Related Urban Development Group has sealed $167 million in construction financing through Greystone's affordable housing lending platform to build a two-tower multifamily project in Miami, Commercial Observer reported on September 29, 2026. The deal matters because it shows how a single financing platform can combine construction debt, Low-Income Housing Tax Credit equity, and agency takeout financing to move a large affordable housing development forward in a high-cost urban market. The project, Gallery at Lummus Parc, will include 257 apartments, with roughly 83 percent of the units designated as affordable housing.
The financing is split across multiple Greystone entities. Greystone Housing Impact Investors provided an $80 million construction loan through its joint venture with BlackRock Impact Opportunities Fund. Greystone Real Estate Capital supplied $27.4 million in 4 percent Low-Income Housing Tax Credits. The deal also involved Greystone obtaining a Freddie Mac forward tax-exempt loan to repay construction financing costs with LIHTC equity. Jeff Englund, executive vice president at Greystone, said the Freddie Mac component "provides a clear path to long-term permanent financing while the project moves through construction and toward stabilization."
The project is located at 395 Northwest First Street and will feature studio, one-bedroom, and two-bedroom apartments. Affordability levels range from 20 percent to 100 percent of area median income. Community amenities include coworking spaces, a health club, a rooftop pool, grilling areas, a pickleball court, and an outdoor fitness area. The development involves two interconnected towers of 30 and 27 stories, with construction slated for completion in late 2028. Greystone said the project is expected to benefit from close access to public transportation, including the Government Center Metrorail station and Brightline's Miami Central station.
The transaction highlights how affordable housing developers are layering multiple capital sources to make projects feasible in expensive urban submarkets. Greg Voyentzie, CEO of Greystone Real Estate Capital, said the project "demonstrates the impact we can achieve when we bring together Greystone's affordable housing, tax credit equity and agency financing capabilities under one platform." Tony Del Pozzo, vice president of finance at Related Urban, said 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." The involvement of BlackRock Impact Opportunities Fund also signals continued institutional appetite for affordable housing exposure through structured vehicles.
The evidence base is limited to a single Commercial Observer article, so several details remain unconfirmed. The article does not specify the total project cost, the exact unit mix beyond bedroom counts, the precise income averaging structure, or the terms of the Freddie Mac forward commitment. It also does not disclose whether the $167 million figure represents the full capital stack or only the Greystone-related components. Future reporting should clarify the permanent loan sizing, the LIHTC investor structure, and any public subsidies beyond the tax credits. The late 2028 completion timeline also leaves room for construction cost or interest rate risk that is not addressed in the source material.