Development Services
Vesta's management portfolio is predominantly properties in which it has an ownership interest.
On a case-by-case basis we consider fee management for other owners with whom we have a long-term relationship. We also accept management of troubled properties for owners or lenders who are willing to make the necessary investment to turn them around.
Vesta provides development services, including arranging for financing and property management, to other developers, also on a case-by-case basis.
Our specialties include
- Bond financing
- Low income housing tax credits
- Historic tax credits; and
- Other financing resources
Bond Financing
Bond financing has been a facet of Mr. Erie’s and Mr. Greenblatt’s business activities since 1981 when they set out to provide bond financing tailored to clients’ needs. Together they have arranged for bond financings totaling more than $250 million. Tax-exempt bonds continue to be a viable means to finance affordable housing. Indeed, since the demand for low income housing tax credits outstripped supply, bonds have emerged as a vehicle for obtaining tax credits outside the tax credit allocation process. The refunding of older, high interest rate, tax-exempt bonds is also a vehicle for updating the properties they financed, and preserving the affordable character of these properties.
Low Income Housing Tax Credits and Historic Tax Credits
Obtaining and selling Low Income Housing Tax Credits is a specialized process for which many developers, particularly small developers, do not have the expertise. Vesta’s staff learned the process at the inception of the program in 1986 and has kept current with the many changes to the program. We also have obtained and sold historic tax credits, both stand alone and combined with low income credits. We have raised over $200 million of equity from the sale of low income and/or historic tax credits. We are willing to assist developers through the application process and the placement of low income housing tax credits with investors.
