Greystone Closes $117M Affordable Housing Loan

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.