Greystone Affiliates, Cushman & Wakefield Collaborate on $118M in SC Affordable Housing Transactions
Greystone Affordable Development, Greystone Housing Impact Investors, LP and Cushman & Wakefield have collaborated with two separate non-profit entities on four affordable housing acquisition and rehabilitation development transactions in SC totaling $118 million.
Greystone Affordable Development, working with Opportunity South Carolina on three separate acquisitions as the developer of record, partnered Greystone Housing Impact Investors, LP to identify an acquisition financing solution via tax-exempt mortgage revenue bonds. On a fourth, separate $31 million transaction with Greenville Housing Fund, Greystone Affordable Development originated a financing solution via Greystone Housing Impact Investors, LP, where Greystone Affordable Development will also serve as developer.
John Phoenix, Austin Green and Ricky Gore of Cushman & Wakefield represented the sellers of all four properties:
- The Park at Sondrio in Greenville, SC, comprising 271 units and acquired for $38.1 million
- The Park at Vietti in Spartanburg, SC, comprising 204 units and acquired for $26.9 million
- Windsor Shores in Columbia, SC, comprising 176 units, acquired for $22.4 million
- The Ivy in Greenville, SC, comprising 212 units, acquired for $30.5 million
Greystone Housing Impact Investors LP — an affiliate of private national commercial real estate finance company Greystone — invests in mortgage revenue bonds and governmental issuer loans that contribute to the creation of new affordable housing by providing construction and/or permanent financing for new and substantially rehabilitated affordable housing development communities. Greystone Affordable Development, also an affiliate of Greystone, is a national mission-driven affordable housing developer.