Greystone Housing Impact Investors LP (NYSE: GHI) announced it has provided construction and permanent financing for the new construction of a 40-unit mixed-income development located in La Mesa, California. The financing was originated by Frank Bravo, Managing Director at GHI, working in conjunction with Eliav Dan, Senior Managing Director, and Shana Daby, Managing Director, of Greystone on behalf of GWMP Investments, LLC.

The to-be-built property will be named 40rty on Colony and will include 20% of units designated for households earning up to 50% of the San Diego County Area Median Income (AMI). The property will include two (2) four-story buildings and one (1) three-story building consisting of 40 total multifamily units, as well as a community space, some enclosed garages, a carport and additional on-grade parking surface.

To finance the construction, GHI purchased tax-exempt recycled bonds and taxable bonds issued by the California Housing Finance Agency. GHI’s construction and permanent financing totals $11,900,000 ($5.95 million in tax-exempt bonds and $5.95 million in taxable bonds). At stabilization, and no later than 36 months from initial closing, the combined tax-exempt and taxable bonds, which are interest-only throughout the construction and permanent phases, will convert to a mini-permanent phase and will mature in June 2030.

“It was a pleasure working together to make this plan come to life and see the proliferation of much-needed affordable housing in San Diego County,” said Mr. Bravo.

“We are proud to have helped our client with a seamless execution of this construction financing and support the development of undersupplied affordable multifamily housing stock in San Diego County. We greatly appreciate our relationship with the sponsor, and our transaction correspondent, Max Benjamin Partners, serving as an instrumental part of the smooth closing process,” said Mr. Dan.

The property owner, GWMP Investments, LLC, retained Streamline Development Group to oversee construction and development.

“We feel we have assembled an excellent team to work together on executing our vision for this property, which will provide critical housing for the underserved workforce market in La Mesa,” said Mr. Greg Wayer, principal of the borrower.