4% LIHTC Portfolio

North Carolina
Property Type: Section 515

Rehabilitation marked the ten-year anniversary of the completion of Greystone Affordable Development’s first groundbreaking portfolio transaction with WWJ LLC.

Project at a Glance

Greystone’s affordable development team collaborated with a long-time partner, WWJ LLC, one of the largest owners and operators of affordable housing in the southeastern United States, to renovate over 400 aging and at-risk multifamily housing units.  Two of the properties are historic, built in 1920, while the others were built in the 1980’s, indicating a crucial need for rehabilitation and modernization

The Mission

To continue longstanding collaboration, preserving critical affordable housing stock throughout North Carolina.

The Partnership

Transaction marks the twelfth collaboration with this client, resulting in the preservation of over 6000 affordable housing units to date in a model they jointly pioneered.  

The People

A total of twenty-one deal partners worked together in order to complete this preservation portfolio.

Key Partners

  • Bond Issuer: North Carolina Housing Finance Agency and TD Bank
  • Developer Partner: WWJ LLC
  • Equity Investor: CAHEC (Community Affordable Housing Equity Corporation)
  • Permanent Subordinate Lender: Greystone Servicing Company LLC
  • Subordinate Lender: USDA Rural Development

Finance Structure

  • Assumed Debt: $11.9M
  • New Debt: $14.3M
  • LIHTC Equity: $10.5M
  • Historic Tax Credit Equity: $620,000
  • Tax-Exempt Bonds: $17.7M
  • Other Sources: $1.1M

440 Affordable Housing Units to Be Rehabilitated
$56M Total Development Costs
11 months Construction Period

“Greystone has been an incredible partner over the years, and we are proud to look back on all that we have accomplished together.  Our efforts, combined with those of our investment partners, USDA Rural Development, and the North Carolina Housing Finance Agency have not only preserved the value of our portfolio, but benefitted local economies and improved the lives of 440 North Carolina families.”

Affordable Housing Owner North Carolina & South Carolina
Together, we can change lives.