I know this has been touched on somewhat here, but I'm looking for something comprehensive on valuing LIHTC GP/LP partnership interests and how a developer values a property if they intend to re-syndicate it versus re-positioning it to market rate. I understand how to value market rate re-position which is pretty straightforward but valuing the GP/LP interests or the project as a re-syndication seems to be an entirely different animal, and I'm trying to wrap my head around it. Is there a primer out there? Any help or direction would be most appreciated.
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Nobody in their right mind will give you all the information you need for free. You will likely have to hire a consultant.
I understand Novogradac has a lot of material, but would you say hiring a consultant to narrow the learning curve quickly is the best solution? We are a brokerage trying to create a working framework moving forward to value LIHTC re-syndications and partnership interests in comparison to market rate re-position. We're not a PE shop or developer.
I used to be a broker and now work in LIHTC syndication. Unless you plan on specializing in this asset class the marginal amount of value you can add by creating a rough model (which the LIHTC developer won't trust anyway) probably isn't worth the headache and hours of learning you will have to do. If you learned LIHTC well enough to be useful you would be able to make more money as a developer. You could pay Novo or CohnRez to model a hypothetical resyn for you and then just update that model as you get new deals.
I work at a lihtc syndicator. Not in our dispo department, but I can tell you even if the deal is underwater if the GP wants to buy us out it's usually about 30k per deal.
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