Greystone Real Estate Capital has reached a significant milestone with the successful closing of its first Low-Income Housing Tax Credit fund, marking its official entry as a national tax credit syndicator. The $103 million Greystone Affordable Housing Fund I LP was secured with backing from seven institutional investors, coming from the financial and insurance sectors. This robust capital raise will fuel the development and preservation of nearly 1,000 affordable housing units across 11 multi-family developments in Louisiana, Massachusetts, Mississippi, New Jersey, Ohio and Pennsylvania.
Greystone Real Estate Capital was established in early 2024 by a team of experienced LIHTC professionals. The goal: to differentiate the platform as a client-focused, impact-driven syndicator and rapidly ascend it to the upper echelons of the industry. According to Chief Executive Officer Greg Voyentzie, the closing of Fund I validates both Greystone’s institutional capabilities and the strength of relationships the newly-formed team has cultivated. Greystone’s parent company has been a mainstay in the affordable housing finance sector since 1989, with deep resources—$7 billion in assets, $100 billion in loan servicing and $12 billion in annual originations.
The inaugural fund is projected to create approximately 1,100 jobs, $132 million in combined wages and business revenue and $49 million in tax revenue. In addition, the platform draws on extensive corporate shared services, including advanced technology infrastructure supported by a dedicated 112-member team and an annual IT budget of $40 million.
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