Northview

254 Unit Senior Affordable Housing Development

• Affordable Senior Housing

• MDHA Affordable PILOT

• LIHTC – 34MM

• Barnes Grant – 4MM

MFX’s client, Urban Campus and Core, is an affordable housing developer who wanted to apply for their first Low Income Housing Tax Credit (LIHTC) Transaction. MFX Ventures helped build the financial model and completed the Tennessee Housing Department Agency’s “THOMAS” application in December 2023. MFX Ventures helped the client model several permutations of initial deal terms, including optimizing the best rates for a ground lease with a church partner, various development programs, and changing capital stacks. Ultimately the deal was awarded over 3.9M in annual “42m” credit award and 53M in tax-exempt bond allocation, the latter of which MFX Ventures helped the client receive a supplemental bond allocation upon appeal. MFX Ventures assisted in representing the client during the Payment-in-lieu-of-Taxes (PILOT) application with MDHA. MFX Ventures was also tapped to lead the Nashville Barnes Affordable Housing Grant application, which resulted in a $4M grant award from the commission.

NEHC / Drakes Creek

60 Unit Affordable Housing Acquisition

• Affordable Cooperative

• Owners Representative Services

• Barnes Grant – 7MM

• Bridge Debt - 4MM

MFX’s Client is a consortium of nonprofits known as the “Nashville Equitable Housing Cooperative.” MFX Ventures was retained in January of 2023 to help create a financial model for a new type of affordable housing model in the Nashville area – a limited equity cooperative. Metro Nashville had set aside money in “ARPA” funding to build an affordable housing cooperative, which had never been done before in Nashville or the State of Tennessee, with an additional restriction that the units be made deeply affordable to people making 50% of the area median income (AMI). MFX Ventures outlined what deal terms would make sense for the project and represented the client at Barnes Commission meetings, cultivating relationships with the staff members, and helpied set new criteria for the project to be funded in a subsequent grant round. MFX Ventures then represented the client by a) finding and vetting on-and-off market deals that would fit the criteria, b) negotiating with the sellers for an appropriate price and convincing them of a project that relied on an uncertain capital stack, c) led the grant application process and negotiations with Metro Government, and d) secured the debt financing for the acquisition. At the conclusion of the project, MFX Ventures was able to help the client secure the largest affordable housing grant created through the Barnes Fund in Nashville, at $7,000,000.

Confidential

40-Unit, 14k SF Office - Mixed-Use/Mixed-Income Project

• Mixed Use / Mixed Income

• Tax Increment Financing

• Mixed-Income PILOT

MFX helped the client, an impact and community focused developer, model out an innovative project that required maximization of public subsidies including Metro Nashville’s newly created mixed-income PILOT and MDHA’s TIF Program. MDHA had previously stopped new TIF applications, so MFX Ventures helped navigate a reboot of the program with new program requirements. MFX Ventures took several calls with MDHA to understand the opportunities and limitations of the TIF program, and helped the client navigate which parts of the project should be used with a TIF and which should be used with a PILOT. (These programs are often counter-intuitive, because a PILOT is a reduction of base property taxes, and TIFs are funded with the future increase of property taxes of a project). Based on MFX Ventures’ model, sponsor received preliminary approval to submit a TIF application when the legislation authorizing TIF again in Nashville is approved later this year.