Information Management Network (IMN)’s Post

Transcript

Hi, this is Andy Zoo. I'm principal of MFX Ventures based in Nashville, TN. So at MFX Ventures were a real estate financial analysis and strategy consulting firm. So we work on behalf of developers, investors, family offices and nonprofits and we're kind of their outsourced deal analytics and investments arm. So working on a lot of different types of real estate projects, a lot of affordable and workforce housing as well as build for rent projects, a lot of development as well as. Some hospitality projects, but we essentially help take teams. They have deals that they need to analyze when we help process them and figure out how to make deals happen. It was pretty awesome. We we were up against some fierce competition as the other finalist and I was very excited to to actually come away with the the ward victory on this one. But I think the the award as much as anything is in the work that we're doing on this project. It's a really unique one. It's in Nashville, TN, It's a 60 unit building and the Goodlettsville area of Nashville 1985 product. So we alongside with the city of Nashville who provided us with the grant. Their national Cooperative Bank and some other national funding sources, we were able to put together a capital stack in order to create what's the first affordable housing cooperative in the city of Nashville and in the entire state of Tennessee. And So what this platform is, is we're allowing the tenants, the current residents and future residents to actually be able to buy in shares of the corporation that owns the entire. Building this is providing them a path to home ownership that normally people making for this population, it's going to be for 50% of median income, which for Nashville if the single person 50% median income is $35,000 a year. So very hard for these people to qualify for a mortgage for home ownership on their own. And this is a structure that by participating together as part of this kind of share ownership program, they can qualify jointly for a mortgage and have a unique. Path towards homeownership and that's why we're excited about this project because not only is this a way for people to get their rent and their monthly payments stabilized, but it also provides people a path forward on home ownership when this group is a group that is oftentimes excluded from that journey. Generally on state of the whole market. I think we have seen and probably echoed by many other people of a pull back on. This overall investment activity kind of across the board in the real estate market. I think specifically for single family rentals and and on our side we focused more on the bill for rent side. When when we do do that, I think there is going to be a a resurgence starting then the groundwork that for that being laid now a lot of the deals and the projects that we're working on, we're seeing that we're seeing people especially in the entitlement phase getting ready to go. We're in a challenge and the the work we do. Here just I think as an industry in general and in our company, we're trying to solve this housing supply shortage that we have across the country. And the more units and the more available units of different types and different housing choice is a lot of the is a new term that I think a lot of people are using because you want to have housing choice and housing diversity. Have people give people the options to say do I want to rent, do I want to buy or in our case in our. Project, can we have kind of some hybrid in the middle, a pathway to getting from renting to buying and being able to invest in more projects like that and work on more projects like that? You're seeing kind of a nationwide consensus politically that this is something important that people want to focus on. So I do really strongly believe in in the market for this upcoming year, especially if you have any sort of workforce housing or attainable housing component to that, it's very meaningful work. And also it's work that people want to invest in and you can get political support for it. Exciting. Inspirational. And because we're here in Scottsdale at the Scottsdale Princess, there's a lot of Christmas. So that my third word is Christmas. There's a lot going on.