Greystone partnered with Freddie Mac Multifamily to help deliver 300 new affordable housing units to Casa Grande, Arizona, through the successful financing of Cottonwood Ranch Apartments. In 2023, Greystone secured a $39.2 million Freddie Mac forward commitment for the development team of Lincoln Avenue Capital and Fairview Housing Partners, providing certainty of permanent financing upon project completion and stabilization.
The financing structure helped support the construction of a community where all apartments are affordable to residents earning 50% to 60% of the area median income. The completion of Cottonwood Ranch highlights the strength of Greystone's affordable housing expertise and its ongoing collaboration with Freddie Mac to expand access to quality, affordable rental housing in growing communities across the country.
“This transaction reflects a strong partnership built on trust and shared purpose,” said Pharrah Jackson, Vice President at Greystone. “Lincoln Avenue Capital and Fairview Housing Partners delivered an impactful project, and we look forward to supporting them with permanent loan financing.”
Read more on the Freddie Mac website.