JV Arranges $118M in Affordable Housing Transactions
The properties are located throughout South Carolina.
Greenville, S.C. Image by Ms. Emmy Gaddy via Unsplash.com
Greystone Affordable Development, Greystone Housing Impact Investors and Cushman & Wakefield have arranged four transactions backing the acquisition and rehabilitation of four affordable housing properties in South Carolina.
The Greystone affiliates worked closely with Cushman & Wakefield investment sales advisers on the quartet of deals, which totaled $118 million.
The four projects are The Park at Sondrio, a 271-unit property built in 1978 in Greenville, S.C., which was acquired for $38.1 million, The Park at Vietti, a 204-unit community built in 1986 in Spartanburg, S.C., acquired for $26.9 million, Windsor Shores, a 176-unit asset built in 1985 in Columbia, S.C., acquired for $22.4 million and The Ivy, a 212-unit Greenville, S.C., property acquired for $30.5 million.
Financing solutions
Greystone Affordable Development, working with Opportunity South Carolina on three of the acquisitions as developer of record, partnered with Rob Schulz of GHI to pinpoint an acquisition financing solution through tax-exempt mortgage revenue bonds.
Separately, Adam Lipkin of Greystone originated a financing solution through GHI in a $31 million deal with Greenville Housing Fund. Greystone Affordable Development was the developer on that deal. John Phoenix, Austin Green and Ricky Gore of Cushman & Wakefield represented the sellers of all four properties.
In December, Greystone provided a $25.4 million loan to enable the acquisition of a six-property portfolio in Connecticut.
