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Successful Transactions




New Hampshire


Subject Property: Carpenter Center
Description: 96 units, HUD Section 202 Elderly, Full Project-Based Section 8 Rental Assistance
Location: Manchester, NH
MCR Participation: Management Operations and Affordability Consultant to Nonprofit Owner

The owner of this non-profit elderly rental community called upon MCR to review project operations and make recommendations for new or improved procedures.  The resulting MCR submissions to HUD on behalf of the owner resulted in the stabilization of the project operating budget and management operations.  In many cases, MCR is called upon to meet such a temporary need, often caused by the retirement of critical staff.  With MCR's full knowledge of HUD submission standards for rent increases, changes in agent, or other applications, they can assist owners of HUD-assisted projects in any such circumstance.

Subject Property: Governor Weare Apartments
Description: 84 units, Market-Rate Rental
Location: Seabrook, NH
MCR Participation: Financing and Transactional Consultant to Seller

This popular 84 unit market-rate rental community was sold by the original developer after a twenty year holding period.  MCR served as transactional representative, also providing financing and local orientation consultations to the offshore buyer/investor group based in China, and their local realty broker representative.  Largely as a result of MCR's participation as seller representative, this difficult international transaction was closed after a six-month period of consultations and negotiation.

Subject Property: Lafayette School Senior Housing
Description: 10 units, Project-Based Vouchers
Location: Portsmouth, NH
MCR Participation: Project-Based Voucher (PBV) Consultant to Non-Profit Developer

MCR served as primary HUD-issues technical consultant for the redevelopment of this historic local schoolhouse into ten new units of rental housing for low income elderly citizens of Portsmouth, New Hampshire.  Development costs were supported by an allocation of 9% Low Income Housing Tax Credits (LIHTCs) and new taxable-rate financing.  MCR assisted the housing authority in complying with all Federal requirements for the issuance of new Section 8 Project-Based Vouchers and in meeting all public notice time frames.

Subject Property: Ridgewood Apartments
Description: 101 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance
Location: Portsmouth, NH
MCR Participation: Preservation and Financing Consultant to Owner

MCR served as primary HUD-issues technical consultant for the close of new financing for this aged 101 unit partial project-based Section 8 assisted rental community.  This property, also known by the name Wamesit Apartments, is located within one of the wealthiest communities in New Hampshire.  Our office was pleased to provide a full scope of Preservation and Financing services for this transaction, including the start-to-finish processing of new Section 8 Enhanced Vouchers with the Portsmouth Housing Authority, the design and negotiation of use restriction modifications, the organization of multiple tenant orientation meetings, and the compilation of specialized rent increase budget submissions to facilitate new financing.  MCR worked closely with the project owner, HUD, and the New Hampshire Housing Finance Authority through all stages of the approval process to a successful closing for extended affordability.

Subject Property: Wingate Village
Description: 100 units, HUD Section 236, Partial Project-Based Section 8 Rental Assistance
Location: Laconia, NH
MCR Participation: Development Consultant to Buyer, Preservation Restructuring Section 236 IRP with Tax-Exempt Financing 4% LIHTCs, and Section 8 Enhanced Vouchers

Located in the rural northern New Hampshire community of Laconia, this aging FHA Section 236 property was acquired by the buyer for substantial rehabilitation and extended affordability using new tax-exempt financing and 4% Low Income Housing Tax Credits (LIHTCs) provided by the New Hampshire Housing Finance Authority (NHHFA).  In order to benefit from residual Section 236 Interest Rate Payment (IRP) loan subsidies, the owner utilized HUD's Section 236 IRP Decoupling Program.  MCR provided acquisition structuring advice critical to the buyer's purchase, provided extensive technical consulting to the Laconia Housing Authority, at the request of the buyer, to assist local staff in implementing new Section 8 Enhanced Vouchers (EVs), and led multiple tenant information meetings at the site.  In addition, MCR compiled the special-purpose Section 236 IRP form of rent increase required to support increased debt service.