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NEW YORK, April 11, 2018 (GLOBE NEWSWIRE) — Greystone Affordable Development, a leading provider of affordable housing recapitalization and rehabilitation advisory services, announces the closing of a $168.6 million multifamily housing transaction in Georgia, marking the third collaboration with Atlanta, GA-based The Hallmark Companies, Inc., an owner and manager of approximately 11,000 affordable housing rental units in the U.S.
The portfolio of affordable housing properties included 26 aged USDA Rural Development Section 515 properties (which were then consolidated into 23) comprised of 1,310 rental apartments serving low-income households in 17 counties across the state. In the statewide-pooled transaction, Greystone worked closely with USDA’s Rural Housing Service (RHS) State and National Offices and the Georgia Department of Community Affairs (DCA) to coordinate and secure the financing needed to recapitalize and rehabilitate this at-risk and much-needed housing.
“With only 38 affordable rental homes available for every 100 extremely low income households in Georgia, a large percentage of the state’s income-restricted households are severely rent overburdened. New affordable housing stock just isn’t being created fast enough to meet the demands, thus preservation of the aging stock is absolutely essential,” said Tanya Eastwood, President, Greystone Affordable Development. “We are able to not only preserve, but also modernize this vital housing stock. It is important to note that this unique and complex process would simply not be possible without Housing Credits and Private Activity Bonds.”
“The rural areas of the U.S. are often overlooked for real estate investment, so we appreciate how valuable the portfolio preservation strategy is for owners committed to serving rural residents,” said Joyce White, State Director of Georgia, USDA Rural Development.
The financing plan combined both public and private funding, and included:
Tax-Exempt Bonds – Single issuance of $54.3 million in publically offered multifamily private activity tax-exempt bonds from the Housing Authority of Macon-Bibb County.Low-Income Housing Tax Credit Equity – Purchase of 4% Federal and State LIHTCs by Boston Financial Investment Management, generating $54 million in capital contributions.RHS 515 Debt – Assumption and subordination of $27.6 million of original USDA Section 515 debt, as well as $368,000 in new USDA Section 515 debt awarded to two of the properties through Rural Development’s Multifamily Preservation and Revitalization (MPR) Program. The Section 515 program is a direct loan program designed to provide subsidized loans to developers of affordable housing in rural markets.Senior Debt of $27.3 million in USDA Section 538 loans provided by Greystone Servicing Corporation, Inc.Excess Reserves, Project Operations, Investment Income, and Deferred Developer Fees totaling $5 million.
The rehabilitation plan includes a fast-paced construction phase, estimated to be complete within 24 months, during which no residents are expected to be permanently displaced. Substantial renovations, averaging $37,000 per unit, will include both interior and exterior improvements. Particular emphasis will be placed on bringing the properties, built between the late 1970s and the mid-1990s, up to modern standards, addressing accessibility, functional obsolescence and deterioration. This transaction includes the goal to achieve an overall energy savings of at least 20% at each property via installation of energy efficient measures such as ENERGY STAR certified windows, doors, and appliances, high efficiency water heaters, and insulation upgrades.
“With the critical need for affordable housing in Georgia, we are inspired by Hallmark’s proactive efforts in preserving this critical housing stock,” said Laurel Hart, Director, Housing Finance & Development Division, Georgia Department of Community Affairs. “We would love to see other owners in Georgia embrace this process, which is clearly something of a ‘secret sauce’ that Greystone has developed for the benefit of thousands of affordable housing residents.”
"Greystone has been an incredibly valuable partner in our role as stewards of affordable housing in the southeast,” said Pete Petersen, President, The Hallmark Companies, Inc. “Their sincere commitment to our residents is what drives such a complex transaction to the finish line, and we look forward to working on future transactions together.”
“We strive to create a blueprint for preservation that can be replicated across the country as we continue to seek opportunities to recapitalize and rehabilitate multiple properties in a single transaction, said Will Eckstein, Senior Vice President, Greystone Affordable Development. “These public / private partnerships not only preserve and improve much-needed affordable housing in rural communities, it drives economic investment and is a win-win for all. We especially thank Hallmark for their continued confidence in Greystone to guide them through this process for the third time and their commitment to affordable housing across the state of Georgia and the Southeast.”
The deal team included:
ArchitectWallace Architects, LLC (Columbia, MO)Bond IssuerThe Housing Authority of Macon-Bibb County (Macon, GA)Bond Issuer’s CounselSpivey, Pope, Green, and Greer, LLC (Macon, GA)Bond UnderwriterStifel, Nicolaus & Company, Incorporated (Montgomery, AL)Bond Underwriter’s CounselTiber Hudson (Washington, D.C.)Co-Bond Counsel Butler Snow LLP (Atlanta, GA)Co-Bond CounselDinsmore & Shohl LLP (Cincinnati, OH)Borrower’s CounselColeman Talley LLP (Valdosta, GA)DeveloperHallmark Development Services, LLC (Atlanta, GA)Developer’s ConsultantGreystone Affordable Development (Raleigh, NC)General ContractorGreat Southern, LLC (Valdosta, GA)Permanent LenderGreystone Servicing Corporation, Inc. (Warrenton, VA)Permanent Lender’s CounselBallard Spahr LLP (Washington, D.C.)Rating AgencyS&P Global Ratings (New York, NY)Subordinate LenderUSDA Rural Housing Service (Washington, D.C.)Tax Credit SyndicatorBoston Financial Investment Management, LP (Boston, MA)Tax Credit Syndicator’s CounselGallagher Evelius & Jones LLP (Baltimore, MD)TrusteeUS Bank (Atlanta, GA)Trustee’s CounselSmith, Gamble & Russell, LLP (Atlanta, GA)
About Greystone Affordable Development
Greystone Affordable Development, a Greystone affiliate, is a development and transaction management group that is focused on meeting the challenges associated with the recapitalization, rehabilitation and preservation of affordable housing throughout the U.S. To date, the group has coordinated the rehabilitation and preservation of over 11,000 apartment units (305 properties) with another 2,000 in various stages of completion in seven states. The group’s mission is to create meaningful and significant impacts on communities by helping to provide low-income households with decent, safe affordable housing.
Greystone, together with its affiliates, is a real estate lending, investment and advisory company headquartered in New York. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products; Mortgage servicing; Real estate investment and development; Acquisitions / management of multifamily properties and healthcare facilities; Affordable housing preservation; Public transportation real estate management; and Real Estate sales advisory. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.
ATLANTA (CBS46) –
Many house hunters in Atlanta are experiencing sticker shock. The prices for properties in metro Atlanta continue to climb and with inventory down, it’s creating bidding wars for buyers.
Jon Pokrzyk is house hunting and in Atlanta where property prices are rising, he knows now is not the ideal time to buy. but he needs to.
"I just got married in September so my wife recently let me know that she got pregnant," said Pokrzyk.
This newlywed and soon-to-be new father has been out bid on several properties. And he’s finding out his dollar isn’t going as far as it used to.
"We’ve expanded the budget greatly as we’ve been shopping," said Pokrzyk. "Originally we were around the five to seven hundred thousand dollar range and we’ve expanded it closer it six hundred to a little bit over a million dollars.
The median home price in metro Atlanta is two hundred fifty thousand dollars. That’s ten percent more than just a year ago.
The reason for the high prices is low inventory. But the Atlanta housing market has something unique happening: people from outside of the area are moving here and trying to cash in on what was once an affordable place to live.
"They’re saying Atlanta is on sale. They cant believe the prices because where they’re from in Palo Alto the house would be 4.5 million and they can get it here for 1.7," said Christian Ross with Village Realty.
Christian Ross has been dealing Atlanta Real Estate for 13 years. She’s never seen prices rise this fast. And she doesn’t believe they’ll come down.
"I do not see any kind of bubble in our sight especially when we have companies like amazon that would have a huge impact," said Ross. "We have the film industry that’s making a five billion dollar impact on the state. I don’t see any slowing down."
Maybe not slowing down but more bidding wars could be heating up.
Copyright 2018 WGCL-TV (Meredith Corporation). All rights reserved.
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Donald Glover FX)
There’s a reason folks in the comments section of the YouTube promo for “Helen” called this the “Get Out episode.”
After kicking off the episode with a spit-taker – Earn (Donald Glover) going down on Van (Zazie Beetz) in the show’s most explicit sex scene to date – we hop to the “couple” driving away from the city to Helen, Ga., a little village northeast of Atlanta in the aptly-named, White County. Van apparently grew up in or around Helen, and regularly participated in the city’s Oktoberfest celebration as a kid.
The parallels between Jordan Peele’s Oscar-winning blockbuster are there, ranging from conversations about whether Earn will enjoy this decidedly non-Black event to the boar in the middle of the country road that they almost hit.
Their discussions about oral sex “tongue confidence” while high and whether Black women can be considered brunettes (which I guess I never thought about), remind you that you are, indeed, watching Atlanta.
DEKALB COUNTY, Ga. – Two people have been transported to a local hospital after police say they were shot at an apartment building in DeKalb County on Saturday.
Officials say the shooting happened around 12:17 p.m. at the Oaks at Stonecrest Apartments on Evans Mill Road in Lithonia, Georgia.
According to investigators on the scene, the boyfriend of a resident showed up at her apartment building and discovered that the woman’s ex and one of the ex’s friends were at her house.
Police said the new boyfriend then shot the ex-boyfriend and his friend as they were leaving in a red SUV.
The ex-boyfriend, whose name has not been released, was shot multiple times and is now at the hospital in critical condition.
The Cobb Energy Centre hosts An Evening with Audra McDonald: Songs from the American Music Theater on Saturday, March 3. (Publicity photo)
Friday, March 2 – Sunday, March 4
Don’t miss the Georgia Tiny House Fest this weekend, 12 – 5 p.m., Atlanta Motor Speedway, 1500 Tara Place, Hampton, GA 30228, www.facebook.com/events/131495984211130
Friday, March 2
Theatrical Outfit has opened Topher Payne’s award-winning play “Perfect Arrangement,” 8 p.m. tonight running through March 18, and Gay for Plays hosts a special night out with a pre-show event with Payne at 6 p.m., The Balzer Theatre at Herren’s, 84 Luckie St. N.W., Atlanta, GA 30303, www.facebook.com/events/1424397024338286.
State lawmakers on both sides of the gun debate will soon decide if the time is right to take steps to tighten Georgia’s gun law.
Under a long-standing law, the records of thousands of Georgians who were involuntarily committed for mental health treatment have been removed from a national database that gun dealers use to run background checks of buyers. That database is the only tool that gun dealers have to tell them when someone isn’t allowed to buy a gun.
CENTURY 21 DIAMOND REALTY ADDS NEW AGENTS
Century 21 Diamond Realty welcomes Georgia Angelillo, Bob Colonna, Vanessa Maloney and Karen Meyer to its real estate team.
Angelillo and Colonna moved to Hilton Head Island in 2010. Angelillo was president of a co-op building for five years, while Colonna has experience in vendor management and contract negotiations.
Maloney has lived in the Lowcountry for 12 years. Previously, she worked in social work and the medical field. Meyer is a Sun City resident with a experience in marketing and interior design. Previously, she worked in business management and marketing with Fortune 100 companies. She was also a realtor in Atlanta and owned a bed-and-breakfast in Crested Butte, Colorado. Maloney and Meyer will work out of the company’s Bluffton office.
Metro Atlanta’s housing market its fifth consecutive year of solid gains last year, but the shrinking supply in homes for sale has continued to drop into the red zone, according to a report by Re/Max.
The median sales price of a ho me sold last year was $239,000 – up 6 percent from 2016.
Rising prices are likely to push buyers – especially first-time buyers — deeper into the suburbs this year, said John Rainey, vice president of Re/Max Georgia. “Looking ahead, we expect to see changes in buying patterns this year, as buyers begin to look to communities further outside of Atlanta in search of more affordable housing and a wider selection.”
Fresh from a victory in requiring affordable housing along the BeltLine, Atlanta City Councilmember Andre Dickens is trying to form a multi-city coalition to create a regional – even statewide – housing affordability strategy.
Dickens said he has reached out to leaders of several metro Atlanta cities – including Dunwoody and Sandy Springs – who he had heard are also working on “housing affordability and housing diversity.” And he’s looking even farther afield: “We reached out as far as Augusta, too,” he said.
Have you been searching all over Atlanta for an unbelievable apartment? Perhaps you have been saving for a number of months and just cannot wait? However, you need to be sure that you make this decision carefully as it could affect you in lots of methods.