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Alternative Assets  + Real Estate  |  October 21, 2024
BlackRock, Greystone Form JV Targeting Affordable Housing
Joe Palmisano
By: Joe Palmisano

BlackRock, Greystone Form JV Targeting Affordable Housing

Greystone Housing Impact Investors and BlackRock Impact Opportunities have formed a joint venture to provide approximately $500 million in financing for the construction of affordable multifamily housing throughout the U.S.

The company cited the National Low Income Housing Coalition’s annual Gap report, which estimates a deficit of 7.3 million affordable housing units for extremely low-income renters in the US.

A wholly owned subsidiary of Greystone will be the JV’s managing member, the company added.

“The strategy and objectives of BlackRock Impact Opportunities are closely aligned with those of the partnership, and we believe that together we can deploy capital to increase the availability of affordable multifamily housing in underserved areas while achieving attractive risk-adjusted returns for our respective investors,” said Kenneth C. Rogozinski, CEO of the partnership.

Raymond James acted as transaction advisor to the partnership, while Ballard Spahr served as legal advisor. BIO received legal counsel from Kramer Levin Naftalis & Frankel for the venture.

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BlackRock Impact Opportunities

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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