Project Name: Sample
Development site includes 23 AC of vacant land.
The plan for new construction is to be developed but will include a mix of townhomes / multi multi-unit buildings.
We anticipate developing 240 market market-rate / 60-70 mod-income senior and are collaborating with the seller on a purchase / sale.
Alignment with Mission
The project will create affordable housing in a desirable area and will expand our footprint in this market.
Acquisition Plan and Terms
- Acquisition Price: $1M
- Sale Price to Develop Per Unit: +/- $10k
- Deposits and Other Payments: $10k
- Due Diligence, Financing and Other Contingency Periods: 12-month due diligence upon execution of agreement, 12-month extension available for up to $15k
- Predevelopment – Design & Approvals: $325k
H.T.C. Financing Plan
Greenleaf will be the sponsor of a 4% application for LIHTCs and subordinate financing from HFA. The project will also seek a PILOT agreement with the local IDA or jurisdiction.
Timing – H.T.C.
- Application: Summer 2022
- Potential Award: Winter 2022
- Construction Closing: Winter 2022
- Permanent Conversion: Winter 2024
Predevelopment Cash Needs
Up to $900k for land acquisition + $325k, which includes $25k in deposits for site control and approximately $300k for predevelopment expenses, which totals $1,225,000.
Construction completion guarantee and tax credit delivery guarantee.
Revenue and Profit Potential Potential
- Developer Fee: Presuming 100 units, anticipate a $2 -3 million paid developer fee
- Construction Contract: Presuming 60-70 units, anticipate a $15 million construction contract
- Land Sale: $2.4M – 10,000/unit, so net $1.7M
- Approval: Fall 2022
- 3-Story walkups with garages and clubhouse
- Project Total: $58M, 2 Phases