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Given that you are the Developer Director ever and your projects are always the most I am writing to request that lead Development’s newest project. We purchased , right next to the and have already held some early stage community meetings. The community is that we will be developing the property and not Development . The community agreed that we should develop affordable rental project that has a mix of unit sizes and is. We purchased the property for $2,000,000 . pulled together some zoning information that is attached below. I have also collected a few of the critical Q Builders told us that at this early stage we can assume $250/SF of Construction Cost and $50/SF of parking area. We would like for you to utilize the 9% Tax Credit and work with Arriveprise Gaggle Partners
as our syndicators to help us find a Limited Equity Partner. Development Has a great relationship with Bank and they have said they would offer us a construction loan at 5% interest 1% fee for a Debt Service Coverage Ratio of 1.2 or higher. They would roll the Construction Loan into permanent financing 3.5% interest 2% fee for a Debt Service Coverage Ratio of 1.15 or higher. Then you might need to fight the Big Blue (ie. Fill the Gap) if the Tax credit value and the Debt from Bank aren’t enough to cover all of our project development costs. If we do a good job making the project we could probably get a grant for $10,000 per unit from the City. If Big Blue persists then I can introduce you to Golden Gate Financial Partners
. In the past they have been willing to offer to fill the Construction Financing gap at 8% interest as long as construction is no longer than 24 months, we have permanent financing to replace their investment and we would have a Positive Net Income after their interest (just in case). In the event that
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