Castellan Real Estate Partners
CRP Affordable Housing: A subsidiary of Castellan Real Estate Partners
About us
Founded by John and Paul Salib during the depths of the financial crisis of 2008/2009.
A full-service, vertically integrated real estate investment firm covering equity investments, bridge lending, property/asset management, construction and development.
Principals have extensive experience sourcing and executing real estate transactions.
Since 2009, Castellan has been invested in debt and equity real estate transactions totaling more than $4.0 billion in market value.
As of December 2024, Castellan has acquired 105 properties in New York, New Jersey, Pennsylvania, and California. Castellan has owned, operated, developed, and managed 2,419 units, including affordable, rent-restricted, and rent-controlled units, comprising approximately 2.4 million square feet.
This includes providing housing to at-risk, special needs, senior and other vulnerable populations.
Other project partners with non-profits who offer creative solutions and services to address the problem from both social and economic points of view.
On-site social and supportive services are offered to our residents free of charge to create a bridge to self-sufficiency.
With a team of highly skilled professionals, Castellan strives to combine a unique vision with deep market knowledge and a keen ability to execute any multifamily rehabilitation or new construction project, including Section 42 low-income housing tax credit transactions.
Real Estate Collective Group
About Us
Real Estate Collective Group (RECG) is a real estate brokerage and advisory firm managed by both Alberto Guardado & Mark Bazan.
RECG plays a key role in supporting various aspects of CRP Affordables’ operations, including facilitating capital raises to drive the fund’s growth and ongoing activities.
One notable initiative led by RECG is the introduction of the 1031 exchange opportunities. This approach was developed in response to missed acquisition prospects, where sellers lacked both short and long-term strategies for the effective disposition of their assets.
RECG has facilitated transactions for both the institutions they support and property owners throughout California. Their expertise spans a diverse range of asset classes, including single-family residences, redevelopment sites, retail properties, data centers, and more, across both commercial and residential sectors.
We also provide financial modeling and underwriting support for numerous LIHTC clients, helping to enhance project feasibility and ensure informed investment decisions.
We have collaborated with CRP Affordable for the past seven years, building a strong, multifaceted partnership across various aspects of their operations, including acquisitions, dispositions, property management, construction, bridge lending and more.
CRP Affordable Tax Credit Investors
CRP Affordable has successfully partnered with some of the industry’s leading tax credit investors
These investors provide the capital that allows the Fund to exit its interest in the properties and monetize CRP Affordable’s investments
LIHTC investors are sophisticated professionals who demand high-quality standards in their investments and partnerships with developers
In addition to conducting a comprehensive due diligence review of CRP Affordable’s investments, LIHTC investors evaluate the Firm’s capabilities as a sponsor when considering the required 15-year investment commitment
Their continued support lends credence to CRP Affordable’s role as a meaningful participant in the affordable housing space
CRP Affordable Construction & Permanent Finance Lenders
The proposed developments will partner with a non-profit offering creative solutions and services to address the problem from both social and economic points of view. Free on-site social and supportive services will be offered to future residents, creating a bridge to self-sufficiency
Services may include:
On-site adult educational, health and wellness, and skill-building classes. Resume writing, tax preparation, and food pantries
Resident education focusing on housing retention, social skills, self-sufficiency, and access to benefits and resources
Licensed clinicians to help residents develop personal insight, manage psychiatric conditions, learn coping skills, improve interpersonal relationships, and achieve personal goals
Healthcare services include preventative health care, screening exams, chronic disease management, medication management, and referrals for diagnostic and specialty services
Citi Community Capital (CCC)
Citi Community Capital (CCC) provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire affordable multifamily housing across the country
Since CRP Affordable’s inception, Citi has provided permanent and construction financing for 13 developments comprising over 880 affordable units. Citi continues to be an integral partner in supporting the development of affordable housing
J.P. Morgan Chase & Co.
J.P. Morgan’s Community Development Banking business has committed over $17B to finance affordable housing and has created and preserved over 119K affordable housing rental units across the U.S.
JPM has provided permanent financing for four of CRP’s affordable developments, comprising over 400 affordable units
Cal HFA
Established in 1975, CalHFA was chartered as the state’s affordable housing lender and has supported the needs of low and moderate-income renters and homebuyers by providing financing and programs with a focus on equity
In addition to providing long term subordinate financing for four CRP Affordable housing developments through its Mixed Income Program (MIP), CalHFA has committed to providing permanent financing for the Bluffs at 44th in the City of Capitola
Non Profit Partners & Services Offered
Affiliated Entities
Castellan Capital provides fast, flexible, and relatable commercial real estate loans. We are a privately held direct portfolio lender that specializes in situations where conventional financing is not available.
Castellan Capital’s team of seasoned professionals makes fast decisions and closes quickly. With discretionary capital and no outside investment committee, we have the flexibility to structure transactions to meet each borrower’s unique requirements
Ironcore Construction delivers a broad range of third party construction management services delivered by an executive team who collectively have nearly 100 years of experience
With this broad range of experience, Ironcore’s clients can be assured of best practices and an approach to projects that is tailored to their specific needs