Deal Close
July 31, 2026
Type
Multifamily, 80 units
Price
$7,000,000
Alyssa DeBono
National Affordable Team
Executive Summary
The winning bidder on this two-property, 80-unit HAP portfolio asked for a retrade from $7.4 million to $7 million late in due diligence, after their own analysts’ questions suggested they’d missed basic assumptions in their underwriting.
Rather than accept it, Greysteel pivoted to the second-place buyer — at the same $7 million price, but with a track record the team trusted after a recent, similar rural-Tennessee HUD closing.
The Challenge
The two properties, roughly 30 minutes apart, came with messy inherited financials from a prior nonprofit owner and a small property manager, plus different municipal utility rates despite being in the same general area — all complicating the marketing and underwriting process. The initial winning buyer’s late-stage retrade request threatened to unwind months of work.
The Solution
Rather than simply accept the lower price from a buyer whose diligence questions had raised real doubts about their underwriting competence, Greysteel recommended the seller move to the backup bidder at the identical $7 million price — a buyer the team had direct, recent, positive experience with on a comparable transaction.
Results
- $7,000,000 sale price on an 80-unit, two-property affordable housing portfolio
- Late-stage $400,000 retrade request rejected in favor of a proven backup buyer at the original price
- Replacement buyer closed cleanly with bridge financing, plans to refinance via HUD 223(f)
- Delivered execution certainty for the seller despite a buyer failure late in the process
“After generating multiple offers, Greysteel rejected a late retrade from the initial buyer and pivoted toa proven backup purchaser with experience in rural Tennessee affordable housing. The replacement buyer performed seamlessly, closing with bridge financing and plans to refinance through HUD 223(f), delivering execution certainty for the seller.” — 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.
