Identification – Over the course of a year Waterford worked closely with Lennar to solve its required inclusionary housing obligation for its Central Park West community in the City of Irvine. Through its market knowledge and relationships Waterford in conjunction with its partner C&C Development formulated an “off-site” inclusionary housing concept that provided a more efficient financing structure to build the affordable units while providing the City of Irvine 20 additional units over what was originally required.

Evaluation – Waterford used its deep expertise in Low Income Housing Tax credits (LIHTC) projects to structure the transaction to make it a win-win for Lennar and the city of Irvine.

Business Plan – Waterford planned and programed a highly amenitized 80 unit affordable housing project to target lower to middle income renters who work in Irvine.

Capitalization – Waterford used Low Income Housing Tax Credits and Bond Financing, through Bank of America.

Asset Management – Waterford, along with its partner, was able to develop the project on time and on budget and leased the entire project within 30 days of completion.

Stabilization – Waterford will hold this property with its partners on a long term basis.