BDC resubmission · September 2026
Market support & rent roll
Target rents are the proposal. The NIIF loan is sized on comparable-supported market rents, so repayment does not depend on the premium.
| Comparable (Sept 2026) | Unit | Rent / mo |
|---|---|---|
| Nelson Kohl (2 blocks, Class A) | 1BR 538–667 SF | $1,425–$1,500 |
| Nelson Kohl | 2BR/2BA 874 SF | $2,255 |
| The Fitzgerald (Bolton Hill) | 1BR 684–804 SF | $1,988–$2,297 |
| The Fitzgerald | 2BR | $2,493–$3,026 |
| Mount Vernon average (RentCafe) | 2BR 977 SF | $1,912 |
| Station North submarket (HSA Q2-25) | All units | $1,505 avg; 11.6% vacancy |
| N. Charles retail comps (Bowery 2023) | 1,091–1,800 SF | $22–$25 / SF modified gross |
| Rent roll (Year 1 = 2029) | Target | Market (underwriting) |
|---|---|---|
| Average apartment rent | $2,119 | $1,790 |
| Average commercial rent | $3,500 | $2,976 |
| Year 1 NOI (all parcels) | $376,502 | $326,663 |
| NIIF DSCR (1818 + 1820) | 1.34x | 1.27x |
| Consolidated DSCR | 1.45x | 1.26x |
Unit-by-unit rent roll
| Parcel | Unit | Type | SF | Target / mo | Market / mo | Premium |
|---|---|---|---|---|---|---|
| 1816 | Apt 1 – 2F Front | 1BR/1BA | 450 | $1,850 | $1,500 | +23% |
| 1816 | Apt 2 – 2F Rear | 1BR/1BA | 500 | $2,050 | $1,625 | +26% |
| 1816 | Apt 3 – 3F Front | 1BR/1BA | 450 | $1,850 | $1,500 | +23% |
| 1816 | Apt 4 – 3F Rear | 1BR/1BA | 500 | $2,050 | $1,625 | +26% |
| 1816 | Apt 5 – 4F Rear (addition) | Studio loft | 340 | $1,950 | $1,425 | +37% |
| 1816 | Apt 6 – 4F Front | 1BR/1BA | 500 | $2,000 | $1,600 | +25% |
| 1818 | Apt 1 – 2F Front | 1BR+Den | 625 | $2,050 | $1,750 | +17% |
| 1818 | Apt 2 – 2F Rear | 1BR/1BA | 575 | $2,100 | $1,725 | +22% |
| 1818 | Apt 3 – 3F Front (new level) | 2BR/1BA | 700 | $2,250 | $2,100 | +7% |
| 1818 | Apt 4 – 3F Rear (new level) | 1BR/1BA | 575 | $2,150 | $1,725 | +25% |
| 1818 | Apt 5 – 4F Front (new level) | 2BR/1BA | 700 | $2,300 | $2,150 | +7% |
| 1818 | Apt 6 – 4F Rear (new level) | 1BR/1BA | 575 | $2,200 | $1,775 | +24% |
| 1820 | Apt 1 – 2F Front (parlor floor) | 2BR/1BA | 725 | $2,300 | $2,150 | +7% |
| 1820 | Apt 2 – 2F Rear | 1BR/1BA | 575 | $2,150 | $1,725 | +25% |
| 1820 | Apt 3 – 3F Front | 2BR/1BA | 725 | $2,300 | $2,150 | +7% |
| 1820 | Apt 4 – 3F Rear | 1BR+Den | 600 | $2,200 | $1,825 | +21% |
| 1820 | Apt 5 – 4F Front | 2BR/1BA | 700 | $2,250 | $2,100 | +7% |
| 1820 | Apt 6 – 4F Rear | 1BR/1BA | 575 | $2,150 | $1,775 | +21% |
| 1816 | Commercial A – Ground Front (Charles St) | Retail / café | 1,200 | $3,500 | $2,600 | +35% |
| 1816 | Commercial B – Lower Level | Studio / office / service | 1,080 | $3,200 | $1,980 | +62% |
| 1818 | Commercial – Ground + Lower (former restaurant) | Food & beverage | 2,400 | $3,800 | $4,400 | -14% |
| 1820 | Commercial – Ground Floor | Gallery / retail / café | 1,350 | $3,500 | $2,925 | +20% |
- The $1,800–$2,300 band is well supported for 2BR and 1BR+den layouts. 1818 and 1820 lean toward those units.
- Comps are unfurnished. These units are fully furnished, with Brazilian cherry or imported porcelain floors and smart-home technology. Furnished rentals typically command 15–30%; underwriting uses only 10%.
- Rear units add private 18′ × 8′ decks with outdoor cooking: +$150 target and +$75 underwriting (≈$78/mo private-outdoor premium in 2025 listing data).
- Commercial: the 2,400 SF restaurant space at 1818 is below market at $3,800. The smaller storefronts need tenant LOIs.
- Underwriting vacancy: 7% residential + 1% credit loss; 10% commercial. Rents grow 2%/yr (the DHCD cap).
Full sources: Market rents, cap rates & costs.