Greystone Real Estate Capital, a national low-income housing tax credit (LIHTC) syndicator formed in 2024, has closed a $137 million multi-investor fund.
Greystone Affordable Housing Fund II follows the firm's inaugural fund completed in August 2025 and brings its total multi-investor equity closed to more than $240 million in less than 12 months.
The latest fund supports the development and preservation of approximately 1,960 affordable housing units across 20 properties in nine states.
The portfolio consists of 60% new construction and 40% rehabilitation projects. In addition, 80% of the properties benefit from project-based rental subsidies, providing stable revenue streams, while the portfolio serves residents with an average affordability level of 56% of the area median income, according to officials.
In addition, approximately 84% of the equity is for developments by repeat developers, underscoring long-term sponsor relationships.
Fund II is supported by eight institutional LIHTC investors, consisting of five new investor relationships and three returning investors from the first fund.
“Fund II marks another important milestone in the growth of our affordable housing platform,” said Todd Jones, chief investment officer at Greystone Real Estate Capital. “In less than a year, we have closed on more than $240 million of multi-investor fund equity, established 13 new LIHTC institutional investor relationships through our multi-investor and proprietary LIHTC fund offerings, and partnered with some of the industry’s most respected affordable housing developers. We are grateful for the trust our investor partners have placed in us and remain committed to delivering disciplined investment performance while financing housing that creates lasting impact in communities across the country.”
The LIHTC developments are projected to create approximately 2,700 jobs, generate an estimated $300 million in wages and business revenue, and produce approximately $111 million in tax revenue, highlighting the broader economic value of these developments, noted the company.
Greystone Real Estate Capital is part of Greystone, a leading private national commercial real estate finance company.