Value-Add

Virginia Meadows was owned by an affordable housing developer looking to sell most of their existing assets. The property was built in two different phases with two different sources of debt and compliance periods to accommodate. It was on year 13 of it’s compliance period and in desperate need of re-capitalization. 

 

Chase led the team through all pre-development tasks including:

• Purchase and Sale Agreement Negotiation

• PCNA (Project Capital Needs Assessment)

• Third Party Evaluations

• Appraisals

• Contractor Estimates

• Architect Selection

 

Then the financing which included:

• Loan Assumption

• HUD approval of loan assumption

• 9% LIHTC Application and Award

• Single source of debt on both parcels while maintaining assumed debt on a single parcel

• Deal Book Creation and distribution to lenders and equity providers

• Federal Home Loan Bank AHP funding application and award

 

And finally to contractor selection and closing:

• Value Engineering $2mm from project budget

• Bid Comparison and Clarification

• Contractor Selection

• GC Contract Negotiation

• Closing Document Tracking

• Construction Permitting

• Property Management Team Engagement

• Construction Start

 

This project required vacating 1-2 buildings at a time and moving tenants around the property in order to complete the renovation scope.