The Tahlpropp AIMCO Portfolio consisted of the rehabilitation of 549 units marked to market portfolio located throughout three separate locations in the Harlem section of Manhattan. All the units were subject to a Section 8 Housing Assistance Payments Contracts. Comprised of a total of 20 buildings, all the units underwent substantial rehabilitation across all three sites. Rockabill was brought in as consultants to work with the owner, Tahl Propp Manhattan North Investors, throughout the entire development process. The project was completed in May of 2018.
Preserved and renovated 549 Section 8 units of affordable housing
Kept over 500 residents and families from being displaced
Improved the energy performance of the properties
Addressed blighted properties in the communities – helping to stabilize the blocks
Increased revenue stream for client enabling them to re-position their earnings
Worked with members of the development team to reposition an entire portfolio to ensure that the owners improved their earnings and cashflow, and that the units were renovated and preserved for the long term.
Provided expertise in the underwriting for the rehabilitation work and operating budgets for all three sites.
Assisted owner in structuring the sale to maximize proceeds to the owner.
Negotiated subsidy requests from both New York City housing agencies.
Filed applications to appropriate agencies for LIH Tax Credits and subsidies.
Negotiated terms and conditions with the bank in securing the construction and bridge loan, as well as gathering and providing information to secure a construction and permanent financing.
Advised and assisted in the receipt for the cost certification, LIH Tax Credit Allocation and Certification Form 8609, and final capital contributions.
Organized the necessary required documents to convert from the construction loan to permanent financing.
Provided on-going assistance throughout the development of the project, as well as post development, to assist in any business matter the owner surfaced.
NYC Housing Preservation and Development: Tax credits & subsidized loans
NYC Housing Development Corporation: Tax exempt bonds
Bellwether Enterprise: Private Financing – Fannie Mae
Enterprise Community Partners: Tax Credit Syndicator
Architect: SMA Architecture Planning Interiors
General Contractor: Affordable Apartment Construction Corp.
