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Related affiliate secures $167M to build Miami multifamily towers
The project, Gallery at Lummus Parc, is planned for 257 units and uses $27.4 million in Low-Income Housing Tax Credits equity, according to Commercial Observer.
Related Urban Development Group has secured $167 million in construction financing to develop a two-tower multifamily project in Miami, Commercial Observer reports.
Greystone Housing Impact Investors (GHI) is providing an $80 million construction loan through its joint venture with BlackRock Impact Opportunities Fund, while Greystone Real Estate Capital (GREC) is supplying $27.4 million in 4 percent Low-Income Housing Tax Credits funding for the 257-unit Gallery at Lummus Parc project, the outlet says.
Commercial Observer adds that the deal also includes Greystone obtaining a Freddie Mac forward tax-exempt loan to repay construction financing costs with LIHTC equity.
GREC CEO Greg Voyentzie said in a statement that the project reflects how the company brings together affordable housing, tax credit equity, and agency financing capabilities under one platform, according to Commercial Observer.