Community, Local, State, National Leaders Celebrate the Transformation of 18 LIHTC Properties and 762 At-Risk Affordable Multifamily Housing Units

NEW YORK, Oct. 19, 2018 (GLOBE NEWSWIRE) -- Greystone Affordable Development, a leading provider of affordable housing recapitalization, rehabilitation and development services, Boyd Management, and WWJ, LLC held a ribbon-cutting event at the Canterbury Apartments on 103 E. Canterbury Lane in Camden, South Carolina, to celebrate the completed rehabilitation of 18 LIHTC properties across 15 different counties throughout the state of South Carolina. This $77.3 million tax-exempt bond transaction substantially renovated 762 aging and at-risk affordable multifamily housing units that are now owned and operated by WWJ, LLC.

The Grand Reopening included a property tour followed by a ceremony, ribbon cutting, and entertainment. The event featured South Carolina State Representative Laurie Slade Funderburk, House District 52, as the keynote speaker, who offered her remarks along with other distinguished presenters and attendees, including:

  • South Carolina Representative Chip Huggins, House District 85
  • South Carolina Representative William W. Wheeler, House District 50
  • Amber Peoples, Scheduler, U.S. Congressman Ralph Norman, 5th Congressional District
  • Margaret Spaulding, Regional Director, U.S. Senator Tim Scott
  • Laura Nicholson, Development Director, South Carolina Housing Finance and Development Authority
  • Debbie Turbeville, State Director, USDA, South Carolina State Office
  • Dana Boole, President & Chief Executive Officer, CAHEC
  • Kimberly Dixon, President, Kershaw County Chamber of Commerce
  • Tanya Eastwood, President/CEO, Greystone Affordable Development
  • Joe Wilczewski, Vice President of Finance, WWJ, LLC/Boyd Management
  • Babbie Jaco, Vice President of Management, WWJ, LLC/Boyd Management

Greystone’s affordable housing preservation team worked closely with the U.S. Department of Agriculture’s (USDA) Rural Housing Service (RHS), the South Carolina State Housing Finance and Development Authority, and Community Affordable Housing Equity Corporation (CAHEC) in the statewide-pooled transaction to secure the financing. A portion of the properties in the portfolio also leveraged the USDA’s Multifamily Preservation and Revitalization Program.  

“Greystone has enjoyed a decades-long relationship with WWJ, working together to preserve thousands of affordable housing units. WWJ has been an incredibly supportive partner and share our passion for the preservation of affordable housing,” said Tanya Eastwood, head of Greystone Affordable Development. “We’re grateful for the collaboration from our communities, local and national organizations and other key partners to make this project a reality.”

Joe Wilczewski, Vice President of Finance, WWJ, LLC added, “Together with Greystone, we’ve advanced the preservation of affordable housing in rural communities and enhanced the lives of many South Carolina residents. To date, we have preserved over 4,000 affordable housing units in South Carolina. Thanks to the investment support of the South Carolina State Housing Finance and Development Authority, CAHEC, and USDA, we were able to complete extensive renovations and preserve homes for those who need them the most.”

“Making South Carolina stronger has always been a priority for me. One of the ways to achieve this is to ensure greater access to affordable housing. This project represents how investment partners, communities, and leaders can come together to make this possible and improve the lives of our residents,” said South Carolina Representative Laurie Slade Funderburk, District 52.

“CAHEC is thrilled to once again partner with WWJ, Greystone, and Boyd Management in the preservation of safe and affordable communities throughout South Carolina. Although this portfolio will never replace the devastation caused by hurricanes Florence and Michael, it’s one more step towards improving the supply of housing for families and elderly throughout this region, and a fine illustration of how a public – private partnership can foster high quality results,” said Dana Boole, President and Chief Executive Officer, CAHEC.

The 18 properties, originally built between 1975 and 1989, were in need of substantial interior and exterior renovations to bring them up to modern standards. The renovations, which enhanced accessibility and addressed deterioration, were completed over the course of 13 months without permanently displacing any residents. An average of $30,000 in renovations per unit included replacement of windows, siding, roofs and exterior doors, and increased attic insulation, as needed. Interiors were updated with brand new solid wood cabinets, countertops, and Energy-Star appliances, bathroom vanities, flooring, bathtubs, WaterSense plumbing fixtures, new water heaters, and energy efficient HVAC units. Community amenities were upgraded with new common laundry rooms, playgrounds, parking lots, signage, and landscaping.

The properties include: 

  • Pecan Grove Apartments - 71 Carwellyn Road – Abbeville, SC  29620
  • Devonshire Apartments - 715 N. Farr Avenue – Andrews, SC  29510
  • Ramblewood Apartments - 131 Pinewood Drive - Batesburg-Leesville, SC  29006
  • Woodside Apartments - 210 Roland Street – Bishopville, SC  29010
  • Canterbury Apartments - 103 E Canterbury Lane – Camden, SC  29020
  • West Pines Apartments - 113 Clyde Avenue – Cheraw, SC  29520
  • Tallwood I Apartments - 113 Tallwood Drive – Clinton, SC  29325
  • Tallwood II Apartments - 113 Tallwood Drive – Clinton, SC  29325
  • Yorktown Apartments - 111 Quinn Road – Clover, SC  29710
  • Sparkleberry Hill Apartments - 100 Chalice Lane – Columbia, SC  29229
  • Shady Moss Townhouses - 1705 Shady Moss Court – Conway, SC  29527
  • Water Oak Apartments - 303 E. Elizabeth Street – Jefferson, SC  29718
  • Sandy Bay Apartments - 628 Nelson Boulevard – Kingstree, SC  29556
  • Knolwood I Apartments - 265 Knolwood Apts. Drive – Lancaster, SC  29720
  • Knolwood II Apartments - 265 Knolwood Apts. Drive – Lancaster, SC  29720
  • Foxcreek Apartments - 260 Ravenell Drive - St. Stephen, SC  29479
  • Oakland Plantation Apartments - 5501 Edge Hill Road – Sumter, SC  29154
  • Evans Knoll Apartments - 701 W. Moultrie Street – Winnsboro, SC  29180

About Greystone Affordable Development
Greystone Affordable Development, an affiliate of Greystone & Co., Inc., is a development and transaction management group that is focused on meeting the challenges associated with the recapitalization, rehabilitation and preservation of affordable housing throughout the U.S. To date, the group has coordinated the rehabilitation and preservation of over 12,500 apartment units (318 properties) with another 2,000 in various stages of completion across seven states. The group’s mission is to create meaningful and significant impacts on communities by helping to provide low-income households with decent, safe affordable housing. For more information, visit www.greycoaffordabledev.com

About Greystone

Greystone & Co., Inc., together with its affiliates (“Greystone”), is a real estate lending, investment and advisory company headquartered in New York. Greystone’s range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products; Mortgage servicing; Real estate investment and development; Acquisitions / management of multifamily properties and healthcare facilities; Affordable housing preservation; Public transport real estate management; and Investment sales advisory. For more information, visit www.greyco.com.

PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com