Cap Pointe, Greystone Arrange $104M Muni Bond Financing for Section 8 Portfolio
Cap Pointe Advisors LLC, a Los Angeles–based boutique real estate investment banking and advisory firm, and Greystone announced Greystone Capital Advisors LLC, together with its affiliate Greystone CARE Broker Inc., served as exclusive co-advisors to SoLa Impact Opportunity Zone Fund, LP in connection with the closing of a $104,475,000 municipal bond financing secured by 14 affordable multifamily properties throughout Los Angeles County. The portfolio collateral includes newly constructed and renovated apartment communities completed between 2022 and 2025, principally occupied by tenants holding Section 8 Housing Choice Vouchers.
The transaction team was co-led by Cap Pointe’s Eliav Dan, founder & managing principal; and directors Jarod King and S. Ross Moore alongside Greystone Capital Advisors’ Drew Fletcher, president, Matthew Zisler, senior managing director, and Willis Russell, VP.
“We are proud to have advised SoLa on this novel financing approach utilizing the public muni bond markets as a financing vehicle for affordable housing liquidity,” said Dan. “This transaction represents the first publicly rated, federally taxable and state tax-exempt municipal bond financing secured by Section 8 affordable housing assets.”
Wells Fargo Securities served as bond underwriter. The California Municipal Finance Authority served as the bond issuer, and Greystone Servicing Company LLC will serve as master servicer for the portfolio.
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
Learn more
National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
Learn more
Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout