Greystone, a multifamily mortgage lender, announced the closing of a multifamily transaction in Georgia worth $117 million.

The financing provided for the deal will cover the cost of acquiring and rehabilitating 44 affordable housing properties, consisting of 1,362 units that will eventually serve low-income households in 30 counties across the state.

"Affordable housing communities across the country are suffering from significant age and many are in drastic need of renovation and modernization," said Tanya Eastwood, managing director for Greystone’s Affordable Housing Initiatives group. 

"This combined with the ever increasing state and federal budget restrictions has made preservation of existing affordable housing stock even more of a challenge,” she added.