HomeMy WebLinkAboutCRA-R-17-0038 Backup—
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WAL h ER DUNLOP
June 7, 2017
Mr. Clarence Woods
Executive Director
Community Redevelopment Agency
819 NW 2" Ave., 311 Floor
Miami, FL 33136
RE: The Falls at Grand Central
Miami, FL
Dear Clarence,
I am writing to provide you an update on the progress we are making with HUD on The Falls at Grand
Central.
On June V, we had our concept meeting with HUD to present the proposed 250 unit The Falls at Grand
Central in Jacksonville with the HUD team led by Barbara Williams, the Chief Underwriter for HUD and
John Sutherland, Head of the Construction Group in the Jacksonville office. In attendance from Walker &
Dunlop was Keith Melton, SVP for HUD loan production and myself along with JackTaplin and Ted Weitzel
(via conference call) representing the development team. The concept meeting is a comprehensive
review of the project and market and allows for the development team to pitch themselves and the
project to HUD, W&D submits a full overview of our preliminary HUD 221 d4 underwriting, the market
information, demographics, developer information and cost review about 3-4 weeks prior to the meeting
to allow the HUD team enough time to review and prepare forthe concept meeting with specific questions
about the proposed project. The meetings generally last about 90 minutes, and HUD will have about 5
days to respond to the concept meeting with either a go or "no go" decision.
On Friday June 2nd, we received a verbal "go" response which is highly unusual for HUD to provide that
quick of a response. HUD is keenly aware of the housing crisis in Miami Dade county and was encouraged
by the team's high quality project concept, unit mix, green concept, and location near the new Miami
Central transportation hub. W&D has been authorized by HUD to extend the formal loan application for
the project and begin the 3`d party due diligence and prepare for formal loan submission. We expect this
next phase to be completed over the next 6-8 weeks.
Clarence, as we had discussed we will be providing you with these updates as we move along the process
with HUD. While there are no guarantees on success, we have an excellent relationship with HUD and we
will be communicating with you along every step of the way. As we have stated previously, HUD has a
very lengthy process and while we would like to say we can get this done in a 9 month timeframe, I think
it is in everyone's best interest to allow us 12 months to get this over the goal line with HUD particularly
given the substantial monetary commitment the developer will be investing in the project.
900 South Pine Island Road, Suite 100
Plantation, Florida 33324 WalkerDunlop.com
WALKER & DUNLOP
Please don't hesitate to tail if you have any questions concerning HUD, W&D or wish to discuss anything
about the project.
Sincerely,
Vie.... � _..
"bavid Gahagan
Senior Vice President
P: (954) 389-5145
900 South Pine Island Road, Suite 100
Plantation, Florida 33324 WalkerDunlopxom