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| 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.
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| 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:
Cognito
Josh Gerth/Jessica Kleinman
646 395 6300
.
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