Liberty Park: MAH 720, L.P. hired Somerset Realty Advisors, LLC (S.R.A.) to develop a business plan for the repositioning, and redevelopment, of an 188,500 Ft2 industrial property.  Based on the client’s goals and objectives,  S.R.A. provided them with a detailed, comparative after tax pro-forma using various development and potential long-term tax scenarios. In consultation with the property owner S.R.A. developed and subsequently managed a program of property enhancements including paving parking areas, rehabilitating vacant office spaces, and up-fitting additional office space.  S.R.A. coordinated the sub-division of the property, and subsequent sale of an outparcel, achieving the highest price/Ft2 in the history of Gordonsville.

Whittington: An Albemarle County family contacted Stonehaus about purchasing a 183 acre tract of land which had been successfully re-zoned in 1979, but never developed.  While the opportunity to provide highly desirable 1-acre lots inside the “growth area” was attractive, the challenge was to assess the potential entitlement risk and to structure the deal without requiring a large capital intensive investment from Stonehaus.    The entitlement risk was evaluated and quantified through a series of strategic meetings with zoning attorneys, County Staff and several members of the county Board of Supervisors. A deal structure was crafted which included a two-stage closing with a 1-year put-option and a multi-tiered ownership structure, incorporating two LLC’s each with multiple classes of equity investor. A total of $2.7 million in equity and secured a $9 million in debt were raised in less than two months.  The project zoning was confirmed by the Albemarle County Board of Supervisors in February 2007.