Chair Louis questions HPD L term sheet status and financing timeline
Chair Louis asks about the status of HPD conversations and the L term sheet. Ron Shulman of Best Development Group reports two years of HPD conversations, a dozen rounds of underwriting back-and-forth, plans reviewed, and an appraisal underway, with hopes for financing in the near term.
And what is the status of your conversations with HPD and your proposal to rely on the L term sheet?
Yeah, I would introduce Ron Shulman from Best Consulting who can discuss the latest HPD conversations.
Good morning, Chair.
To answer your question, I'm Ron Shulman, Best Development Group.
To answer your question, we've been in conversations with HPD for two years, actually.
And recently, we're getting an appraisal of the site.
We'll send it to them.
They have the underwriting.
We've gone back and forth probably a dozen times on the underwriting.
All the plans have been sent over.
They've been reviewed.
And we're proceeding, hopefully, for financing in a short matter of time.
Thank you.