Deal Close
June 30, 2026
Type
Manufactured Housing, 220 lots
Loan Amount
| Final Equity Amount | $12,000,000 |
| Programmatic Joint Venture | $250,000,000 |
TC Cosby
Structured Finance Team
Executive Summary
Greysteel arranged $12 million of equity for this manufactured housing community as part of a broader $250 million programmatic joint venture with an institutional capital partner — a new capital relationship the team opened specifically around this deal’s profile.
The asset carried strong in-place cash flow (over 6%), plus expansion land and a mark-to-market opportunity, a combination the team has started calling “core plus plus.”
The Challenge
Traditional institutional buyers typically won’t pay for a property’s expansion or upside potential; they price the in-place cash flow and treat everything else as free optionality. Structuring a deal that captured institutional-grade pricing while preserving the upside for the sponsor required a specific kind of buyer.
The Solution
Greysteel positioned the opportunity around its blend of stable current yield and future flexibility — sell the upside later, or hold and push NOI — rather than asking a buyer to underwrite and pay for growth that hadn’t happened yet. The expansion land itself was valued at zero in the transaction, keeping the deal within a conventional core-plus underwriting box while the sponsor retained the option value.
Results
- $12,000,000 equity investment secured off-market
- New institutional capital relationship opened as part of a $250 million programmatic joint venture
- In-place cash flow exceeding 6%, with expansion and mark-to-market upside preserved for the sponsor
- Demonstrated a repeatable “core plus plus” positioning the team is now applying across other asset types
“Greysteel positioned the opportunity as a ‘Core Plus Plus’ investment, combining stable in-place cash flow with future value creation through expansion potential and mark-to-market opportunities. By leveraging this flexible business plan, the team secured institutional capital through an off-market execution while preserving additional upside for the sponsor.” — TC Cosby, Greysteel Lead Deal Contact, Structured Finance 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.
