Multifamily Finance Consulting | How Developers Scale

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Financial Modeling, Financial Partnering and Closing specialist of multifamily apartments. Helping developers focus on the next deal.

Specializing in the finance and closing of affordable apartments so developers can focus on the next deal

An effective alternative to full-time finance staff

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.

Service

RFP → Close

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.

4 - 8 month process depending on the debt

1. Developer "Hand Off", Underwriting and Modeling

Temporarily pass the deal to me ~4 months before permitting. I learn the deal and ask my questions to properly underwrite and project out the deal. We are a team.

2. Request For Proposal

We seek lender(s) and a syndicator to partner up with. I lead this process and get your approval.

3. Begin Closing Calls

All third party reports are engaged. As we progress, I track the partners timeline with permitting timeline to avoid potential snags.

4. Complete Diligence

Checklists are dwindled down and all the underwriting in the model is finalized.

5. Break Escrow!

We work to geth the intitial draw and Settlement Statement approved. Time to close!

Skills

Financial Modeling

Using the afforable or market rate model I have mastered, I will make sure the numbers work, are in compliance and optimized for your developer fee or cashflow.

Underwriting

Rents, Expenses, Lease Up, Oh my! I will continuously underwrite and sell the quality project you created using experience and current data.

Third Party Diligence

I will review and can be the point of contact for the Phase I & II, Market Study, Appraisal, General Contractor, Management Agreements, etc.

The LIHTC Program

The LIHTC program is complex and varies by state. My time in the LIHTC weeds is a resource and when I don't know the answer, I will find it.

Investor Returns

More so with Market Rate deals, equity will be needed in the capital stack. Each project will have its own operations, capital events and exit/sale strategies. I focus on how to optimize the return metrics and what that means to you.

Continuity & Collaboration

I'm here to talk through obstacles, be a voice for your project and be with you until closing or beyond.

The idea is to free up your time allowing you to scale, or have ...more free time.

Experience

521.3 MM

TOTAL COST OF PROJECTS

9

STATES CLOSED IN

2,540

UNITS PLACED IN SERVICE

0

TAX CREDITS RETURNED

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.

Working with Adam Vaal

"Adam was a critical piece to closing three of my Iowa deals in 2021. He understood how to structure the complicated deals and when and how to share information with investors "

National Developer Manager

"Professional and knowledgable. Any deal Adam was running for the developer, I knew we would be well informed and close timely. "

Regional Lender

Project Spotlight

I've personally closed 24 deals, below are some examples

Annex on the Square

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.
Pando Aspen Grove

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.
McDowell Point

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.
Fairground Flats

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.
Maxfield Heights

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.
Lillis Lofts

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.

Pricing Options

Hourly

Invoiced using your payroll cycle

ex: prepare Financial Model

$130

Project Close

ex: Paid from project budget. 1/4 at signing and 3/4 at close

9% → $32,000

4% → $40,000

Market Rate - Negotiated

Retainer | Project Bundle

ex: Q1 and Q2

ex: Project Bundles or Multiple Phases

Negotiated Basis

Network

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