Burlington Capital, LLC (“Burlington Capital”) and Greystone &
Co., Inc. (together with its affiliates, “Greystone”), today
jointly announced that Burlington Capital and one of its
subsidiaries have agreed to sell all of their interests in America
First Capital Associates Limited Partnership Two (“AFCA 2”) to
Greystone for $80 million in cash. AFCA 2 is the general partner of
America First Multifamily Investors, L.P. (Nasdaq: ATAX), a
publicly traded limited partnership. The transaction is expected to
close in the third quarter of 2019, subject to the satisfaction of
customary closing conditions.
“As a leading real estate lending, investment and advisory
company, Greystone will be an excellent partner to provide new and
exciting opportunities that will allow ATAX to work off of a larger
platform and build on its strategic initiatives and growth
efforts,” said Lisa Y. Roskens, Chairman and CEO of Burlington
Capital. “This transaction is an example of how Burlington Capital
successfully grows businesses such as AFCA 2 that have a strong
appeal in the marketplace to buyers such as Greystone.”
“Following Greystone’s growth and expansion in the capital
markets over the last several years, this acquisition represents a
natural extension of our core asset management business, further
enabling us to grow and diversify in strategic areas,” said Steve
Rosenberg, founder and CEO, Greystone. “Burlington Capital helped
to establish a strong direct bond purchase platform at ATAX, that
we expect to continue to grow, and to continue to further our
mission of serving the affordable housing market and beyond.”
“The ATAX team’s expertise in direct unrated tax-exempt bonds,
as well as other alternative capital products, combined with
Greystone’s deep expertise and capabilities in affordable housing
finance presents a compelling opportunity to build on the success
of ATAX to date,” said Ken Rogozinski of Greystone. “We look
forward to playing a key role in the future of ATAX.”
ATAX is a limited partnership with approximately $1 billion of
total assets primarily focusing on the acquisition, holding and
sales of mortgage revenue bonds and other investments that provide
construction and/or permanent financing for affordable and market
rate multifamily properties. After the sale of AFCA 2 closes, all
ATAX employees will remain with ATAX in its Omaha, Nebraska
headquarters.
“Burlington Capital and AFCA 2 have provided ATAX with an
integrated platform by which we have been able to profitably grow
our business,” said Chad Daffer, Chief Executive Officer of ATAX.
“We believe Greystone will enable ATAX to accelerate the
achievement of its strategic initiatives for the benefit of our
unitholders.”
Burlington Capital specializes in real estate portfolios with
extensive experience in multifamily ownership, financing,
construction, renovation, development and property management.
Based in Omaha for over 30 years, Burlington Capital has acquired,
financed and/or managed more than $7 billion in assets and
sponsored 16 public and private real estate funds. The current
Burlington Capital Fund VI follows the previous successful equity
funds that leverage Burlington Capital’s expertise in building and
managing multifamily equity funds.
“Burlington Capital will continue to be an international
enterprise that successfully develops unique business opportunities
that have delivered consistent dividends to private, institutional
and public fund partners,” said Roskens.
About Burlington Capital
Founded in 1984 by Michael B. Yanney, Burlington Capital
(www.burlingtoncapital.com) is an Omaha-based investment firm
successfully managed by an entrepreneurial team led by Chairman and
CEO Lisa Yanney Roskens. Burlington Capital creates and pursues
innovative business ventures through its experience, knowledge and
relationships in the areas of multifamily real estate,
international agribusiness and financial services. Built on a
Tradition of Trust, the company’s vision is to
seek opportunities with an entrepreneurial spirit.
About Greystone
Greystone is a real estate lending, investment, and advisory
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. 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. Loans are offered through Greystone Servicing
Company LLC, Greystone Funding Company LLC and/or other Greystone
affiliates.
About America First Multifamily Investors,
L.P.
America First Multifamily Investors, L.P. (the “Partnership”)
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. The Partnership is pursuing a business
strategy of acquiring additional mortgage revenue bonds and other
investments on a leveraged basis. The Partnership expects and
believes the interest earned on these mortgage revenue bonds is
excludable from gross income for federal income tax purposes. The
Partnership seeks to achieve its investment growth strategy by
investing in additional mortgage revenue bonds.
Safe Harbor Statement
Information 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, statements about the expected benefits of the
transaction, objectives and anticipated financial and operating
results of ATAX, 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, 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, 2018. 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.
For more information, contact
For Burlington Capital LLC:
Pamela Finn
President, Business Development
Burlington Capital, LLC
402-930-3008
pfinn@burlingtoncapital.com
Craig Allen
Chief Financial Officer
America First Multifamily Investors, L.P.
402-930-3018
For Greystone:
Fran Del Valle
Managing Partner
Influence Consulting Group, Inc.
917-922-5653
fran@influencecentral.com
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