{"id":1004052016,"date":"2012-08-10T07:04:27","date_gmt":"2012-08-10T15:04:27","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=62187"},"modified":"2020-04-07T08:11:43","modified_gmt":"2020-04-07T16:11:43","slug":"greystone-closes-33m-affordable-housing-transaction","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greystone-closes-33m-affordable-housing-transaction\/","title":{"rendered":"Greystone Closes $33M Affordable Housing Transaction"},"content":{"rendered":"<p>By Eliza Theiss, Associate Editor<\/p>\n<p>Greystone Affordable Housing Initiatives LLC (GAHI), a leading provider of affordable housing recapitalization and rehabilitation transaction management services, announced the closing of a $33 million multifamily transaction for a North Carolina portfolio of family- and elderly-designated properties.\u00a0 The USDA Rural Development portfolio encompasses 12 properties totaling 368 units located in nine counties throughout the rural region of western North Carolina, within 140 miles of Asheville.<\/p>\n<p>The properties, developed by the HBREM LLC\u2019s owners over thirty years ago, will undergo a five-month renovation not only to extend their useful life periods, but also to improve comfort and energy efficiency. Planned interior improvements include re-flooring and refurbishing kitchens with new cabinets and countertops, as well as replacing plumbing fixtures, light fixtures and doors.<\/p>\n<p>The energy efficiency of units will be increased by installing insulated double-pane windows, energy-efficient hot water heaters and various environmentally-friendly appliances, as well as upgrading heating and air systems. Work done on the exterior will include re-roofing and installing new hardplank or vinyl siding.<\/p>\n<p>Improvements will not be exclusive to units and some upgrades will be done on a community level, such as installing new children\u2019s playground equipment, establishing picnic areas and touching up on landscaping.<\/p>\n<p>Columbia-based Arnold Construction Corporation is the chosen general contractor, with Ross Deckard Architects P.A. acting as the firm in charge of design. According to a press release, Howel Linkous &amp; Nettles LLC served as counselor to developer HBREM LLC, while Ramirez &amp; Co. Inc. acted as financial advisor.<\/p>\n<p>Funding includes both public and private sources and breaks down to $13.9 million in tax exempt bonds issued by the North Carolina Housing Finance Agency and $11.5 million in USDA RD Section 515 debt. Section 515 is a direct loan program directed towards owners looking to rehabilitate, build or buy rural rental housing.<\/p>\n<p>A further $7 million in capital was raised by Community Affordable Housing Equity Corporation purchasing 4 percent LIHTC&#8217;s, a type of indirect federal subsidy used to finance the development of affordable housing. $447,000 in owner contribution was also secured.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/ncaff1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-62195\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/08\/ncaff1.jpg\" alt=\"\" width=\"300\" height=\"121\" \/><\/a><\/p>\n<p>Chart courtesy of <a href=\"https:\/\/nlihc.org\/sites\/default\/files\/oor\/2012-OOR.pdf\">National Low Income Housing Coalition<\/a>.<\/p>\n<p>Click <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-employment-and-occupancy-expected-to-rise-in-charlotte-despite-bofa-job-cuts-3\" target=\"_blank\" rel=\"nofollow\">here <\/a>for further Charlotte market data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Eliza Theiss, Associate Editor Greystone Affordable Housing Initiatives LLC (GAHI), a leading provider of affordable housing recapitalization and rehabilitation transaction management services, announced the closing of a $33 million multifamily transaction for a North Carolina portfolio of family- and elderly-designated properties.&nbsp; The USDA Rural Development portfolio encompasses 12 properties totaling 368 units located in [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[1815],"class_list":["post-1004052016","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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