New Jersey Transit
RESGroup was part of consultant team engaged by New Jersey Transit (“NJT”) through a multi-year on-call contract to analyze development opportunities to promote transit friendly land use and development.
As a result of our previous work identifying potential TOD’s, RESGroup performed additional market research for residential and retail use to understand the financial feasibility of these property types, as well as the potential impact on the local community in East Orange around the Brick Church Station. Working with community stakeholders, local governments and landowners, the team recommended planning and economic development strategies for a mixed-use development including apartments, replacement of the supermarket within a multi-story project, and new retail.
Triangle Equities
Subsequent to the NJT work, RESGroup was engaged by Triangle Equities to assist them with their application for Low Income Housing Tax Credits (“LIHTC”) through the New Jersey Housing Mortgage, and Finance Agency (“NJHMFA”) for their project, The Crossings at Brick Church Station. As a part of their application, NJHMFA required a financial feasibility study from an independent third party that indicated the project would not be feasible but for the LIHTC funding. RESGroup completed the following tasks:
- Calculated Internal Rate of Return (IRR) for market-rate project and for combined project with and without the requested LIHTC
- Provided a narrative explanation for the insufficiency of the combined project returns absent the requested LIHTC. The narrative explained the basis for the insufficiency, linked to one or more of the reasons listed in the narrative, and tied the explanation to the financial analysis. A discussion of why the IRR was not sufficient was included.
- Other financial analyses used to support the narrative explanation were included.
- All calculations were provided electronically, with live Excel sheets.
- The Feasibility Analysis reflected and was consistent with the assumptions in an accompanying Microsoft Excel pro forma.
Triangle Equities and their partners ultimately secured a complex financial package and were scheduled to commence construction in late 2022 or early 2023.
