Greystone Affiliates Collaborate with Cushman & Wakefield on $118 Million in Total South Carolina Affordable Housing Transactions

Mortgage Revenue Bond Transactions to Secure 855 Units of Affordable Rental Housing in Greenville, Columbia, and Spartanburg Markets

NEW YORK, NY (February 21, 2022) – Greystone Affordable Development, Greystone Housing Impact Investors LP (NYSE: GHI), and Cushman & Wakefield (NYSE: CWK) created a dream team outcome in a challenging market on four recent affordable housing acquisition and rehabilitation development transactions in South Carolina totaling $118 million. Working with a variety of multifamily investment sales advisors at Cushman & Wakefield, with which Greystone has a strategic joint venture, the teams collaborated on the acquisition and mortgage revenue bond (MRB) investments with two separate non-profit entities.

Greystone Affordable Development, working with Opportunity South Carolina on three separate acquisitions as the developer of record, partnered with Rob Schultz of GHI to identify an acquisition financing solution via tax-exempt mortgage revenue bonds. On a fourth, separate $31 million transaction with Greenville Housing Fund, Greystone’s Adam Lipkin originated a financing solution via GHI, where Greystone Affordable Development will also serve as developer. Cushman & Wakefield’s John Phoenix, Austin Green, and Ricky Gore represented the sellers of all four properties. The properties include:

  • The Park at Sondrio in Greenville, SC, comprising 271 units and acquired for $38.1 million, and The Park at Vietti in Spartanburg, SC, comprising 204 units and acquired for $26.9 million.
  • Windsor Shores in Columbia, SC, comprising 176 units, acquired for $22.4 million.
  • The Ivy in Greenville, SC, comprising 212 units, acquired for $30.5 million.

Greystone Housing Impact Investors LP, an affiliate of Greystone, actively invests in mortgage revenue bonds and governmental issuer loans that contribute to the creation of new affordable housing by providing construction and/or permanent financing for new and substantially rehabilitated affordable housing development communities. Greystone Affordable Development, also an affiliate of Greystone, is a leading national mission-driven affordable housing developer.

“The collaboration and swift action required by all teams involved on these four transactions are a testament to Greystone’s commitment to both its clients and the affordable housing sector overall,” said Mr. Schultz, Managing Director, Greystone Housing Impact Investors LP. “Working across these dedicated teams, as well as with Cushman’s experienced sales advisors, gave the clients relief when the bond markets were less than forgiving. We are thrilled to have been able to team up on these transactions in order to solidify affordable rental housing in three key South Carolina markets.”

“These acquisitions (and future modernized communities) are so critical to the affordable housing stock in South Carolina, and we are beyond thrilled that Greystone Housing Impact Investors LP could partner with our team to make the deals happen in a volatile market. The collaboration on display, including with our partners at Cushman & Wakefield, is a true testament to the passion we all have for making an impact with affordable housing,” added Tanya Eastwood, head of Greystone Affordable Development.

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

About Greystone Affordable Development

Greystone Affordable Development, an affiliate of Greystone, is a national development and transaction management group that is focused on meeting the challenges associated with the creation, recapitalization, and preservation of affordable housing throughout the U.S. To date, the group has developed approximately 15,600 apartment homes with another 8,500 in various stages of completion in 12 states. The group’s mission is to create meaningful and significant impacts on communities by helping to provide low-wealth households with decent, safe, and affordable housing. For more information, visit

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP (formerly known as America First Multifamily Investors, L.P.) 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

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit or follow @CushWake on Twitter.

Safe Harbor Statement

Information contained in this press release regarding Greystone Housing Impact Investors LP contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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