Greystone Affordable Development, Greystone Housing Impact Investors LP (NYSE: GHI), and Cushman & Wakefield (NYSE: CWK) created a dream team outcome in a challenging market on four recent affordable housing acquisition and rehabilitation development transactions in South Carolina totaling $118 million. Working with a variety of multifamily investment sales advisors at Cushman & Wakefield, with which Greystone has a strategic joint venture, the teams collaborated on the acquisition and mortgage revenue bond (MRB) investments with two separate non-profit entities.
Greystone Affordable Development, working with Opportunity South Carolina on three separate acquisitions as the developer of record, partnered with Rob Schultz of GHI to identify an acquisition financing solution via tax-exempt mortgage revenue bonds. On a fourth, separate $31 million transaction with Greenville Housing Fund, Greystone’s Adam Lipkin originated a financing solution via GHI, where Greystone Affordable Development will also serve as developer. Cushman & Wakefield’s John Phoenix, Austin Green, and Ricky Gore represented the sellers of all four properties. The properties include:
- The Park at Sondrio in Greenville, SC, comprising 271 units and acquired for $38.1 million, and 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; and
- The Ivy in Greenville, SC, comprising 212 units, acquired for $30.5 million.
Greystone Housing Impact Investors LP, an affiliate of Greystone, actively 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 leading national mission-driven affordable housing developer.
“The collaboration and swift action required by all teams involved on these four transactions are a testament to Greystone’s commitment to both its clients and the affordable housing sector overall,” said Mr. Schultz, Managing Director, Greystone Housing Impact Investors LP. “Working across these dedicated teams, as well as with Cushman’s experienced sales advisors, gave the clients relief when the bond markets were less than forgiving. We are thrilled to have been able to team up on these transactions in order to solidify affordable rental housing in three key South Carolina markets.” “These acquisitions (and future modernized communities) are so critical to the affordable housing stock in South Carolina, and we are beyond thrilled that Greystone Housing Impact Investors LP could partner with our team to make the deals happen in a volatile market. The collaboration on display, including with our partners at Cushman & Wakefield, is a true testament to the passion we all have for making an impact with affordable housing,” added Tanya Eastwood, head of Greystone Affordable Development.