- Greystone Real Estate Capital has closed its first LIHTC fund, raising $103M from seven institutional investors.
- The fund will support nearly 1K affordable housing units across six states while creating an estimated 1,100 jobs and $132M in economic impact.
- The move marks Greystone’s formal entry into LIHTC syndication, backed by the firm’s longstanding presence in affordable housing finance.
A Major Milestone
Greystone Real Estate Capital has completed the closing of its first Low-Income Housing Tax Credit fund, reports GlobeSt. The fund, called Greystone Affordable Housing Fund I LP, secured $103M in commitments. The capital, sourced from seven institutional investors in the financial and insurance sectors, will finance the development and preservation of nearly 1K affordable housing units.
Where The Money’s Going
The fund will support 11 multifamily developments across Louisiana, Massachusetts, Mississippi, New Jersey, Ohio, and Pennsylvania. In addition to housing, the projects are projected to generate approximately 1,100 jobs, $132M in wages and business revenue, and $49M in tax revenue.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Building A Syndication Platform
Greystone Real Estate Capital was formed in early 2024. The company entered the LIHTC space with an experienced team of tax credit professionals. Their goal is to deliver a client-focused and impact-driven platform. According to CEO Greg Voyentzie, the success of Fund I validates the firm’s ability to compete at a national level and reflects strong institutional relationships.
Greystone’s parent company brings considerable backing: $7B in assets, $100B in loan servicing, and $12B in annual loan originations. The platform also leverages corporate shared services, including a 112-member technology team supported by a $40M annual IT budget.
Why It Matters
The closing of Fund I therefore positions Greystone as a new player in the competitive LIHTC syndication market. Moreover, institutional investors are actively backing affordable housing. The fund reflects a continued push for private capital to expand affordable housing supply nationwide.
