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Charles Street Mansion Reunification
LLAYD LLC and Tyjuan Amor LLC (MBE) propose to reunite and restore 1816, 1818 and 1820 N. Charles Street in the Station North Arts & Entertainment District as one historic mansion, with 18 fully furnished apartments (9 with private decks and outdoor kitchens) over 4 ground-floor commercial spaces. This site holds the updated package BDC requested for its board, with NIIF participating in the debt.
Program
18 apts + 4 retail
Target rents $1,850–$2,300
Total development cost
$8.24M
Phase 2: $6.17M
NIIF senior loan
$2.72M
5.0% · LTV 80% · LTC 44%
BDC / City gap request
$943,874
15.3% of Phase 2
Year 1 NOI (2029)
$376,502
Market-rent case $326,663
DSCR — consolidated
1.45x
NIIF @ market 1.27x
1820 purchase offer
$3,000
As-is, full restoration
Levered IRR (10-yr)
11.6%
Unlevered 0.6%
Answer to BDC: a funding gap exists. After the $2,724,000 NIIF loan, sponsor equity and the state and federal programs in this package, LLAYD requests $943,874 from BDC as deferred subordinate financing. See the gap strategy →
What BDC asked for, and where to find it
| BDC request (email) | Page | File |
|---|---|---|
| Updated project summary / deck — all 3 parcels, phasing & progress | Project summary & phasing | 01 deck (PPTX/PDF) |
| Narrative on sources & uses, gaps, strategies, subsidy request | Sources & uses · Funding gap & strategy | 02 narrative (DOCX) |
| Assumptions tab (rents, interest rates, cap rates, acquisition cost) | Assumptions & justification · Market support | 03 model: Assumptions, Rent_Roll |
| Sensitivity analyses | Sensitivity & stress tests · Interactive dashboard | 03 model: Sensitivity; 04 dashboard |
| LTV / LTC calculation | NIIF underwriting | 03 model: Debt_Metrics |
| DSCR calculation | NIIF underwriting · 10-year pro forma | 03 model: Debt_Metrics, ProForma_10yr |
| Full sources & uses with NIIF in the debt, gap illustrated | Sources & uses · Funding gap | 03 model: Sources_Uses |
| 10-year pro forma | 10-year pro forma | 03 model: ProForma_10yr |
| Construction budgets | Development & construction budgets | 03 model: Construction_Budget |
Browse the package
Project summary & phasingPackageSite & communityPackageMarket support & rent rollPackageDevelopment & construction budgetsFinancialsSources & usesFinancialsFunding gap & strategyFinancialsNIIF underwriting: LTV / LTC / DSCRFinancials10-year pro formaFinancialsSensitivity & stress testsFinancialsAssumptions & justificationFinancialsInteractive dashboard ↗FinancialsPublic benefit & 1820 offerProposalRisks, requests & next stepsProposalDevelopment teamProposalCommunity profileResearchMarket rents, cap rates & costsResearchFunding programsResearchBDC & NIIF expectationsResearchDownload the filesPackage