Partner was retained by the developer, as well as the LIHTC investor and lender to conduct initial Phase I Environmental Site Assessment (ESA) and Property Condition Assessment (PCA) services for a 16.50-acre developed property in Sanford, Florida. These assessments came as part of the client’s due diligence needs for a Low-Income Housing Tax Credit application/acquisition-finance of a 360-unit affordable residential housing complex.
The subject property encompasses approximately 16.50 acres of developed land, located less than an hour north of Orlando, in Sanford, Central Florida, and was slated for acquisition and subsequent renovation using tax credits and agency debt financing, as well as private equity. The subject property is undergoing renovation following the closing/acquisition and the scope of work includes, but is not limited to: accessibility compliance modifications, site and amenity improvements, exterior building renovations (roofing, façade, windows, doors, etc.), MEP system upgrades/replacements, and dwelling unit refurbishments (interior finishes, fixtures, appliances, cabinetry, flooring, etc.).
These assessments were performed in accordance with the published Florida Housing Finance Corporation standards, as well as ASTM E1527-13, “Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process”; ASTM E2018-15, “Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process”; and the “4099 Fannie Mae Multifamily Instructions for Performing a MultiFamily Property Condition Assessment”, Version 2.1, dated April 2016. Construction Progress Monitoring is also currently being performed until project completion, slated for later in 2019.