Tax-Exempt and Taxable Bonds Finance Construction Costs for 387-Unit Community

Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that it has provided $153,637,000 in tax-exempt and taxable construction loans for a new 387-unit affordable housing community in Elk Grove, California. Frank Bravo, Managing Director at ATAX, originated the transaction.

Located at the southeast corner of Bruceville and Poppy Ridge Roads, Poppy Grove Development in Sacramento County is a three-phrase affordable apartment home community that, upon completion, will include 14 residential buildings, a business center, clubhouse, outdoor pool, laundry facility and an outdoor playground and recreation area, as well as gated access and security on the 16.73-acre site. The units will be restricted to residents earning a range of 30% to 80% Area Median Income (AMI).

At stabilization, and no later than 36 months from initial closing, the tax-exempt loan for the project will be partially paid down and Greystone will provide up to $42.8 million in permanent Freddie Mac Tax Exempt Loan (TEL) financing in the form a 15-year term, 40-year amortized facility.

As a completed asset, the multifamily community will be owned by Poppy Grove I, LP; Poppy Grove II, LP; and Poppy Grove III, LP -- each a California limited partnership. The borrower’s administrative general partners are affiliates of UrbanCore Development, LLC, and E. Smith & Company, Inc., and the borrower’s managing general partner are affiliates of Oakland Economic Development Corporation, a California nonprofit corporation. The limited partner and tax credit buyer is Red Stone Equity Partners.

“We are honored to leverage our expertise in affordable housing and work with partners who share our vision for addressing the affordable housing crisis in Sacramento,” said Bravo.

“The Poppy Grove ownership is elated with the construction financing provided by ATAX,” said Reese A.  Jarrett, Co-Managing Member. “Our great relationship with Frank Bravo and the ATAX team was integral to completing the financing on this affordable housing development which will enrich the lives of 387 families that will call Poppy Grove home.”

Ken Rogozinski, CEO of ATAX, added, “This project would not be possible without critical tax-exempt financing, which enables developers to create housing that addresses the demand for affordable housing in the Sacramento area and throughout the nation.”

Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a Top 10 provider of Fannie Mae and Freddie Mac affordable housing loans. In 2019, a Greystone affiliate acquired the parent of the general partner of America First Multifamily Investors, L.P., which manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.

Greystone, a leading national commercial real estate finance company, has provided a $30,406,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) loan to refinance a 206-unit multifamily property in Thornton, CO. The financing was originated by Dale Holzer, Managing Director in Greystone’s Newport Beach, CA office on behalf of Milky Way Apartments, LLC.

Constructed in 1972, Parkview Terrace Apartments is a garden-style apartment community in the Denver metro area which consists of 60 one-bedroom, 138 two-bedroom, and 8 three-bedroom units. The $30.4 million loan is a permanent exit from bridge acquisition financing provided by Greystone in July 2021. The financing is non-recourse, fixed-rate and carries a 7-year term with full-term interest-only payments.

“Greystone has been a trusted advisor to us as multifamily investors for several years, and the bridge-to-Agency process for this transaction was seamless, despite market volatility and rising rates. We are pleased with the permanent outcome for this asset,” said Mr. Matthew Stevens, a principal of Reliance Multifamily.

“We are always thrilled to help clients realize their vision for their multifamily portfolios and be able to apply our extensive capital markets expertise on their behalf,” said Mr. Holzer. “It was a pleasure working again with this team on their refinancing, and I’m thrilled for the outcome for them.”

Greystone, a leading national commercial real estate finance company, has provided $39,173,000 in Freddie Mac Optigo® Small Balance Loans (SBL) to refinance a portfolio of 10 multifamily properties consisting of 287 units located in and around Newark, New Jersey. The loans were originated by Hope Curtis, a Director in Greystone’s New York office.

Eight of the refinanced properties received 5-year fixed-rate Freddie Mac Small Balance Loans, and two of the properties received 10-year fixed-rate Freddie Mac financing with three years of interest-only payments.

The portfolio consisted of nine properties in Newark and one 19-unit property in Irvington, located at 885 18th Avenue. The Newark properties included:

·       624 Dr. Martin Luther King Jr. Boulevard – 26 units

·       408-410 N. 5th Street – 16 units

·       92 Quitman Street – 17 units

·       729 Dr. Martin Luther King Jr. Boulevard – 29 units

·       737 Dr. Martin Luther King Jr. Boulevard – 33 units

·       747 Dr. Martin Luther King Jr. Boulevard – 34 units

·       773 Dr. Martin Luther King Jr. Boulevard – 41 units

·       777 Dr. Martin Luther King Jr. Boulevard – 40 units

·       778 Dr. Martin Luther King Jr. Boulevard – 32 units

“We work hard to ensure that multifamily borrowers secure financing that will meet their portfolio needs, and we are thrilled that Freddie Mac’s Small Balance Loan program was a perfect fit for this client,” said Ms. Curtis. “At Greystone, we are dedicated to leveraging our extensive industry expertise and deep lending platform to help our clients realize their vision for their properties.”

Greystone, a leading national commercial real estate finance company, has provided a $62,746,000 Fannie Mae Delegated Underwriting & Servicing (DUS®) Green Rewards loan to refinance a 330-unit multifamily property in Lehi, Utah. The financing was originated by Lorie Hanson, Managing Director at Greystone, with Johnny Clawson from The Clawson Group, Inc. acting as correspondent.

Constructed in 2020, Lehi Tech is mid-rise apartment community with five elevator buildings that features one- and two-bedroom units. The $62,746,000 non-recourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy and water usage upgrades. In addition to refinancing, loan proceeds enable the borrower to monetize a portion of their equity in the property.

“At Greystone, we get excited about helping clients secure the right financing solutions and ensuring they have a seamless and superior service experience,” said Ms. Hanson. “We’re always thrilled when clients come back to Greystone for our deep multifamily capabilities – to us, there is no greater thank you.”

“It’s always an easy decision to choose Greystone – they are experts in multifamily finance and a true partner on every transaction,” said Mr. Bryan R. Wrigley, principal of the borrower. “Regardless of whether our issues are complex or straightforward, our Greystone team brings valuable insights and a level of care that exceed our expectations, every time.” 

“We appreciate Greystone’s guidance and knowledge of the multifamily finance landscape, making this refinance a successful transaction,” added Mr. Mike Christensen and Mr. Kevin Garn, both key principals to the borrower.

Greystone, a leading national commercial real estate finance company, provided a total of $106,250,000 in Freddie Mac Optigo® loans for the refinance of an eight-property portfolio of senior housing assets located in Tennessee and Kentucky. Neal Raburn, Managing Director at Greystone, originated the Freddie Mac loans for affiliates of Morning Pointe Senior Living. Greystone completed the transaction in 65 days from application to closing.

The Freddie Mac loans for the 576-unit portfolio were executed as fixed-rate, non-recourse financing carrying 10-year terms and 30-year amortizations. The loans featured five years of interest-only payments, as well as the ability to access supplemental loan financing up to 75% LTV. Utilizing Freddie Mac’s Index Lock feature, the client was able to save 90 basis points on the interest rate from the date of Index Lock to the date of closing. 

“We appreciate the 10+ year partnership with the Morning Pointe team,” said Raburn. “They are a best-in-class developer, owner, and operator and we appreciate their trust in us to provide the very best financing for this portfolio.”

“We’re appreciative of the Greystone team’s persistence and hard work to provide this financing,” said Greg A. Vital, president and co-founder of Morning Pointe. “Their team provided us with excellent financing options. We were able to transact on a structure that accomplished our financing objectives with very strong terms.”


The Morning Pointe senior living communities were built between 1997 and 2021, and offer assisted living and memory care services with a variety of unit types. Currently managing 2,110 units in Tennessee; Kentucky; Indiana; Alabama; and Georgia, the Ooltewah, Tennessee-based company brings over 26 years of industry experience.  


Greystone, a leading national commercial real estate finance company, has provided $14,938,000 in bridge financing for the acquisition of a 154-unit multifamily property in Ann Arbor, Michigan. The transaction was originated by Reuben Dolny, Director, and Jason Yuen, Managing Director, at Greystone, on behalf of Cape Sierra Capital.  

Constructed in 2002, Lynden Parke Apartments in Washtenaw County consists of a garden-style building featuring studio, one and two-bedroom units. The $14,938,000 interest-only bridge loan from Greystone carries a 24-month term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent Agency financing as part of its Bridge-to-Agency platform. 

“Our comprehensive lending platform and deep multifamily expertise means we can deliver the right financing for our clients through every phase of a project’s lifecycle,” said Mr. Dolny. “Greystone’s bridge program is a great fit for those who need a short-term solution while preparing for permanent financing.” 

“We are truly impressed with Greystone’s industry knowledge and attention to detail – the team took care of us every step of the way,” said Mr. David Kamara, Managing Director of Cape Sierra Capital, the borrower. “This is our second transaction in as many years with Greystone. Reuben and Jason were great partners on this transaction and we look forward to working with them again.”

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