Deal Close
August 27, 2026
Type
Multifamily, 40 units
Price
$8,350,000
Henry Mathies
National Affordable Team
Sam Lacebal
National Affordable Team
Executive Summary
Greysteel’s third sale for this nonprofit seller was, by the team’s own account, close to the smoothest deal of the batch — a five-and-a-half-month escrow for a buyer completing his first acquisition under a newly launched platform.
He applied for a competitive 9% tax credit allocation and didn’t get it, but closed on the asset anyway using flexible CDFI acquisition financing, with plans to reapply in 2027.
The Challenge
Buyers in the affordable housing space frequently need a tax credit allocation to make an acquisition’s economics work, and this buyer’s 9% application didn’t clear this round — a scenario that derails many deals before they reach the closing table.
The Solution
Greysteel kept the transaction moving toward close despite the missed allocation, working with a buyer who had the experience (and the CDFI financing relationship) to proceed on the deal’s in-place economics — roughly a 5.4% going-in cap rate — rather than needing the credits to make the numbers work today.
Results
- $8,350,000 sale price on a 40-unit elderly Section 8 property
- Closed without the anticipated 9% tax credit allocation, on CDFI acquisition financing instead
- Third consecutive successful sale for this nonprofit client
- Buyer positioned to reapply for a 9% allocation in 2027
“The buyer, completing his first acquisition under a new platform, closed despite not receiving the anticipated 9% tax credit allocation. Greysteel maintained the transaction through a five-and-a-half-month escrow, with the buyer utilizing flexible CDFI acquisition financing and planning to pursue another tax credit allocation in 2027.” — Henry Mathies / Samuel Lacebal, Greysteel Lead Deal Contact, Affordable Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
