Greystone’s affordable housing initiative joins forces with various entities within the multifamily housing industry to preserve, rehabilitate and recapitalize affordable housing across the United States. We owe our success to:
- Extensive experience navigating Federal and State regulations
- Access to financing through our affiliated companies
- Complete transaction management of the rehabilitation process, from due diligence to cost certification.
$ 129,000,000 PRESERVATION INITIATIVE – 41 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 South Carolina, Greystone again invested and joined forces with Boyd Management on 41 multifamily properties in the rural areas of 23 different counties. The properties were bundled into a single tax-exempt public offering and transferred to new ownership. The bond issuance, credit enhanced with RD 538 and GNMA, combined with new USDA 515 debt and equity from Federal tax credits, allowed for the substantial rehabilitation and modernization of 1,548 units. This unique state-wide pooled tax exempt bond transaction took place between 41 different buyers and 45 different sellers, and combined the transfer of the properties into one transaction with common managing and investor members.