A 102-unit not-for-profit affordable multifamily property in Logansport, Indiana, came to Bradley Company when the property was in a very distressed position. There were serious financial deficiencies as well as compliance issues that had the U.S. Department of Housing and Urban Development threatening foreclosure.
COMMERCIAL REAL ESTATE
Multi-Family Property Management | Affordable Housing
Services Provided
Distressed Asset Services
Property Management
Property Management
Statistics
102 units
Not-for-profit
Not-for-profit
Client
Pinecrest Manor Apartments
Client
Case Study
Affordable Housing Apartments
Logansport, IN
Background
A 102-unit not-for-profit affordable multifamily property in Logansport, Indiana, came to Bradley Company when the property was in a very distressed position. There were serious financial deficiencies as well as compliance issues that had the U.S. Department of Housing and Urban Development threatening foreclosure.
Strategy
Bradley Company worked closely with the Board, HUD, Internal Revenue Service, Indiana Department of Revenue, and auditors to quickly get this property back in compliance and save thousands of dollars in potential fines and penalties.
Results
The property has since performed extremely well with average occupancy at 98% over the last 10 years. This has resulted in the mortgage being paid off and the accumulation of strong reserve balances.
STRATEGY
Bradley Company worked closely with the Board, HUD, Internal Revenue Service, Indiana Department of Revenue, and auditors to quickly get this property back in compliance and save thousands of dollars in potential fines and penalties.
RESULTS
The property has since performed extremely well with average occupancy at 98% over the last 10 years. This has resulted in the mortgage being paid off and the accumulation of strong reserve balances.
Ask our Advisors
