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Post Occupancy Asset Holding
The successful transfer of property from homebuilder to occupant is not complete until both the builder’s and the occupants’ situations are stabilized. The builder must be free to proceed to his or her next project; subordinate financing for the homebuyer must be managed; and property management for rental units must be in place.
Northbay Family Homes facilitates these transitions in two ways:
- For rental homes, Northbay Family Homes manages the legal entity that remains in the completed transaction, such as a partnership or a limited liability company (LLC);
- Northbay Family Homes manages the subordinate financing for both ownership homes and rental units.
For example: Northbay Family Homes serves as Managing General Partner at Vintage Zinfandel in Sonoma County, California. Although we have retained a private-sector company to perform the on-site management, we will remain with the project for a minimum of 15 years from completion in order to meet tax-credit compliance requirements.
Regarding financing: We continue to manage the subordinate permanent loans on several of our past projects, including Partridge Knolls in Novato, Shadowhawk in Danville, and the Emeryville Lofts.
We are presently financing, building and managing 297 low-income tax-credit-financed apartments at Hamilton in Novato.
Post Occupany Asset Holding services are just one of Northbay Family Homes's Seven Points of Entry in real estate development.