$2.80B · 30–80% AMI
Ground-up development and substantial rehabilitation financed through 4% and 9% Low-Income Housing Tax Credits and rehabilitation tax credits.
Gr3ySpace Fund II develops new affordable housing communities financed through LIHTC 4% and 9% tax credit equity and substantially rehabilitates existing affordable communities using rehabilitation tax credits, preserving and improving at-risk affordable housing stock across the United States. The fund targets high-quality, energy-efficient construction and deep renovation of properties serving households at 30 to 80 percent AMI.
What this fund does.
- LIHTC 9% competitive credits — new construction
- LIHTC 4% credits paired with tax-exempt bonds
- Rehabilitation tax credits and substantial rehab
- State HFA soft debt and gap financing
- Energy-efficient design and green building certifications
Key economic terms.
- Net IRR Target
- 10–13% net IRR
- Vehicle
- Delaware Limited Partnership
- Fund Term
- 15 years (two 1-year extensions at GP discretion)
- Investment Period
- 5–7 years
- Carried Interest
- 15% above 7% preferred return (100% GP catch-up)
- Preferred Return
- 7%, compounded annually
- Distribution Waterfall
- European (whole-fund) waterfall
- GP Commitment
- 2% of total fund commitments
- Minimum LP Commitment
- $1,000,000
- Auditor
- PwC
- Legal Counsel
- LePore Law Group
Full fund terms are set forth in the Limited Partnership Agreement, Private Placement Memorandum, and Subscription Documents for the applicable fund vehicle. Fund interests are offered only to accredited investors and qualified purchasers.
Institutional cadence, matched to fund complexity.
Request the Fund II data room.
Qualified LPs may request the Fund II private placement memorandum, subscription documents, DDQ, Form ADV Parts 1 and 2A, audited fund financials, and ILPA Reporting Template samples through the Gr3ySpace Investor Relations team.