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.

NEW YORK, NY (May 11, 2023) – Greystone affiliate, Greystone Housing Impact Investors (“GHI”), the general partner of the general partner of Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”), announced that Jason R. Kaye has joined as a Managing Director. Based in Ft. Lauderdale and reporting to Kenneth C. Rogozinski, CEO of the Partnership, Mr. Kaye will focus on originating and structuring tax-exempt loan and bond financing transactions, including construction financing, for affordable multifamily and Low-Income Housing Tax Credit properties. 

Prior to joining GHI, Mr. Kaye was a Senior Vice President at Regions Bank where he handled debt and tax credit equity, transaction structuring and loan executions for local and national affordable housing developers. He has also served as a Senior Vice President at Bank of America in Community Development Banking, originating and structuring affordable housing debt and equity. Mr. Kaye also previously worked at Citigroup Global Markets. He began his career with the New York City Economic Development Corporation.

Mr. Kaye earned a Bachelor’s Degree from Binghamton University, a Master’s of Regional Planning from Cornell University, and a Master’s Degree in Real Estate Finance from New York University. He currently holds Series 52, Series 7, and Series 63 licenses.

“Jason’s experience across a range of multifamily debt and equity platforms, as well as his deep banking knowledge on private placements, syndications, and tax credit equity, will be an asset to GHI and its clients,” said Mr. Rogozinski. “We are thrilled for the potential to grow our impact across new affordable housing markets with his expertise and relationships, and warmly welcome Jason to the team.”

Greystone Housing Impact Investors LP (the “Partnership”) (NYSE: GHI), which recently changed its name from America First Multifamily Investors, L.P., commemorated the initial trading of its beneficial unit certificates representing assigned limited partnership interests (“BUCs”) on December 5, 2022 on the New York Stock Exchange (“NYSE”) by ringing the opening bell on the floor of the NYSE Monday, December 12, 2022.

The Partnership, an affiliate of Greystone, actively invests in mortgage revenue bonds and governmental issuer loans that contribute to the creation of new affordable housing by providing construction and/or permanent financing for new and substantial rehabilitation multifamily and seniors housing projects.

Ken Rogozinski, CEO of the Partnership, commented, “It’s truly an honor to represent Greystone Housing Impact Investors and Greystone on this momentous occasion at the NYSE, one of the oldest and most respected institutions in the capital markets. We are celebrating the work we have done to create structures enabling the financing of affordable housing to date and are excited for the potential to do even more as we continue to solidify our affiliation with Greystone, a leading player in affordable housing.”

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. Together with Greystone and its affiliates, the Partnership offers innovative structures to finance affordable housing development.

“Since joining the fold at Greystone in 2019, we have seen such an incredible impact from the Greystone Housing Impact Investors team in terms of resources, expertise, and a commitment to help alleviate the affordable housing crisis in the U.S.,” said Steve Rosenberg, Founder and Executive Chairman of Greystone. “It’s been an honor to work alongside Ken and his team as we strive to provide clients in the affordable housing sector a truly unmatched suite of solutions to help them achieve their goals.”