Our Services
Representative Clients
Arastradero Park Apartments
Recapitalization
California nonprofit wanted to renovate a 66-unit Section 236 property, and needed to raise capital
Recap:
- Refinanced Section 236 and 241(f) loans under Section 223(f)
- Deferred City CDBG loan
- Redeployed Section 236 IRP
The $8 million in new financing supported an $11,400 per unit renovation while saving $52,700 in annual debt service
Rose of Sharon Apartments
Acquisition
National nonprofit wanted to acquire and rehab a 206-unit Section 236 senior housing complex
Recap:
- Arranged for credit-enhanced tax-exempt debt under Section 221(d)(4)
- Designed a two-stage acquisition process that maximized federal funds
- Ensured resident protection through Section 8 Project-Based Vouchers, Enhanced Vouchers, and LMSA
The result was a smooth acquisition, renovation funding of $26,000 per unit, and long-term security for residents
Thetford Portfolio
Sale
Long-time owner wanted to sell a complex multiproperty portfolio spread across North Carolina
Recap:
- Analyzed portfolio to determine value potential
- Structured offering by three types of property, reducing purchaser risk
- Targeted outreach efforts at buyers with proven capacity and interest
All the properties were sold to a single qualified buyer
Snowden Houses
Recapitalization
For-profit developer wanted cash out of a 124-unit Section 220 family development while keeping affordability intact
Recap:
- Arranged new financing of $10.9 million, including Fannie Mae DUS load and County CDBG loan
- Renewed Section 8 contract for all apartments under Mark Up to Market
- Increased cash flow by 20 percent through increased subsidy with no resident share increase
Owner released substantial built-up equity while upgrading building and systems and guaranteeing affordability for up to 20 years
Oakland Park Towers/Belle Maison
Acquisition
National nonprofit wanted to acquire two Section 236 properties, totaling 577 units, but the existing subsidy streams would not support operations
Recap:
- Negotiated various forms of rental assistance for tenants, including HUD Rental Assistance Payments and Section 8 Enhanced and Project-Based vouchers
- Worked with federal, state, and local agencies to provide tenant services
- Enabled financing underwritten against the new rental incomes
The property was successfully acquired, and the new cash flows support operations, with continued tenant services