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Greystone Housing Impact Investors LP V.GHI


Primary Symbol: GHI

Greystone Housing Impact Investors LP is engaged in acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (MRBs). The Company's segments include Affordable Multifamily MRB Investments, Seniors and Skilled Nursing MRB Investments, MF Properties, and Market-Rate Joint Venture Investments. The Affordable Multifamily MRB Investments segment consists of its portfolio of MRBs, governmental issuer loans (GILs) and related property loans that offer construction and/or permanent financing for multifamily residential and commercial properties in their market areas. The Seniors and Skilled Nursing MRB Investments segment provides acquisition, construction and permanent financing for seniors housing and skilled nursing properties. The Market-Rate Joint Venture Investments segment consists of its noncontrolling joint venture equity investments in market-rate multifamily properties. The MF Properties segment consists of student housing residential properties.


NYSE:GHI - Post by User

Post by wofatson Feb 23, 2011 4:51pm
421 Views
Post# 18182987

Koreans are in town talking

Koreans are in town talking

From the MDA and the News

Pursuant to the terms of the joint venture agreement, Palm Clean and Daewon will arrange for financing ("Junior Financing") for CMC before March 30, 2011 and then pay all reasonably estimated exploration costs in order to prepare the Feasibility Report. Palm Clean and Daewon will arrange for financing ("Senior Financing") for CMC within 30 months from the date of the Feasibility Report to obtain all funds required to put the Lucky Ship Property into commercial production. Palm Clean and Daewon will have the option to acquire a 51% interest in CMC upon securing the Junior Financing and a 60% interest in CMC upon securing the Senior Financing. Palm Clean and Daewon agreed to reimburse the Company $3,500,000 once the Junior Financing is completed.

Prior to the Junior Financing, Palm Clean and Daewon agreed to provide a loan of $500,000 to CMC, of which $250,000 was received on April 27, 2009 and $250,000 was received during the three months ended December 31, 2010. This loan was, in turn, loaned to the Company (Note 7).

Pursuant to the joint venture agreement, on November 10, 2009, the Company assigned its interest in the Lucky Ship option set out in the underlying agreement to CMC, which will assume and perform all the obligations of the Company under the Underlying Agreement.

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