Acquisition, Rehab
Renton Housing Authority
Golden Cedars Portfolio

Financial and Development Consultant to the Housing Authority for 3 of their existing owned multi-family real estate assets. Scope included acquisition due diligence, financial analysis, value determination, Capital Needs Assessment and inspections, preparation of Owner’s Construction Program for $28million renovation, construction cost estimating, contractor and architect procurement under a Design-Build method, lender and investor procurement and selection, lender and investor negotiations, lender and investor due diligence, partnership and debt document edit and review, tax credit application, construction loan structuring, and transaction closing lead. Post closing services included project cost tracking and construction draw submittals, facilitating investor equity pay-in(s) and the final cost certification. Brawner also provided resident relocation planning and implemention, as well as asset management services to the Authority prior to and during construction. Brawner’s subsidiary, McCullough Allen provided Owner’s Representative services prior to and during construction.

  • GEOGRAPHY TYPE: Urban
  • CLIENT TYPE: Housing Authority
  • FINANCING TYPE: 4% LIHTC
  • PROJECT TYPE: Acquisition, Rehab
  • SUBSIDY TYPE: HUD Repositioning
  • NUMBER OF UNITS: 369
  • LENDER: CHASE
  • LIHTC INVESTOR: RBC
  • EQUITY INVESTMENT: $34,850,000.00
  • FINANCING SOURCE:
    4% LIHTC, Privately-Placed Tax-Exempt Construction and Permanent Financing, Seller Financing
  • REHAB / NEW CONSTRUCTION VALUE:
    $29,650,000
  • TAX-EXEMPT CONSTRUCTION BOND FINANCING AMOUNT:
    $58,000,000
  • TAX-EXEMPT PERMANENT LOAN AMOUNT:
    $19,000,000
  • DEVELOPMENT / FINANCING BUDGET:
    $112,500,000
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