Greystone Real Estate Capital Closes on Second Affordable Housing Fund
Greystone Real Estate Capital has closed on Greystone Affordable Housing Fund II LP, a $137-million multi-investor Low-Income Housing Tax Credit (LIHTC) fund. The fund will support the development and preservation of approximately 1,960 affordable housing units across 20 properties in nine states.
Approximately 84% of the equity is for developments by repeat developers. The portfolio consists of a balanced mix of 60% new construction and 40% rehabilitation projects, supporting both the creation of new housing and the preservation of existing affordable communities.
“Fund II marks another important milestone in the growth of our affordable housing platform,” said Todd Jones, CIO at Greystone Real Estate Capital. “In less than a year, we have closed on more than $240 million of multi-investor fund equity, established 13 new LIHTC institutional investor relationships through our multi-investor and proprietary LIHTC fund offerings, and partnered with some of the industry’s most respected affordable housing developers.”
If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout