Greystone’s $103M affordable housing fund to support rental units in six states

New York-based Greystone Real Estate Capital has closed its first affordable housing fund, raising $103 million to finance nearly 1,000 rental units across six states.

The fund — called Greystone Affordable Housing Fund I LP — will support a total of 11 developments in Louisiana, Massachusetts, Mississippi, New Jersey, Ohio and Pennsylvania.

In total, the projects are expected to create or preserve 959 units of affordable housing.

“The closing of Fund I is a powerful endorsement of our platform and a testament to the exceptional team we’ve built, the depth of our relationships, and the unwavering support of our parent company,” said Greg Voyentzie, CEO of Greystone Real Estate Capital.

“We’re honored to partner with such a committed group of investors and developers, all relationships built on a foundation of trust, respect, and a shared purpose to deliver high-quality, affordable housing where it’s needed most.”

Greystone said the $103 million was raised from seven institutional investors in the financial and insurance sectors.

The company cited estimates from the National Association of Homebuilders showing that the investments will generate 1,100 jobs, $132 million in wages and business revenue, and $49 million in tax revenue.

The fund’s closing comes roughly a year and a half after Greystone formed its tax credit syndication platform. This division is part of Greystone Select Inc., whose parent company manages $7 billion in assets and services more than $100 billion in loans.

The platform is led by industry veterans with more than 200 years of combined experience in the Low-Income Housing Tax Credit market, according to the company.

It uses proprietary underwriting and impact assessment tools while drawing on shared resources across the Greystone enterprise — including a 112-member technology team and a $40 million IT budget.