Baton Rouge Mixed Income Senior Housing

The site was in a neighborhood that wanted the housing but did not trust the developer, and the project depended on low income housing tax credits and a public infrastructure contribution that were both contingent on the other. The terrain was a circular dependency that had stalled two prior sponsors.

We surveyed the entitlement record, the credit application calendar, and the infrastructure agreement. The survey showed that the hearing could be sequenced before the credit deadline if the infrastructure term sheet was closed first, and that the prior sponsors had tried to run them in parallel and lost both.

We overlaid the entitlement, the credit, the infrastructure, and the market. The overlay showed that the project would clear the credit underwriting at the rents the market would bear, and that the infrastructure contribution was the binding constraint on the hearing. We closed the term sheet to close the hearing.

We closed the infrastructure term sheet, cleared the public hearing on the first reading, and placed the tax credit equity before the carry became a problem. The project reached construction with the entitlement and the finance confirmed in sequence, not in parallel. The lines met.

• Hearing cleared on first reading
• Credit equity placed before carry
• Circular dependency sequenced and closed