Development Finance Projects

Fuller Mixed-Use Development Financial Consulting, Gloucester, MA
LDS was hired by the City of Gloucester in 2018 to review operating, income and development numbers relative to a proposed 200-unit apartment development. In particular, LDS was asked to examine the numbers as they relate to the economic hardship argument presented by Fuller Mixed-Use Venture as it related to the 15% affordability requirement under section 5.11.8 of the City of Gloucester Zoning.  The project also involved a YMCA and retail uses. In addition to reviewing the numbers, we performed a mini market study to confirm the market rate rents. As a result of our analysis, the developer has reconsidered its approach to the affordable units and will now be providing the units on site!

Bel Air Homes, Citywide and Chateau Estates, Springfield, MA
LDS arranged for and executed three recapitalizations for Bel Air Homes, Chateau Estates and Citywide Apartments from 2015-2018 for a total of 232 units and over $6M. LDS also worked with the general partner to purchase the LP interests in two of the develpments. Bel Air was the first project to close under MHP’s new FANNIE permanent funding program.

Lincoln Village, Worcester, MA
LDS Consulting Group, LLC assisted with a portion of the re-capitalization of the 1,213 unit rental development. Lincoln Village in Worcester, Massachusetts was originally built in 1977 by the Carabetta Companies. LDS was joined by Rick Lefferts of Commonwealth Collaborative to assist in the funding efforts for this complex transaction.  The LDS Commonwealth team submitted a pre-application to DHCD. In addition, LDS helped the project through the MASSHOUSING OAS process. The project received loan approval from MassHousing and executed the first phase of the funding in December 2014. This included the award of 900 RAD Vouchers and a bridge loan with MassHousing.

MassGaming Commission
LDS was engaged on several occasions by MassGaming in connection with their review of slots parlors and resort casinos. LDS’s first engagement was to review the petitions by surrounding communities for impacts to schools, housing, local business, labor force and municipal staffing. We worked as one of a team of consultants among other reviewing traffic etc. in order to determine if there would be a financial impact to a community. The proposed slots parlors were in Leominster and Raynham and the resort style casinos in Springfield, Everett and Revere. Earlier this year, we were asked to review the mitigation agreement between Rush Gaming and the City of Brockton. Our work involved looking at police, fire, schools and other matters to determine if the mitigation funds would be enough to cover potential municipal impacts. LDS brought in Connery Associates for this matter.

Fiscal Impact, Overlay Zone, Melrose, MA
LDS provided technical assistance to the City of Melrose Office of Planning and Community Development in connection with an overlay district proposal for 15 acres of land on lower Washington Street. LDS reviewed and commented on the developers Fiscal Impact Report.

Real Estate Investment Review
LDS provided business planning advice to Trinity Financial in connection with their potential investment in a multi-family housing development in Connecticut.  The project would be part of a historic rehabilitation with the first phase creating 116 apartment units.  As part of its work, LDS reviewed the market study and financial pro-formas in order to provide a reality check.

Asset Management
Asset Manager for Bay North Capital (formerly Charlesbank Capital Partners) on The Crossings Portfolio that Bay North acquired in a joint venture with Benchmark Assisting Living. The Crossings portfolio consists of eight moderately-priced assisted living facilities in Massachusetts, New Hampshire and one high-end facility in Connecticut. LDS provided monthly financial reviews, quarterly meetings with the owner and manager, yearly site and operations inspections, and yearly annual plan review.

Supply and Demand Analysis and Sales Comparison
LDS was hired by AIMCO to help with the acquisition of two apartment portfolios.  One portfolio included more than 500 market rate units in 15 buildings in the Fenway, Allston and Brighton neighborhoods of Boston.  The target market for these units was graduate students and young professionals.  LDS provided a supply and demand analysis and sales comparison to assist the client and its investment committee understand the current portfolio and an improved portfolio.  LDS examined what type of improvements should be made to the units and spoke to higher education and health care institutions in the area about their housing needs.