Situation:
Project development and financial advisory for real estate developer.
Challenges:
- Successful developer wanted to diversify holdings in rental properties and attract an expanded pool of investors.
- Limited history of development in multi-family space.
- Prior development work done largely with only one or two investors in any one project.
Actions:
- Developing an investment model and structure that could attract multiple investors.
- Assisted with identifying multi-family site locations.
- Identified potential investors that invested $1.5 million.
- Negotiated non-recourse construction financing of $3.5 million.
- Negotiated non-recourse permanent financing of $4.1 million.
Results:
- 48 unit multi-family apartment complex completed.
