Greystone Housing Impact Investors LP Announces New Secured Financing Transaction

Grand News Network | November 6, 2023

OMAHA, Neb., Nov. 06, 2023 (GLOBE NEWSWIRE) -- Greystone Housing Impact Investors LP (NYSE:GHI) (the "Partnership") announced today that on November 1, 2023, it completed a new secured financing transaction (the "TEBS Residual Financing") secured by its residual interests in three Tax Exempt Bond Securitization financings ("TEBS Financings") with Freddie Mac. The securitization involved the sale of the TEBS Financings residual interests to the Wisconsin Public Finance Authority (the "Issuer"), which then issued and sold $61.5 million of senior Affordable Housing Multifamily Certificates Class B-1 Certificates ("Class B-1 Certificates") to unaffiliated investors. The Partnership retained $20.5 million of residual Affordable Housing Multifamily Certificates Class B-2 Certificates that were also issued by the Issuer. The Partnership received net proceeds of approximately $60.4 million after payment of transaction-related costs, the majority of which was used to pay off other debt of the Partnership that has been previously secured by a pledge of the TEBS Financings residual interests.

The $61.5 million Class B-1 Certificates represent secured financing of the Partnership for financial reporting purposes and are entitled to interest at a fixed rate of 7.125% per annum and certain principal payments from the assets within the TEBS Residual Financing. ...

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