MIAMI—Multifamily mortgage loan provider Greystone just closed a $117 million transaction in Georgia. WWJ, LLC an affiliate of Boyd Management, secured the financing for the acquisition and rehabilitation of 44 affordable housing properties with 1,362 units that serve low-income households in 30 counties across the state.

Specifically, WWJ is snapping up the aged USDA Rural Development Section 515 portfolio. Greystone worked closely with National and State USDA Rural Development, the Athens Housing Authority Georgia Department of Community Affairs, and Fannie Mae to coordinate and secure the financing needed to acquire and rehabilitate the portfolio. The rehab is expected to take about a year.

“Affordable housing communities across the country are suffering from significant age and many are in drastic need of renovation and modernization,” says Tanya Eastwood, managing director for Greystone's Affordable Housing Initiatives group. “This combined with the ever increasing state and federal budget restrictions has made preservation of existing affordable housing stock even more of a challenge. These properties risk being removed from the affordable housing stock unless there are collaborative efforts from all agencies and partners involved.”