Burlington Capital, LLC (“Burlington Capital”) and Greystone & Co., Inc. (together with its affiliates, “Greystone”), today jointly announced they have successfully completed the previously announced sale by Burlington Capital and one of its subsidiaries interests in America First Capital Associates Limited Partnership Two (“AFCA 2”) to Greystone. AFCA 2 is the general partner of America First Multifamily Investors, L.P. (Nasdaq: ATAX), a publicly traded limited partnership.

“We are excited to announce the completion of this important milestone for our company,” said Lisa Y. Roskens, Chairman and CEO of Burlington Capital. “It is rare when you can find a company like Greystone that values your people, your business and your investors in the same way.”

“We are thrilled to welcome the ATAX management team to the Greystone family, and are confident that our synergies and combined areas of expertise will benefit ATAX clients and investors alike,” said Steve Rosenberg, founder and CEO, Greystone.

“With the completion of this transaction, Burlington Capital will continue to develop new and unique opportunities that join together private, institutional and public fund partners,” said Roskens.

Burlington Capital, LLC (“Burlington Capital”) and Greystone & Co., Inc. (together with its affiliates, “Greystone”) today jointly announced that Burlington Capital and one of its subsidiaries have agreed to sell all of their interests in America First Capital Associates Limited Partnership Two (“AFCA 2”) to Greystone  for $80 million in cash.  AFCA 2 is the general partner of America First Multifamily Investors, L.P. (Nasdaq: ATAX), a publicly traded limited partnership. The transaction is expected to close in the third quarter of 2019, subject to the satisfaction of customary closing conditions. 

“As a leading real estate lending, investment and advisory company, Greystone will be an excellent partner to provide new and exciting opportunities that will allow ATAX to work off a larger platform and build on its strategic initiatives and growth efforts,” said Lisa Y. Roskens, Chairman and CEO of Burlington Capital. “This transaction is an example of how Burlington Capital successfully grows businesses such as AFCA 2 that have a strong appeal in the marketplace to buyers such as Greystone.”

“Following Greystone’s growth and expansion in the capital markets over the last several years, this acquisition represents a natural extension of our core asset management business, further enabling us to grow and diversify in strategic areas,” said Steve Rosenberg, founder and CEO, Greystone.  “Burlington Capital helped to establish a strong direct bond purchase platform at ATAX, that we expect to continue to grow, and to continue to further our mission of serving the affordable housing market and beyond.”

“The ATAX team’s expertise in direct unrated tax-exempt bonds, as well as other alternative capital products, combined with Greystone’s deep expertise and capabilities in affordable  housing finance presents a compelling opportunity to build on the success of ATAX to date,” said Ken Rogozinski of Greystone.  “We look forward to playing a key role in the future of ATAX.”

ATAX is a limited partnership with approximately $1 billion of total assets primarily focusing on the acquisition, holding and sales of mortgage revenue bonds and other investments that provide construction and/or permanent financing for affordable and market rate multifamily properties.  After the sale of AFCA 2 closes, all ATAX employees will remain with ATAX in its Omaha, Nebraska headquarters.

“Burlington Capital and AFCA 2 have provided ATAX with an integrated platform by which we have been able to profitably grow our business,” said Chad Daffer, Chief Executive Officer of ATAX.  “We believe Greystone will enable ATAX to accelerate the achievement of its strategic initiatives for the benefit of our unitholders.”

Burlington Capital specializes in real estate portfolios with extensive experience in multifamily ownership, financing, construction, renovation, development and property management. Based in Omaha for over 30 years, Burlington Capital has acquired, financed and/or managed more than $7 billion in assets and sponsored 16 public and private real estate funds. The current Burlington Capital Fund VI follows the previous successful equity funds that leverage Burlington Capital’s expertise in building and managing multifamily equity funds.

“Burlington Capital will continue to be an international enterprise that successfully develops unique business opportunities that have delivered consistent dividends to private, institutional and public fund partners,” said Roskens.