Greystone announced its Real Estate Advisors group has added a senior team from Denver-based Cambridge Housing Partners. The team specializes in the acquisition and preservation of Low Income Housing Tax Credit and Project‐Based Section 8 communities nationwide, bringing a combined 50 years of experience in successful affordable housing redevelopment activity across more than 25 states. The group’s experience includes managing all aspects of highly complex affordable housing transactions including originations, underwriting, project finance, property management, compliance, financial reporting, construction and resident services.
David P. Garcia, previously Managing Director of CHP, along with former principals Jeff Dean and Zach Chenault, join Aaron Hargrove and Eric Taylor of Greystone, two leading affordable housing investment sales advisors. The addition of Garcia and his team enables Greystone to amplify its industry relationships and acquisitions expertise in complex programs such as 4% LIHTC and tax-exempt bonds; 9% LIHTCs; project-based-Section 8 subsidies; AHP funds; CDBG/HOME funds, state tax credits; S&P rated 501(c)(3) bonds; and direct placement 501(c)(3) bonds, as well as multiple types of credit-enhancements and conventional financing products. Throughout their careers, Garcia, Dean, and Chenault have acquired and developed more than 100 properties totaling 13,000+ units with a value in excess of $1 Billion.
“David and his team have spent the past 15 years acquiring and redeveloping affordable housing from the principal side, optimizing financial structures and analyzing the available subsidies that are necessary to make affordable housing viable. Their experience and the way they view affordable transactions matches that of the top affordable buyers in the country,” said Hargrove, a Managing Director of Greystone’s Real Estate Advisors’ Affordable Housing Advisory Group. “Greystone will now be unique among affordable housing advisory groups by offering crossover expertise in LIHTC and Section 8, in addition to the ability to underwrite transactions as expertly as its buyer pool would,” he added.
“Bringing the former CHP team on board enables us to provide our clients with advisory capabilities that until now only the most sophisticated affordable buyers could provide for themselves in-house,” said Taylor, also a Managing Director of Greystone Real Estate Advisors’ Affordable Housing Advisory Group.
Greystone’s Affordable Housing Advisory Group now has a team with 65 collective years of industry-specific experience and a successful track record of transacting 250+ properties totaling 50,000+ units in 25+ states nationwide. Combined with Greystone’s industry-leading financing and servicing platform, this specialized affordable team is able to provide custom-tailored solutions in disciplines ranging from Investment Acquisitions, Dispositions, Debt Placement, Mortgage Banking, Servicing, to Private Equity alternatives.
“By assembling such a deep and experienced team, Greystone has demonstrated its commitment to becoming the leading affordable housing investment sales and advisory team in the nation. We are prepared to handle the scale and unique expertise that this sector demands,” said Greystone Real Estate Advisors President, Jim McDevitt.