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Jh5142

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Re: freddie me post# 634

Friday, 12/27/2019 9:40:18 AM

Friday, December 27, 2019 9:40:18 AM

Post# of 1836
Cash pay is usually better than in kind. If this were a good healthy project then it isn't likely that the developer would have turned it back over to UDF. More than likely, there was no value in the equity and the developer had no incentive to develop the deal. If it's like most other UDF deals, the developer probably didn't have any equity I the deal to begin with.

The developer let the deal go back to UDF and then agreed to become a 'fee developer' for UDF. IMO, it isn't a good sign that a deal that was underwritten in 2016 and purchased in 2014 isn't working. The resi market has been strong over that time period.
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