NEW YORK, July 16, 2026 (GLOBE NEWSWIRE) -- Greystone Real Estate Capital, a national tax credit syndicator and subsidiary of Greystone Select Incorporated (and together with its direct and indirect subsidiaries, “Greystone”), today announced the closing of Greystone Affordable Housing Fund II LP, a $137 million multi-investor Low-Income Housing Tax Credit (LIHTC) fund. The fund will support the development and preservation of approximately 1,960 affordable housing units across 20 properties in nine states, continuing the firm's focus on delivering safe, high-quality housing that creates enduring social and economic value to underserved communities.
The closing of Fund II follows the firm's inaugural fund completed in August 2025 and brings Greystone Real Estate Capital's total multi-investor equity closed to more than $240 million in less than 12 months, representing a significant milestone in the platform's rapid growth and market adoption. Fund II includes eight institutional LIHTC investors, consisting of five new investor relationships and three returning investors from Fund I, underscoring the platform's ability to attract new capital while expanding existing LIHTC investor partnerships.
Fund Highlights
- Total Equity Invested: $137 million
- Number of Investors: 8 institutional investors (5 new, 3 repeat)
- Developments: 11 LIHTC developments encompassing 20 properties
- States Covered: 9 states (including a 10-property Rural Development portfolio)
- Affordable Units Created/Preserved: 1,960 units
The portfolio reflects a disciplined LIHTC investment strategy centered on experienced development partners and high-quality affordable housing assets. Approximately 84% of the equity is for developments by repeat developers, underscoring strong, long-term sponsor relationships. The portfolio consists of a balanced mix of 60% new construction and 40% rehabilitation projects, supporting both the creation of new housing and the preservation of existing affordable communities. In addition, 80% of the properties benefit from project-based rental subsidies, providing stable revenue streams, while the portfolio serves residents with an average affordability level of 56% of Area Median Income (AMI).
The portfolio is expected to generate substantial economic benefits for the communities it serves, extending well beyond the delivery of affordable housing. The LIHTC developments are projected to create approximately 2,700 jobs, generate an estimated $300 million in wages and business revenue, and produce approximately $111 million in tax revenue*, highlighting the broader economic value of these developments.
“Fund II marks another important milestone in the growth of our affordable housing platform,” said Todd Jones, Chief Investment Officer at Greystone Real Estate Capital. “In less than a year, we have closed on more than $240 million of multi-investor fund equity, established 13 new LIHTC institutional investor relationships through our multi-investor and proprietary LIHTC fund offerings, and partnered with some of the industry’s most respected affordable housing developers. We are grateful for the trust our investor partners have placed in us and remain committed to delivering disciplined investment performance while financing housing that creates lasting impact in communities across the country.”
“The closing of Fund II reflects both the market's confidence in our affordable housing platform and Greystone’s longstanding commitment to creating and preserving affordable housing nationwide,” said Stephen Rosenberg, Chief Executive Officer of Greystone. “The Greystone Real Estate Capital team has built a remarkable platform through disciplined execution, strong LIHTC investor and developer relationships, and an unwavering commitment to client service and innovation. We believe this is only the beginning, and we remain committed to expanding our impact by delivering innovative capital solutions that help address the growing need for affordable housing across the country.”
*Estimated economic impact based on standard affordable housing industry multipliers and project-level development data. (per NAHB - National Impact of Home Building and Remodeling April 1, 2020)
About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.
About Greystone Real Estate Capital
Greystone Real Estate Capital is a national LIHTC syndicator formed in 2024 as part of Greystone. With over 200 years of combined experience, Greystone’s LIHTC team is committed to building a top syndication platform through a client-first, impact-driven approach.
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Fran Del Valle
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