Recent Engagements
- Class A Garden Style multifamily units (508), Modesto, California - build in one phase.
- Apartments/multifamily units (200) Class A high rise Opa Locka, Florida.
- Mixed Use, including retail components (Pharmacy and C-Store) and about 18 multifamily units (Class B) in Athens, Georgia.
- Workforce-Class Class B Multifamily Units (198), China Grove, North Carolina.
- Workforce Class B Multifamily units (168) in Charlotte, North Carolina.
- Affordable Housing (24 duplexes) in Sacramento, California. HUD project.
Recent Multifamily Case Studies
HUD 221(d)(4) Multifamily Feasibility Study Case Study: Market-Rate Apartments in Celina, Collin County, Texas
- Type
- Model study
- Program
- HUD Section 221(d)(4), market-rate, Mortgagee Letter 2026-01
- Location
- Celina, Collin County, Texas
- Determination
- Not feasible as proposed; feasible as resized to 180 units
A 220-unit Class A garden community proposed on an 8.06-acre commercially zoned parcel at 949 E Sunset Boulevard in Celina, the fastest-growing city in Collin County, with a sponsor's capital stack that assumes a HUD Section 221(d)(4) loan at the 87 percent loan-to-cost limit of Mortgagee Letter 2026-01.
HUD 221(d)(4) Middle Income Housing Feasibility Study Case Study: Workforce Apartments Under the Live Local Act in Lakeland, Polk County, Florida
- Type
- Model study
- Program
- HUD Section 221(d)(4) Middle Income Housing option, Mortgagee Letter 2026-01
- Location
- Lakeland, Polk County, Florida
- Determination
- Feasible
A 150-unit Class A garden community on an 8.0-acre commercially zoned site in Lakeland, with 75 units restricted to households at or below 120 percent of area median income under a 30-year Live Local Act covenant, financed under the Middle Income Housing option that HUD created in Mortgagee Letter 2025-02 and reissued in Mortgagee Letter 2026-01 on January 22, 2026: 90 percent of replacement cost and 1.11x coverage, against 87 percent and 1.15x for a market-rate project.
USDA Section 538 Feasibility Study Case Study: Rural Workforce Apartments in Brownsville, Haywood County, Tennessee
- Type
- Model study
- Program
- USDA Section 538 Guaranteed Rural Rental Housing
- Location
- Brownsville, Haywood County, Tennessee
- Determination
- Feasible with conditions
A 48-unit garden community on a 5.00-acre parcel at 5 Pepper Place in Brownsville, the Haywood County seat twelve miles from Ford's BlueOval City, financed with a USDA Section 538 guaranteed loan under 7 CFR Part 3565 for households at or below 115 percent of area median income.
LIHTC Market Study and Feasibility Case Study: 9 Percent Family Apartments in Macon-Bibb County, Georgia, Not Feasible as Proposed
- Type
- Model study
- Program
- Georgia DCA 9 percent federal housing credit with the matching Georgia state credit
- Location
- Macon-Bibb County, Georgia
- Determination
- Not feasible as proposed; feasible as redesigned
A 72-unit family development proposed with every unit at 60 percent of area median income on a 6.0-acre R-3 site in east Macon, tested against the Georgia Department of Community Affairs' 2026-2027 Qualified Allocation Plan and 2026 Market Study Manual.
Multifamily Feasibility Study Case Study: Bank Construction Loan to Agency Take-Out for Market-Rate Apartments in Waukesha, Wisconsin
- Type
- Model study
- Program
- Bank construction loan at 53 percent of cost
- Location
- Waukesha, Wisconsin
- Determination
- Feasible
A 150-unit Class A community on a 4.87-acre site on Saylesville Road in the City of Waukesha, financed with a bank construction loan and taken out by a Fannie Mae or Freddie Mac permanent loan after stabilization.
Section 515 Preservation Feasibility Study Case Study: Recapitalizing a 100-Unit Rental Assistance Portfolio with 4 Percent Credits in San Joaquin, Fresno County, California
- Type
- Model study
- Program
- USDA Section 515 direct loan program
- Location
- San Joaquin, Fresno County, California
- Determination
- Feasible
A three-property, 100-unit USDA Section 515 portfolio on West California Avenue in San Joaquin, a farmworker community in western Fresno County, with Section 521 rental assistance on 97 units, recapitalized through a transfer that assumes the $3,266,411 USDA loan, pairs $10,000,000 of tax-exempt bonds with 4 percent federal and California state credits, and funds a $21,623,031 total development cost, $216,230 per unit.
Build-to-Rent Feasibility Study Case Study: A 180-Home Townhome Rental Community on SC 357 in Spartanburg County, South Carolina, Not Feasible as Proposed at 150 Mixed Detached and Attached Homes at 65 Percent Loan-to-Cost and Feasible as Restructured
- Type
- Model study
- Program
- Bank construction loan at SOFR plus 300 basis points
- Location
- Lyman, SC 29365, unincorporated Spartanburg County
- Determination
- Not feasible as proposed; feasible as restructured
A single-parcel build-to-rent community proposed on a 38.33-acre tract at 1587 Highway 357 near Lyman in unincorporated Spartanburg County, South Carolina, listed at $1,500,000, about $39,160 per acre, with power, water, natural gas and fiber at the road and no sewer listed, about six miles north of Interstate 85 and the Greenville-Spartanburg airport and four miles from BMW's Plant Spartanburg, in a metropolitan apartment market running 8.8 percent vacancy, $1,427 asking rents and 4.5 percent concessions, where the Upstate's purpose-built rental home communities quote 6 to 10 weeks free.
LIHTC Feasibility Study Case Study: A 72-Unit 9 Percent Housing Credit Family Community on Idalou Road in Lubbock, Texas, Not Feasible as Proposed with Every Unit at 60 Percent of Area Median Income and Feasible as Restructured Under Income Averaging
- Type
- Model study
- Program
- 9 percent competitive housing tax credits, TDHCA Region 1 Urban, 2027 cycle
- Location
- Lubbock, TX 79403, Lubbock County
- Determination
- Not feasible as proposed; feasible as restructured
A 72-unit garden walk-up family apartment community proposed on a 4.0-acre tract at 3516 Idalou Road in Lubbock, Lubbock County, Texas, listed at $185,000, in a Region 1 Urban city of about 273,000 residents where the state agency awarded a comparable 80-unit 9 percent family community in 2025 that is under construction for August 2027 delivery, and where the 60 percent two-bedroom rent limit of about $1,101 sits within 6 percent of a fair market rent that fell to $1,175 in fiscal 2026.
USDA Section 538 Feasibility Study Case Study: A 60-Unit Family Apartment Community on Kent Road in Tifton, Georgia, Not Feasible as a Market-Rate Section 538 Loan at 90 Percent of Cost and Feasible as Restructured with 4 Percent Housing Credits
- Type
- Model study
- Program
- USDA Section 538 Guaranteed Rural Rental Housing Program permanent loan
- Location
- Tifton, GA 31794, Tift County
- Determination
- Not feasible as proposed; feasible as restructured
A 60-unit garden walk-up family apartment community proposed on a 6.33-acre tract at 0 Kent Road in Tifton, Tift County, Georgia, listed at $610,500 with public water and sewer available, about 1,040 feet of road frontage and a stated R-P zoning district, under half a mile from the Southwell regional medical campus and the county high school, in a non-metropolitan county seat of about 17,600 residents whose Section 538 rent ceilings at 115 percent of a $74,700 median income sit 65 to 99 percent above the county's fair market rents.
