Greystone Buys Multifamily Financing Platform for $80M

The company will take over the direct bond purchase business, which has roughly $1 billion in total assets, from Burlington Capital.

Stephen Rosenberg, Founder & CEO, Greystone. Image courtesy of Greystone

Real estate lending and investment firm Greystone has agreed to purchase an affordable and market-rate multifamily financing platform from Burlington Capital for $80 million in cash. Through the transaction, Greystone will acquire from Burlington and one of its subsidiaries all of their interests in America First Capital Associated Limited Partnership Two, the general partner of publicly traded limited partnership America First Multifamily Investors LP.

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The partnership, which trades on the Nasdaq as ATAX, has roughly $1 billion of total assets focusing on the purchase, holding and sale of mortgage revenue bonds and other investments that provide construction and/or permanent financing for multifamily communities. The deal is expected to close in the current quarter.

Following the sale, all employees of America First Multifamily Investors will remain with the company in its Omaha, Neb. headquarters. The deal will allow Greystone to combine its capabilities in affordable housing finance with America First Multifamily Investors’ expertise in direct unrated tax-exempt bonds and other alternative capital products, Greystone executive Ken Rogozinski commented in a statement.

Burlington Capital, an investment firm led by Chairman & CEO Lisa Yanney Roskens, has acquired, financed or managed more than $7 billion in assets. Formed in 1998, America First Multifamily Investors focuses on achieving investment growth by acquiring mortgage revenue bonds and other investments on a leveraged basis.

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