Greystone Housing Impact Investors LP (GHI) has provided construction and permanent financing for a new 40-unit mixed-income development in La Mesa. The financing was arranged by GHI managing director Frank Bravo, along with Greystone senior managing director Eliav Dan and Greystone managing director Shana Dabyon on behalf of GWMP Investments, LLC.
The upcoming property, named 40rty on Colony, will consist of two four-story buildings and one three-story building. It will also feature a community space, enclosed garages, carports and additional surface parking. Twenty percent of the units will be reserved for households earning up to 50% of the San Diego County Area Median Income.
To fund the construction project,GHI purchased tax-exempt recycled bonds as well as taxable bonds issued by the California Housing Finance Agency. The total amount financed by GHI is $11.9 million for both construction and permanent phases.The combined tax-exemptand taxable bonds are interest-only during these phases butwill convert to mini-permanent phase at stabilization within36 months from initial closing,and mature in June2030.
Greystone Housing Impact Investors LP (GHI) has recently secured funding for a new mixed-income development in La Mesa consisting of 40 units.Greystonemanaging directorsFrank Bravo,Eliav Dan,and Shana DabyonbehalfofGWMP InvestmentsLLC have successfully arrangedtheconstructionandpermanentfinancingforthisproject.
Named “40rty on Colony,” this property includes two four-story buildings,athree-storybuilding,a community space,en-closedgarages,caports,andadditionalonsurfaceparking.Twentypercentoftheunitsareallocatedtohouseholdsearningupto50%ofSanDiegoCounty’sAreaMedianIncome.Thisdevelopmentisaimedatprovidingaffordablehousingoptionstothoseinneedinthecommunity.
In orderto finance this project,GHI haspurchasedtax-exemptrecycledbondsandtaxablebondsthroughtheCaliforniaHousingFinanceAgency.The total amount of financing provided by GHI is $11.9 million, covering both the construction and permanent phases.These bonds will be interest-only during this time butwill convert to a mini-permanent phase within 36 months from initial closing,and mature in June2030.
