Deal Close
August 9, 2026
Type
Multifamily, 44 units
Price
$7,230,626
Patrick Pugliese
National Affordable Team
Sam Lacebal
National Affordable Team
Executive Summary
Greysteel won this assignment through cold outreach to a nonprofit owner, leveraging a recent comparable transaction on a similarly sized project-based Section 8 property.
The nonprofit’s limited partner turned out to be a group the team had already worked with, which helped win trust the nonprofit itself didn’t yet have in Greysteel. From there, the deal spent 12 months under contract clearing approvals from CalHFA, TCAC, HUD, and the LP before closing.
The Challenge
As a LIHTC deal involving a GP interest, the transaction required sign-off from four separate parties — CalHFA on the loan, TCAC on the tax credits, the limited partner, and HUD — any one of which could have stalled or derailed the deal over the better part of a year.
The Solution
Greysteel kept both sides aligned and informed through the full 12-month approval process, managing what the team could control and communicating transparently about what it couldn’t, rather than letting the extended timeline erode either party’s commitment.
Results
- $7,230,626 sale price on a 44-unit project-based Section 8 property
- 12 months under contract, navigating CalHFA, TCAC, HUD, and limited-partner approvals
- Sourced through cold outreach, leveraging the team’s track record on a comparable asset
- Buyer-seller alignment maintained throughout an unusually long regulatory approval process
“The transaction remained under contract for 12 months while navigating approvals from CalHFA, TCAC, HUD, and the limited partner. Greysteel maintained alignment between the buyer and seller throughout the extended process, ultimately overcoming the complex regulatory requirements and successfully guiding the transaction to closing.” — Patrick Pugliese / 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.
