multifamily finance consulting, llc
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Specializing in the finance and closing of affordable apartments so developers can focus on the next deal
Small to midsize developers often have development managers doing it all. Specialized finance employees are now a mainstay at larger developers, as cashflow from REO operations allow for it. A finance department's job is to take the ingredients from the development mangager and bake it, on time and with the optimized oven, so they can get ingredients for the next deal quicker.
This is how successful developers scale.
My name is Adam Vaal. I wholeheartedly feel there is a need and value in the multifamily space for smaller developers to have access to a large developer amenity, a finance professional. Multifamily Finance Consulting can bridge the gap without a W-2.
I learn the project as if I were the developer and then take responsibility to get the deal signed up with lenders and investors using a detailed RFP process. Using my trusted network, I find the best combination and present my recommendation in detail to the developer/ownership for them to make the decision. I will then lead diligence calls with the working group, champion the financial model, generate documents, review business terms and be the point of contact for the developer as we push for closing.
I learn the project as if I were the developer and then take responsibility to get the deal signed up with lenders and investors via an RFP process. Using my extensive network, I find the best combination and present my recommendation in detail to the developer/ownership for them to make the decision. I will then lead diligence calls with the working group, master the financial model/proforma, generate documents, review business terms and be the point of contact for the developer as we push for closing.
2016-2017
CREA
Start of my second career, joining the underwriting staff in 2016 as a Financial Analyst. I was able to see how different developers structered deals and what worked long-term.
2017-2023
TWG Development
Joined TWG to fast track my skills in 2017 as the 3rd ever member of the Finance Department. During my 4.5 years, I was promoted twice, starting as a Financial Analyst → Finance Associate → Senior Finance Associate.
2023 and on
Multifamily Finance Consulting
I believe my expereince working at CREA & TWG during their high growth years, as well as the relationships built inside my network, made the jump to consulting work possible.
4% deal in Cedar Rapids with 224 units and total cost of $49.1MM. Originally a market rate deal that didn't quite pencil, then a switch to all LIHTC and finally 204 60% AMI units with 20 Market Rate units. Was able to work the the City to structure the TIF so that it was beneficial to their cause and allowed the most debt on the project, as the original offering did not meet the deals needs. Parking was spread out over 3 areas; underneath, surface and a City parking garage. Worked out a contract with the City to lease 81 parking garage spaces at a discount.
9% deal in Indianapolis with 30 units and total cost of 8.6MM. With the non-profit owner having no prior experience in affordable housing, I was fully relied on to bring this project to close and in compliance. This was also the first modular apartment complex in the state of Indiana and first solely for 18-24 years olds phasing out of foster care. Very proud of this one.
Market Rate deal in Naperville, IL with 174 units and total cost of 62.4MM. The city was tough to move on but we got it done with unique amenities for Seniors. Was able to communicate effectively with an oversees client with different working hours.
4% deal in Oklahoma City with 216 units and total cost of 47.2MM. The project was so well executed the City awarded the L.P. 2MM in funds post closing to shore up operations for the long term.
9% deal in Rifle, CO with 50 units and total cost of 14.5MM. Colorado projects are deeply intertwined with the local level and state level housing authorities. Being the lead contact for the local authority to the state, you have to be particularly well versed on the Colorado QAP and know the deal inside and out. The benefit is the tax exempt status via state statute.
9% deal in Urbandale, IA. 63 units, Total cost of 9.9MM. The Merle Hay Mall gave us fits over a controversial Land Use Restriction, but we got it done and didn't have to return 9% credits to the state housing authority, which in turn scored the Developer another deal in the next round.
Hourly
Invoiced using your payroll cycle
ex: prepare Financial Model
$130
Project Close
Paid from project budget. 1/4 at signing and 3/4 at close.
9% → $36,000
4% → $50,000
Market Rate - Negotiated
Retainer | Project Bundle
ex: Q1 and Q2
ex: Project Bundles or Multiple Phases
Negotiated Basis
Tax Credit Syndicator | National Lender | Regional Lender | Other |
---|---|---|---|
CREA | CIT Bank | Bank of the West | Churchill Stateside |
Merchants Capital | Regions Bank | CHFA | Monarch |
AEGON | CRBT | Horizon | T Squared |
RedStone | U.S. Bank | Great Southern Bank | Schuetz Insurance |
Bank of America | Merchants Bank | RiverHills | Epic Insurance |
Raymond James | Key Bank | Rocky Mountain CRC | Traxler & Tong |
NDC | CITI Bank | WesBanco | Miglador |
Boston Financial | Wells Fargo | CIT Bank | Mandrake |
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