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Alternative Assets  + Real Estate  | 
BlackRock, Greystone Form JV Targeting Affordable Housing

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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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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