Acquisition, Rehab
Housing Authority of Washington County
HAWC AHP Phase I & II

Financial and Development Consultant for the repositioning of 10 existing multifamily properties originally acquired under a full faith and credit bond issuance. The transaction involved the defeasance of the exiting bonds and the acquisition/rehab syndication utilizing 4% LIHTC and HUD Mark-Up-To-Market over two phases. Scope included acquisition due diligence, financial analysis, value determination, Capital Needs Assessment and inspections, preparation of Owner’s Construction Program, contractor and architect procurement, HUD application and transfer of assistance, HUD relationship lead, 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. 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, Refinance
  • PROJECT TYPE: Acquisition, Rehab
  • SUBSIDY TYPE: HUD Repositioning
  • NUMBER OF UNITS: 592
  • LENDER: Chase
  • LIHTC INVESTOR: RBC
  • EQUITY INVESTMENT: $91,375,000.00
  • FINANCING SOURCE:
    4% LIHTC, Tax-Exempt Construction and Permanent Financing, Seller Financing, Sponsor Equity
  • REHAB / NEW CONSTRUCTION VALUE:
    $101,050,000
  • TAX-EXEMPT CONSTRUCTION BOND FINANCING AMOUNT:
    $123,350,000
  • TAX-EXEMPT PERMANENT LOAN AMOUNT:
    $63,250,000
  • TAXABLE CONSTRUCTION FINANCING AMOUNT:
    $15,000,000
  • DEVELOPMENT / FINANCING BUDGET:
    $256,850,000
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