MBL provides a wide range of real estate development services. We specialize in resolving complex development problems and securing multiple sources of debt and equity financing for both preservation and new construction of affordable housing projects. We work with both non-profit and for-profit project sponsors in direct negotiations with governments and financial institutions to leverage development financing. Our services include: project feasibility and market analysis, deal structuring, financial closing, and project management. MBL provides clients with hands-on strategic technical assistance and guidance through various stages of executing a project to assure that the client achieves stated objectives.
Projects include adaptive reuse, preservation of existing affordable units, and new construction. Projects typically range between $8M-$20M in Total Development Cost, and are multi-family rental or single room occupancy. Many projects often incorporate units for special populations such as homeless veterans, seniors, or other special needs housing.
Feasibility and Market Analysis
- Conduct development feasibility analysis;
- Provide competitive market analysis;
- Create development budget and financial pro-forma;
- Analyze HUD regulatory issues, if applicable.
Deal Structuring
- Design project ownership structure;
- Prepare and submit financing applications, e.g. Massachusetts One Stop;
- Submit funding requests to municipalities such as Community Preservation Act, Community Development Block Grant, HOME, or other locally administered funds;
- Conduct financial analysis and planning, including investigation of alternative financing structures;
- Pursue construction and permanent debt financing;
- Pursue and negotiate specialized financing and resource commitments, including LIHTC equity and soft debt;
- Assist in negotiations of loan terms.
Financial Closing
- Prepare project for financial closing, including management of all parties and closing agenda;
- Assist sponsor and legal counsel on required legal documents, e.g. general partnership agreements;
- Assist with submission of subsidy documents, e.g. Section 8;
- Coordinate affordable housing preservation documents, e.g. Transfer of Physical Assets and 40T notice;
- Finalize project budget and pro-forma;
- Work with sponsor on Management Documents for DHCD review and approval;
- Finalize contracts for architect and general contractor;
- Coordinate bonds and insurance binders from all parties;
- File closing requisition.
Project Management
- Assist with selection and oversight of architect and design professionals;
- Bidding and general contractor selection;
- Monitor construction;
- Assist with planning board, zoning and other local approvals, as needed;
- Assist sponsor in meeting due diligence requirements for various approvals;
- Oversight of project finances through construction, including preparation and submission of requisitions to funders;
- Oversight of construction completion, rent‑up and development close out;
- Coordination and oversight of cost certification process;
- Other tasks relevant to the successful completion of the development.
