America First Multifamily Investors closed on a secured revolving line of credit facility of up to $40 million with BankUnited and Bankers Trust Company. BankUnited also served as sole arranger and administrative agent.

The line of credit is secured by America First Multifamily Investors’ equity investments in its Vantage properties portfolio, a first mortgage on its Suites on Paseo MF property and a bank account held at BankUnited. The amount available to be drawn on the line of credit is limited to the lesser of $40 million and a borrowing base calculation related to the collateral. In addition, Greystone Select Holdings, an affiliate of America First Multifamily Investors’ general partner, provided a deficiency guaranty.

America First Multifamily Investors may use proceeds from the line of credit to purchase mortgage revenue bonds, governmental issuer loans, investments in unconsolidated entities and other investments and for its general working capital and liquidity requirements. The line of credit has an initial two-year term with two one-year renewal options, subject to certain extension conditions. The outstanding balance of the line of credit bears interest at a variable rate equal to 30-day LIBOR plus 3.25%, with interest payable monthly.

“This new LOC with BankUnited N.A. and Bankers Trust Company enhances our available liquidity at an attractive interest cost and will allow us to continue pursuing investment opportunities that are accretive to [America First Multifamily Investors],” Kenneth C. Rogozinski, CEO of America First Multifamily Investors, said. “We are pleased to start a new relationship with BankUnited N.A. and to continue our strong existing lending relationship with Bankers Trust Company.

“The additional support provided by Greystone Select Holdings LLC demonstrates our general partner’s continuing support of [America First Multifamily Investors] for the benefit of our unitholders. This is the first time in [America First Multifamily Investors’] history where this kind of financial commitment has been made by an affiliate of [America First Multifamily Investors’] general partner.”