Ridge Oak Apartments
$ 23,000,000 PRESERVATION INITIATIVE – 8 ASSETS
Greystone teamed up with Boyd Management, Inc., through their affiliate WWJ, LLC, to preserve and upgrade existing affordable housing units located throughout the small rural markets of Georgia, North Carolina, and South Carolina. Boyd Management, Inc., is a highly regarded Owner/Management Agency for RD sponsored properties.
In North Carolina, Greystone invested and joined forces with Boyd Management on 8 multifamily properties in the rural areas of 7 different counties. The properties were bundled into a single tax-exempt private activity bond offering and transferred to new ownership. The bond issuance, combined with new USDA 515 debt and equity from Federal tax credits, allowed for the substantial rehabilitation and modernization of 246 units. This unique state-wide pooled tax exempt bond transaction took place between 8 different buyers and 8 different sellers, and combined the transfer of the properties into one transaction with common managing and investing members.