Greystone Secures $167 Million Financing for Miami Affordable Housing Tower

Greystone has successfully secured a comprehensive financing package totaling $167 million for the development of Gallery at Lummus Parc, a 257-unit affordable housing high-rise located at 395 N.W. 1st St. in Miami. The project is being developed by Related Urban Development Group, an affordable housing subsidiary of Related Group.

The financing structure is multi-faceted, involving an $80 million construction loan from Greystone Housing Impact Investors LP (GHI) in a joint venture with BlackRock Impact Opportunities Fund. Additionally, Greystone Real Estate Capital (GREC) contributed $27.1 million in 4 percent low-income housing tax credit (LIHTC) equity. A $60.1 million fixed-rate Freddie Mac loan from Greystone is anticipated to repay the construction financing upon conversion, in conjunction with the LIHTC equity.

Gallery at Lummus Parc will offer 257 studio, one-, and two-bedroom apartments. Approximately 83 percent of these residences will be subject to income and/or rent restrictions, with affordability levels spanning 20 to 100 percent of the area median income (AMI). The development also incorporates project-based rental assistance, including 51 project-based voucher units and six RAD-assisted units. This financing enables the construction of much-needed affordable housing in a key urban market.