Hilltop Securities conducted an underwriting assessment for the William Cannon development with Savoy Equity, analyzing rent subsidies, property taxes, and public benefits. The project restricts 20.7% of units at 60% AMI, 30.7% at 80% AMI, and the rest at market rate. Estimated property taxes and developer fees were evaluated over 15 years. Public benefit percentages range from 78.69% to 151.8% depending on capitalization rates. Without a property tax abatement, the project risks falling below the minimum debt coverage ratio (DCR) for financing.
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