Evergreen Partners is a real estate development company focused on the acquisition, re-development and long-term ownership of affordable rental housing. The company has offices in Maine, Massachusetts and Florida. Since 2000, we have successfully acquired and preserved over 5,500 affordable apartments across fourteen states. Most of these properties were originally built with the assistance of older federal programs such as Section 236, 221(d)(3) BMIR, and Section 8 New Construction. A typical transaction involves bringing in new sources of subsidy including Low Income Housing Tax Credits, Historic Tax Credits, Home Funds and others to comprehensively renovate the properties. These recapitalizations have ranged from the simple replacement of major systems and finishes to complete demolition and re-building. Our approach is to extend existing Section 8 contracts on a long-term basis and keep the properties affordable for the existing and future low income residents. While most of our transactions do involve the use of new public subsidy sources, we will occasionally acquire properties in good condition using a more conventional debt and equity approach. We have the financial capacity and wherewithal to structure and implement the optimal transaction plan for a given property.
Collectively, Evergreen’s principals have more than sixty years of experience in affordable housing finance and ownership. We have remained singularly focused in terms of property type and execution over the past decade, and have established an exceptionally strong track record within the industry. Our ability to perform - secure debt and equity financing, consummate closings, complete construction, and satisfy all regulatory requirements – has given us a long list of satisfied business partners. From development team members such as architects, engineers and contractors to debt and equity providers and joint venture partners, we tend to work with the same firms and friends time and time again. This speaks to our integrity and serves to enhance our reliability and continued performance. Similarly, we have built strong relationships with public officials and agency staff in the states and municipalities where we have done business. Virtually all of these jurisdictions have become favored places for Evergreen to pursue new transactions.
As part of our comprehensive re-development approach, Evergreen reaches out to residents, local officials and other community constituents. This dialogue ensures that we fully understand the needs of our residents, the role that a property plays in the community, and the opportunities to optimize the physical and operational revitalization of the property. The result is that we create physically and financially stable properties that contribute to the strength of their neighborhoods. The operational strength of our portfolio contributes to Evergreen’s financial wherewithal and positions us well to take on new opportunities.