
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.
