Multi Family Housing is the core business of GHC with a current portfolio of more than 11,000 apartment units in thirteen states. The principal of GHC, Gregory Perlman, has been actively engaged in the acquisition and development of affordable housing since 1993 and GHC adheres to the philosophy of renovating and operating affordable housing properties to market rate housing standards. GHC uses a combination of tax-exempt bond financing and equity from the sale of Low Income Housing Tax Credits (LIHTC) to re-develop older HUD Section 8 projects. Major acquisition activity includes the following:
 
  • KB Portfolio was GHC’s first portfolio acquisition, consisting of 1,170 units in 10 separate properties located throughout Northeast Ohio. The portfolio includes both garden style family and elderly high-rise apartment properties. GHC financed the acquisition using tax-exempt bonds purchased by Charter Mac Corporation. Equity from the sale of LIHTCs was provided by Related Capital to complete the $41 million transaction secured to purchase and renovate the properties.

  • AE Portfolio was acquired fall 2003 representing the largest tax-exempt housing bond ever issued by the State of Ohio.

  • KB Penn was purchased in conjunction with KB Portfolio and consists of 367 units in Western Pennsylvania. The portfolio was financed with tax-exempt bonds issued by the Pennsylvania Housing Authority and LIHTC equity provided by Related Capital.

  • Thetford Portfolio was acquired during summer 2005, consisting of 2,033 units in 25 separate affordable and market rate properties located throughout North Carolina. The portfolio was acquired with conventional financing provided by JPMorgan Chase.