Description
HACM is seeking equity investors for the Highland Gardens senior‑independent‑living redevelopment project. The partnership will provide equity (pay‑in schedule of 20 % at closing, 65 % at certificate of occupancy, 10 % at stabilization, 5 % at IRS Form 8609) and may include optional construction or permanent‑loan financing terms. The development comprises 114 low‑income units (80 RAD/PBV, 34 LIHTC) with a total projected cost of roughly $22.6 M, financed through WHEDA loans, LIHTC equity, and owner/seller notes. Evaluation criteria focus heavily on pricing and equity schedule, guarantees, and experience with RAD conversions and mixed‑finance projects. Respondents must submit a complete hard‑copy and digital proposal package, meet professional liability and workers’ compensation insurance minimums of $1 M each, and comply with emerging‑business and EHP requirements.
• Provide equity investment with the specified pay‑in schedule (20 %/65 %/10 %/5 %).
• Optional construction/permanent‑loan financing proposals (rates, terms, fees).
• Demonstrate experience with HUD RAD conversions, LIHTC projects, and senior housing.
• Submit required forms, confidentiality designations, and insurance certificates by the September 22 deadline.