Tuesday, September 17, 2013

Greystone Closes $117 Million Portfolio Affordable Housing Transaction in Georgia

File photo of affordable housing properties but not part of the Greystone portfolio transaction

 New York, NY, Sept. 17, 2013 – Greystone, a leading national provider of multifamily mortgage loans, today announced the closing of a $117 million multifamily transaction in the state of Georgia.

Tanya Eastwood
The financing will be used towards the acquisition and rehabilitation of 44 affordable housing properties, consisting of 1,362 units that serve low-income households in 30 counties across the state.

The aged USDA Rural Development Section 515 portfolio was acquired by WWJ, LLC an affiliate of Boyd Management, Inc. The rehabilitation is expected to be completed within 12 months.

 Greystone is a leader in affordable housing preservation and worked closely with National and State USDA Rural Development, the Athens Housing Authority Georgia Department of Community Affairs, and Fannie Mae to coordinate and secure the financing needed to acquire and rehabilitate the portfolio.

 “Affordable housing communities across the country are suffering from significant age and many are in drastic need of renovation and modernization. 

"This combined with the ever increasing state and federal budget restrictions has made preservation of existing affordable housing stock even more of a challenge,” said Tanya Eastwood, Managing Director for Greystone’s Affordable Housing Initiatives group.

 "These properties risk being removed from the affordable housing stock unless there are collaborative efforts from all agencies and partners involved. We at Greystone truly appreciate all of the organizations we work with who share our passion for preserving and extending the life of existing RD515 properties.”
Ms. Eastwood added, “Successful, financially feasible preservation at this level requires extensive cooperation and commitment of many different organizations. This was a major undertaking and the first of its kind in Georgia. Such a preservation effort would not have been possible without the endless persistence and innovative efforts by all groups involved.”

For a complete copy of the company’s news release, please contact:

Josh Gerth/Jessica Kleinman
646 395 6300

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