Greystone Housing Impact Investors LP (GHI) has provided construction and permanent financing for a new 40-unit mixed-income development in La Mesa. The financing was arranged by GHI managing director Frank Bravo, in collaboration with Greystone senior managing director Eliav Dan and Greystone managing director Shana Dabyon on behalf of GWMP Investments, LLC.
The upcoming property, known as “40rty on Colony,” will consist of two four-story buildings and one three-story building. It will also feature a community space, enclosed garages, carports, and additional surface parking. Twenty percent of the units will be reserved for households earning up to 50% of the San Diego County Area Median Income.
To fund the construction project,GHI acquired tax-exempt recycled bonds as well as taxable bonds issued by the California Housing Finance Agency.The total amount financed by GHI is $11.9 million,and it includes both construction and permanent phases.At stabilization within 36 months from initial closing,the interest-only tax-exemptand taxable bondswill convert into mini-permanent phaseand maturein June2030.
GHI’s involvement in providing funding for this mixed-income project demonstrates their commitment to affordable housing initiatives in La Mesa.Greystone’s team worked diligentlyto securethe necessary financing througha combinationof tax-exempt recycledbonds anda loanfromthe CaliforniaHousingFinanceAgency.The resulting$11.9 million investmentwill coverbothconstruction costsas well asthepermanentphaseofthedevelopment process.Withina maximum time frameofthree years frominitial closing,theinterest-onlytaxexemptandtaxable bondswill transitionintoaminipermanentphasebefore reaching maturityin June2030.This successful partnership between GHI,Greystonetopmanagement,andGWMPInvestmentsLLCis setto bring forth”40rtyonColony”-anexcitingnew additiontoLaMesa’shousinglandscape-without any mention or reference to “Connect” or “Connect CRE” or “Connect LA” or “Connect Texas”.
