deals were highly complex and included compliance periods and recapture bonds.
Anita Sabine, leader of the real estate transactions and finance group at Manatt, and Alison Weinberg-Fahey, real estate associate at Manatt, represented Wells Fargo in the deal. Manatt’s corporate and finance partners Carl Grumer and Neil Faden and associates Simone Gross and Ben Ryzak provided supported through the process.