Greystone Real Estate Capital Closes $103M Affordable Housing Fund

Greystone Real Estate Capital, an affiliate of Steven Rosenberg’s Greystone, announced the closing of an inaugural $103 million fund that will direct capital into the development and preservation of approximately 959 affordable housing units across six states, according to Greystone. 

Greystone Affordable Housing Fund I was formed in 2024 as a national affordable housing syndicator and secured the $103 million haul from seven unnamed institutional investors. 

The Low-Income Housing Tax Credit (LIHTC) fund plans to deploy the capital into 11 multifamily developments in Louisiana, Massachusetts, Mississippi, New Jersey, Ohio and Pennsylvania. As a LIHTC fund, the new Greystone vehicle has secured credits from various states following its commitment to use its investment capital to exclusively build and develop affordable housing.  

The fund expects to generate $49 million in tax revenue through its multiple developments, and the company says that an estimated 1,100 new jobs will capture $132 million in wages born out of these projects.  

Greystone Real Estate Capital carries a team of 112 members on its technology side, while its leadership team has 112 years of combined experience dealing with LIHTCs. The firm’s parent company, Greystone, carries $7 billion in assets and has a loan volume of more than $100 billion. 

Greg Voyentzie, CEO at Greystone Real Estate Capital, said in a statement that the closing of his firm’s inaugural affordable housing fund is “a powerful endorsement of our platform and a testament to the exceptional team we’ve built,” and praised the support of his parent company. 

“We’re honored to partner with such a committed group of investors and developers, all relationships built on a foundation of trust, respect and a shared purpose to deliver high-quality, affordable housing where it’s needed most,” he added. 

Brian Pascus can be reached at bpascus@commercialobserver.com.