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Apartment and Acquisition Partners

Tilden Properties/setlich capital

  • 20 years operating apartments

  • $2 billion in acquisitions

  • Funding from Silicon Valley executive

  • Can move fast with strong terms

  • Based in San Francisco & Los Angeles

  • Willing to recapitalize assets and create joint ventures

Single assets Development

A single asset corporation will purchase the building on behalf of the county, creating governmental ownership and repurpose of the building into workforce housing.

  • Private developer will negotiate price and terms for the building and assign that purchase and sale agreement to the corporation

  • Private developer responsible for project development and implementation

  • Corporation will be a non-profit public benefit corporation to meet governmental ownership definition

Tax exempt acquisition
Management

Funding of the acquisition accomplished via tax exempt project financing.

  • A long term, non-recourse financing supported solely by the cashflow generated from apartment rentals

  • All debt and equity used for financing will be encapsulated in the finance structure

  • Financing will cover the acquisition and related costs as well as substantial cash reserves

  • Given the governmental ownership, the property would be removed from the tax rolls with the resulting funds flowing to reduce debt more rapidly

  • After the acquisition debt is retired (approx. 35 years) the county will be able to use the asset as it sees fit

  • LA County used a similar approach for the development of four Health and Human Services Buildings during the early 90's

Property and asset management

All future project management contracted through professionals.

  • Program Administration & Asset Management

  • Property Management

Urban low income apartment acquisition & management

Rehabilitation and conversion of the apartments from market rate to a mixed income workforce housing.

  • Assist all counties in meeting affordable housing goals

  • Project will use best efforts to target at mixed income community as follows:

    • 1/3 of the units at 80% of Area Median Income

    • 1/3 of the units at 100% of Area Median Income

    • 1/3 of the units at 120% of Area Median Income

Project Critical program troubleshooting and management

Timing

  • Program development and acquisitions is complex and time consuming which will require flexibility from all parties... including current owner

  • Traditional private property purchase and sale timelines are too rapid for a typical governmental body

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