Greystone provided both debt and equity financing for the rehabilitation of a 640-unit affordable housing portfolio comprising 10 properties across rural North Carolina, totaling $80.9 million. The transaction was led by Greystone Servicing Company LLC as the construction-to-perm lender providing $52.5 million of USDA 538 financing, with Greystone Real Estate Capital providing $28.3 million in Low-Income Housing Tax Credit (LIHTC) equity. Harmony Housing Affordable Development Inc. (HHAD) served as developer, in partnership with co-developer Landura Investment Company.
The complex financing structure also includes the assumption and re-amortization of existing USDA Section 515 loans, Capital Magnet Fund soft loans provided by Foundation for Affordable Rental Housing Holdings Inc., surplus reserve reinvestments, deferred developer fees, and proceeds from tax-exempt bond investments. The LIHTC equity was syndicated through Greystone Real Estate Capital, led by Greg Voyentzie.
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