GHI Provides Financing for La Mesa Mixed-Income Project
Greystone Housing Impact Investors LP (GHI) provided construction and permanent financing for the new construction of a 40-unit mixed-income development located in La Mesa. The financing was originated by GHI managing director Frank Bravo, working in conjunction with Greystone senior managing director Eliav Dan and Greystone managing director Shana Dabyon behalf of GWMP Investments, LLC.
The to-be-built property will be named 40rty on Colony and will include 20% of units designated for households earning up to 50% of the San Diego County Area Median Income. The property will include two four-story buildings and one three-story building, as well as a community space, some enclosed garages, a carport and additional on-grade parking surface.
To finance the construction, GHI purchased tax-exempt recycled bonds and taxable bonds issued by the California Housing Finance Agency. GHI’s construction and permanent financing totals $11,900,000. At stabilization, and no later than 36 months from initial closing, the combined tax-exempt and taxable bonds, which are interest-only throughout the construction and permanent phases, will convert to a mini-permanent phase and will mature in June 2030.