Greystone Closes $167 Million Financing Package for 257-Unit Affordable Housing Development in Miami

Greystone has closed a $167 million financing package for Gallery at Lummus Parc, a 257-unit affordable and workforce housing high-rise development located at 395 Northwest 1st Street in Miami, Florida. The transaction was sponsored by Related Urban Development Group, a Miami-based affiliate of The Related Group, and brings together construction debt, Low-Income Housing Tax Credit equity and a Freddie Mac forward permanent loan under a single integrated capital structure.

Capital Structure and Key Parties

The financing package draws on multiple Greystone platforms. Greystone Housing Impact Investors LP is providing $80.0 million in construction financing through a joint venture with BlackRock Impact Opportunities Fund. Greystone Real Estate Capital is contributing $27.1 million in 4% Low-Income Housing Tax Credit equity. Greystone also arranged a Freddie Mac forward tax-exempt loan, or TEL, of $60.1 million at a fixed rate, which is expected to repay the construction financing upon conversion.

The transaction was coordinated across Greystone's affordable housing platform by Greg Voyentzie and Jay Reed of Greystone Real Estate Capital, Jason Kaye of Greystone Housing Impact Investors LP, and Jeff Englund and Pharrah Jackson of Greystone.

"Gallery at Lummus Parc demonstrates the impact we can achieve when we bring together Greystone's affordable housing, tax credit equity and Agency financing capabilities under one platform," said Greg Voyentzie, CEO of Greystone Real Estate Capital. "Working alongside Related Urban and our colleagues across Greystone, we were able to structure a comprehensive financing solution that supports the creation of much-needed affordable and workforce housing in the heart of Miami."

"Complex affordable housing developments require multiple sources of capital and close coordination among all parties, and this transaction is a great example of what an integrated approach can accomplish," said Jeff Englund, Executive Vice President at Greystone. "The Freddie Mac forward commitment provides a clear path to long-term permanent financing while the project moves through construction and toward stabilization."

Affordability Profile and Unit Mix

Approximately 83% of the 257 residences will be subject to income and/or rent restrictions, with affordability levels ranging from 20% to 100% of area median income. The project also incorporates project-based rental assistance, including 51 Project-Based Voucher units and six RAD-assisted units, adding deeply affordable and federally assisted housing to the development's mixed-income program.

The unit mix comprises 42 studios, 128 one-bedroom apartments and 87 two-bedroom apartments. The high-rise development will include a five-level parking structure and resident amenities such as coworking spaces, a health club, club room, rooftop pool and deck, lounge and grilling areas, a pickleball court and an outdoor fitness area.

"Gallery at Lummus Parc reflects Related Urban's continued commitment to creating high-quality housing that serves residents across a broad range of incomes in Miami," said Tony Del Pozzo, Vice President of Finance for Related Urban. "Bringing a development of this scale to fruition requires strong collaboration and a thoughtful capital structure. Greystone's ability to provide construction financing, LIHTC equity and a path to long-term Freddie Mac financing was instrumental in moving the project forward."

Site Location and Transit Access

Gallery at Lummus Parc is situated in Miami's urban core near the Miami River. The site provides access to major public transportation infrastructure, including the Government Center Metrorail and Metromover station and Brightline's Miami Central station. The project spans approximately 415,500 gross square feet, based on permit filings associated with the development.

The $167 million financing package equates to approximately $650,000 per planned unit and roughly $402 per reported gross square foot. Construction is underway and is expected to be completed in late 2028.

Financing Structure in Context

The transaction reflects the complexity of financing affordable high-rise housing in a high-cost urban market. Coordinating 4% LIHTC equity, tax-exempt construction and permanent debt, project-based rental assistance and RAD-assisted units each carries separate underwriting, compliance and timing requirements. By providing three distinct forms of capital through affiliated platforms — construction financing via Greystone Housing Impact Investors LP and its joint venture with BlackRock Impact Opportunities Fund, LIHTC equity through Greystone Real Estate Capital, and a forward permanent loan through Freddie Mac — the structure is designed to reduce refinancing uncertainty and provide a defined path from construction through stabilization.

Freddie Mac's TEL program supports tax-exempt loans with terms of up to 30 years, 35-year amortization and forward commitments for new construction and substantial rehabilitation, giving the project a defined permanent-loan execution while construction proceeds.

Sources

Greystone — Official Announcement, September 29, 2026