NEW YORK, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Greystone, a leading national commercial real estate finance company, has provided $167MM total loan package for the development of Gallery at Lummus Parc, a new high-rise multifamily community in Miami, Florida, sponsored by Miami-based Related Urban Development Group (RUDG), part of The Related Group. The transaction was facilitated through a collaboration across Greystone’s affordable housing platform including Greg Voyentzie and Jay Reed of Greystone Real Estate Capital (GREC), Jason Kaye of Greystone Housing Impact Investors LP (GHI), as well as Jeff Englund and Pharrah Jackson of Greystone.
The transaction brings together multiple Greystone platforms to provide financing throughout the development lifecycle. GHI is providing $80.0 million in construction financing through its joint venture with BlackRock Impact Opportunities Fund, while GREC is providing $27.1 million in 4% Low-Income Housing Tax Credit (LIHTC) equity. Greystone also obtained a Freddie Mac forward TEL for a $60.1 million fixed-rate, tax-exempt permanent loan that is expected to repay the construction financing upon conversion in conjunction with LIHTC equity.
Located at 395 Northwest 1st Street in Miami, Gallery at Lummus Parc will comprise 257 residences, including studio, one-bedroom and two-bedroom apartments. The high-rise development will feature a five-level parking structure as well as resident amenities including coworking spaces, a health club, club room, rooftop pool and deck, lounge and grilling areas, pickleball court and outdoor fitness area.
Approximately 83% of the residences will be subject to income and/or rent restrictions, with affordability levels ranging from 20% to 100% of area median income (AMI). The financing structure also incorporates project-based rental assistance, including 51 Project-Based Voucher units and six RAD-assisted units.
“Gallery at Lummus Parc demonstrates the impact we can achieve when we bring together Greystone’s affordable housing, tax credit equity and Agency financing capabilities under one platform,” said Mr. Voyentzie, CEO – GREC. “Working alongside Related Urban and our colleagues across Greystone, we were able to structure a comprehensive financing solution that supports the creation of much-needed affordable and workforce housing in the heart of Miami.”
“Gallery at Lummus Parc reflects Related Urban’s continued commitment to creating high-quality housing that serves residents across a broad range of incomes in Miami,” said Tony Del Pozzo Vice President of Finance for Related Urban. “Bringing a development of this scale to fruition requires strong collaboration and a thoughtful capital structure. Greystone’s ability to provide construction financing, LIHTC equity and a path to long-term Freddie Mac financing was instrumental in moving the project forward.”
“Complex affordable housing developments require multiple sources of capital and close coordination among all parties, and this transaction is a great example of what an integrated approach can accomplish,” said Mr. Englund, Executive Vice President, Greystone. “The Freddie Mac forward commitment provides a clear path to long-term permanent financing while the project moves through construction and toward stabilization.”
Construction is underway and is expected to be completed in late 2028. Upon completion, Gallery at Lummus Parc will benefit from its central Miami location near major public transportation, including the Government Center Metrorail and Metromover station and Brightline’s Miami Central station.
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, the team is committed to building a top syndication platform through a client-first, impact-driven approach.
About Greystone Housing Impact Investors LP
Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.
Media Contact:
Fran Del Valle
fran@influencecentral.com
