Greystone’s America First Multifamily Investors Provides $154M Loan for Affordable Housing


A partnership between UrbanCore Development, E. Smith & Company, Oakland Economic Development Corporation and Red Stone Equity Partners has secured $153.6 million in tax-exempt and taxable construction loans for a new 387-unit affordable housing community in Elk Grove, Calif., Commercial Observer can first report. 

Greystone affiliate America First Multifamily Investors (ATAX) provided the loan with a team led by Frank Bravo

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Located at the southeast corner of Bruceville and Poppy Ridge Roads, Poppy Grove Development in Sacramento County is an affordable apartment home community that sits on a 16.73-acre site. Upon completion, it will include 14 residential buildings, a business center, a clubhouse, an outdoor pool, an outdoor playground and a recreation area. The units will be restricted to residents earning between 30 percent and 80 percent of the area median income, according to a release. 

“We are honored to leverage our expertise in affordable housing and work with partners who share our vision for addressing the affordable housing crisis in Sacramento,” Bravo said in prepared remarks.

At stabilization, and no later than 36 months from initial closing, the tax-exempt loan for the project will be partially paid down, and Greystone will provide up to $42.8 million in permanent Freddie Mac tax-exempt loan (TEL) financing in the form of a 15-year term, 40-year amortized facility.

“This project would not be possible without critical tax-exempt financing, which enables developers to create housing that addresses the demand for affordable housing in the Sacramento area and throughout the nation,” Ken Rogozinski, CEO of ATAX, in prepared remarks. 

As a completed asset, the multifamily community will be owned by Poppy Grove I, Poppy Grove II and Poppy Grove III, each a California limited partnership.  

“The Poppy Grove ownership is elated with the construction financing provided by ATAX,” Reese A. Jarrett, a co-managing member, said. “Our great relationship with Frank Bravo and the ATAX team was integral to completing the financing on this affordable housing development, which will enrich the lives of 387 families that will call Poppy Grove home.”

Emily Fu can be reached at