Add as a preferred source on GoogleGreystone Closes $10 Million Bond Investment Amid Portfolio Shift
The partnership received $23.6 million after its remaining equity in a Colorado multifamily property was redeemed following a sale directed by its managing member.
Greystone Housing Impact Investors LP closed a $10 million mortgage revenue bond investment as it works to reduce its investment in market-rate multifamily joint ventures.
The managing member directed the Aug. 13 sale of Vantage at Loveland, a 288-unit multifamily property in Colorado. Greystone’s remaining equity in the property was redeemed as a result, bringing the partnership $23.6 million in net cash.
The proceeds included $21.1 million in returned contributed equity and $2.5 million in accrued preferred return.
Greystone plans to direct proceeds from future sales of market-rate multifamily investments primarily into tax-exempt mortgage revenue bonds. CEO Kenneth C. Rogozinski described the sale and bond investments as progress in the portfolio shift during a Nov. 10 call, while noting the transition will take time.
The pace of future sales and the partnership’s ability to redeploy the capital will affect near-term results.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.