New Construction
Renton Housing Authority
Sunset Gardens

Financial and Development Consultant to Housing Authority to develop and construct new affordable housing project and ground floor offices for the Authority. Scope included site and building programming, selection of architect, acquisition due diligence, financial analysis, land value determination, contractor procurement under a design-build methodology, construction cost estimating, 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, project cost tracking and construction draw submittals, facilitating investor equity pay-in(s) and the final cost certification. 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: New Construction
  • NUMBER OF UNITS: 76
  • LENDER: Chase
  • LIHTC INVESTOR: Hudson
  • EQUITY INVESTMENT: $22,765,000.00
  • FINANCING SOURCE:
    4% LIHTC, Tax-Exempt Construction and Permanent Financing, King County, Department of Commerce, HUD, Sponsor equity
  • REHAB / NEW CONSTRUCTION VALUE:
    $40,560,000
  • TAX-EXEMPT CONSTRUCTION BOND FINANCING AMOUNT:
    $24,500,000
  • TAX-EXEMPT PERMANENT LOAN AMOUNT:
    $12,500,000
  • TAXABLE CONSTRUCTION FINANCING AMOUNT:
    $9,110,000
  • DEVELOPMENT / FINANCING BUDGET:
    $49,780,000
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