Case Studies
Uddin Development Consulting (UDC) has a proven track record of completing successful projects by performing its comprehensive services for clients.
Below are some case studies of projects including a list and a description of the services performed. With each project, UDC first met with the client to understand the scope of the project and then provided a tangible path to achieving the intended outcome.
As with everything, UDC maintains an emphasis on excellence which can be further verified by the client testimonials below.
Petit Bateau
Services Offered:
-
Financing Modeling
-
Contract Underwriting
-
Feasibility Analyses
-
Subsidy Application Submissions
Petit Bateau is a potential $42M, 104-unit mixed-use affordable housing development in Midtown Detroit.
UDC provided the client a custom financial model/proforma template to account for a multi-layered capital stack with multiple levels of debt financing and local/state subsidies. In addition to providing the model, UDC has been tasked with underwriting this development project on an ongoing basis as design and cost assumptions change.
Throughout the underwriting, UDC has performed feasibility analyses to evaluate the project's financing gap and to explore potential solutions to finance the project.
UDC has also submitted subsidy applications for City of Detroit HOME funding and MSHDA Missing Middle funding. These submissions involved compiling multiple exhibits and incorporating respective program parameters into the financing assumptions.
Raza Development Fund
Services Offered:
-
Financing Modeling
-
Feasibility Analyses
Raza Development Fund, a community development financial institution (CDFI), contracted UDC to assist a team of emerging developers with their development project. UDC's objective was to create a financial model for a 10-unit multifamily development in southern California and to evaluate the feasibility of the project.
Throughout the process, UDC instructed these emerging developers on how to use the dynamic proforma and to understand the various return metrics and deal parameters related to their project.
Raza Development Fund (RDF) was introduced to Uddin Development Consulting (UDC) because of their extensive experience in supporting affordable housing developers with technical assistance services. UDC has been a valuable resource to members of RDF’s Growing Diverse Housing Developers program (a fellowship for BIPOC-led non-profit and for-profit, affordable housing developers to increase the capacity of their respective organizations to build quality, multi-family rental communities and/or “for-sale” housing in under resourced communities), guiding emerging developers through their proforma development. We have been impressed with their work and look forward to future additional opportunities in which to collaborate.
Adrian Ruiz
Chief Investment Officer, Raza Development Fund
UDC has contracted with a CDFI that serves more than 1,000 of its affiliates across the United States.
As part of this engagement, UDC has provided contract underwriting services so the CDFI can lend to its affiliates and meet the financing needs of their affordable housing projects.
CDFI Underwriting
Service Offered:
-
Contract Underwriting
UDC created a financial model of a potential 71-unit project near Downtown Detroit implementing HUD 221(d)4 financing into the model with HUD loan sizing criteria.
As a part of the feasibility analysis, UDC underwrote the five tiers of the capital stack and calculated the return metrics resulting from HUD financing.
Paladin Partners
Services Offered:
-
Financing Modeling
-
Feasibility Analyses
I hired Uddin Development Consulting to create a proforma model for a 71-unit mixed-use development project in Brush Park. The dynamic MS Excel model allows for quick changes of assumptions, leading to accurate analytical results. The ability to account for various financing structures and sources, including a HUD 221(d)4 loan, is helpful in structuring the most feasible capital stack for the project.
I fully endorse the underwriting and modeling skills of Uddin Development Consulting and recommend hiring them for development and investment consulting.
Dietrich Knoer
Managing Principal, Paladin City Partners
MSHDA Housing TIF
Services Offered:
-
Financing Modeling
-
Feasibility Analyses
-
Subsidy Application Submissions
UDC drafted a Tax Increment Financing (TIF) Plan using MSHDA Housing TIF guidelines for a potential for-sale, mixed-income housing project in Ann Arbor, MI by a Michigan-based nonprofit group.
To assess the feasibility of the TIF, UDC created a dynamic financial model that calculated the potential collateralized TIF proceeds resulting from the tax revenue. The model incorporated various tiers of affordable home sale prices as categorized by area median income (AMI).
Capital Impact Partners (CIP) Instruction
Service Offered:
-
Technical Instruction
Capital Impact Partners invited UDC to instruct emerging developers that were a part of its Equitable Development Initiative (EDI) program. UDC taught the fundamentals of proforma modeling and underwriting to groups of emerging developers in both Cleveland and Detroit.
Developer Richard Hosey took part in these sessions and provided his developer expertise to supplement the technical components of the instruction sessions.
