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 Mortgagee Letter 2026-01 created 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.
