Cedar Ventures recognizes the need for work force housing in our communities today. Work Force Housing is multi-family housing that is priced lower than nearby, high-end, luxury multi-family housing communities. Cedar Ventures is prepared to assist developers with a variety of loan products for these types of developments: traditional bank loans, credit unions, specialty lenders, tax credits, bonds and ground leases. In one case, we have sourced a guarantor for the debt using cattle as collateral. We are not afraid to roll up our sleeves, and work hard until we find a solution on even the smaller size projects.
In 2016 we were asked by a Developer to provide some debt alternatives for the repurposing of a historic mill for a 60 unit, multi-family housing community that was located in downtown Greenville, S.C. The historic building was using federal and state historic tax credits along with state mill tax credits to repurpose the building. Downtown Greenville had plenty of high end, luxury multi-family communities being built, but not that much that was tailored to workers, such as the medical technicians working at the nearby hospitals.
Cedar sourced two senior debt alternatives for the Developer: one was an institutional lender and the second was a Guarantor of the senior bank debt, a bridge to HUD lender. Cedar was creative in using the Guarantor’s livestock as part of the source of liquid collateral that the senior bank lender required.
While other advisors had tried to complete this financing, Cedar was able to see it to the finish line in 2018. The construction was completed in 2020 and within about six (6) months of C.O., it was 95% -100% occupied and remains so today.
Cedar was honored and delighted to work with this Development team and welcomes the opportunity to work on additional work force housing projects. We are not afraid of obstacles, we will keep moving uphill until we reach the top! We never give up!
We are not siloed to a specific product as is the case with larger firms. The number of years that we have worked on financings, over 30, provides us a framework to be creative as we have ‘seen a thing or two’.