ATAX America First Multifamily Investors LP

Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that it has purchased $42 million in tax-exempt and taxable mortgage revenue bonds for the acquisition and adaptive reuse and permanent financing of a future 79-unit seniors and supportive housing community in Los Angeles. Frank Bravo, Managing Director at ATAX, originated the transaction.

The scope of work at 5500 Hollywood Boulevard will consist of the conversion of the existing vacant commercial building into a low-income housing tax credit multifamily development. The project will consist of one five-story apartment building after adding a mezzanine. Post-adaptive reuse, the property will be restricted to senior residents earning 30%, 50% and 80% of area median income. Thirty-nine of the units are anticipated to benefit from project-based vouchers, master leased by The People Concern, whose constituents are homeless individuals or those at risk of homelessness.

At stabilization, and no later than 30 months from initial closing, the tax-exempt bonds will be partially redeemed and ATAX will provide $18.1 million in permanent financing in the form a 15-year term, 40-year amortized facility.

The existing property, commonly known as the “Hollywood Western Building,” was originally built in 1928 by Louis B. Mayer and Irving Thalberg and is now called the Mayer Building. The building is Art Deco architecture and served as the first location of Motion Picture Association of America, Central Casting. The building is recognized as having historical significance and is listed in the Historic Cultural Monument list maintained by the City of Los Angeles Department of City Planning.

As an adapted residential property, the building will be owned by Residency at the Mayer, LP, a California limited partnership. The borrower administrative general partner is ABS Mayer, LLC, a wholly owned affiliate of ABS Properties, Inc, and the borrower’s managing general partner is Kingdom Mayer, LLC, a wholly owned affiliate of Kingdom Development, Inc., a California nonprofit corporation. The limited partner is Columbia Pacific Advisors.

“We continue to pioneer innovative strategies to help public-private partnerships create solutions to build and maintain housing in the US, and we thank our partners for their dedication to this project, which will contribute 79 new homes to the affordable housing stock in Los Angeles,” said Bravo.

Ken Rogozinski, CEO of ATAX added, “This transaction is a prime example of the power that tax-exempt bond financing can have in combatting homelessness, and we are thrilled to contribute in our way to battling this crisis.”

Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a Top 10 provider of Fannie Mae and Freddie Mac affordable housing loans. In 2019, a Greystone affiliate acquired the parent of the general partner of America First Multifamily Investors, L.P., which manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.

About America First Multifamily Investors, L.P. (ATAX)America First Multifamily Investors, L.P. was formed on April 2, 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, student housing and commercial properties. ATAX is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis.  ATAX expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes.   ATAX seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Amended and Restated Limited Partnership Agreement, dated September 15, 2015, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. America First Multifamily Investors, L.P. press releases are available at www.ataxfund.com.

About GreystoneGreystone is a leading national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

About ABS PropertiesABS Properties (ABS) is a boutique development firm founded for the purpose of acquiring, developing and owning mixed-income/mixed-use projects, specifically in the infill sector in Los Angeles and surrounding areas. ABS’ focuses its development activities on community-oriented affordable housing projects that include revitalization of historic structures and activation of public-private spaces. Since its formation in 2001, the firm has worked closely with the City, State and Federal agencies and has successfully delivered 800+ affordable units in the Los Angeles sub-market in Southern California. Notable projects include Imani Fe Apartments, a 92-unit large family affordable housing project, delivered in 2010 which received the Construction Developer of the Year award. Currently ABS is under the direction of Samir Srivastava, who is developing ground-up affordable communities in Burbank, Hollywood, and downtown areas of Los Angeles. The combined projects comprise approximately 1700 mixed-income/affordable-residential units anchored with mixed-uses including grocery stores, pedestrian friendly small-scale service like laundry, coffee shops, fitness centers and public plazas.

Safe Harbor StatementInformation contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by ATAX with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the period ended September 30, 2021.  ATAX disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

PRESS CONTACT:Karen MarottaGreystone212-896-9149Karen.Marotta@greyco.com