Heritage Affordable Communities has expanded in Tennessee with the purchase of an 868-unit low-income housing tax credit (LIHTC) portfolio. The deal involves 11 assets in 11 cities across the state.
The growing New York City-based firm reported acquiring the properties for $35.7 million, with Greystone providing $16.5 million in Fannie Mae Delegated Underwriting and Servicing Multifamily Affordable Housing loans.
The Fannie Mae financing includes six separate loans on six multifamily properties located throughout eastern Tennessee. All loans feature five-year terms with three years of yield maintenance and a maximum loan-to-value of 75%.
These developments were built through the LIHTC program between 2002 and 2020, with an average year built of 2010.
To acquire the general partner interests, Heritage Affordable Communities received housing agency, syndicator, and lender approvals. Vitus is a partner in a portion of the deal.
The assets are in Chattanooga, Clarksville, Erwin, Greeneville, Johnson City, Kingsport, Knoxville, Lenoir City, Maryville, Rockwood, and Sevierville.
Greystone’s financing was originated by Dan Sacks, Ilan Bassali, and Avi Kozlowski in the firm’s New York office.
