NDC

Good afternoon

Here’s your Novin Development pipeline at a glance.

Documents & Ask ndc-ai
New intake
Start a deal
Documents
Search & ask ndc-ai
Analytics
Income & OPEX
Reports
Summaries & draws
Active deals
15
Total units
1,108
Affordable units
1,050
Total dev cost
$837.0M
In construction
2

Portfolio capital stack

$759.7M total sources
LIHTC Equity$274.6M · 36%
Permanent Loan$150.7M · 20%
Soft / Subordinate$230.0M · 30%
Deferred Fee$17.6M · 2%
Other$86.8M · 11%

Pipeline

15 active · 2 screening
Screening

Cedar Court

Long Beach, CA · 72 units · New Construction · 2d ago

Screening
9% LIHTC

Harbor View Senior

San Diego, CA · 110 units · New Construction · 5d ago

Screening
4% LIHTCTax-Exempt Bonds
Active deals
8W
Managing GP

831 Water Street

Mixed-Income — New Construction · Santa Cruz, CA

Construction
Units
140
132 affordable
Dev cost
$100.8M
Yield
1.4%
Min DSCR
1.20
4% LIHTCState Tax CreditsCalHFA MIPPBVs (64 units)
PH
Managing GP

Park Haven Plaza

100% Affordable — Modular New Construction · Soquel, CA

Construction (71% complete)
Units
36
35 affordable
Dev cost
$35.9M
Yield
1.1%
Min DSCR
1.18
4% LIHTCHCD HomeKeyGround Lease (County)PBVs (35 units)
RC
Managing GP

Rumrill Commons

100% Affordable — Family New Construction · San Pablo, CA

Pre-Construction
Units
40
39 affordable
Dev cost
$32.1M
Yield
1.5%
Min DSCR
1.22
9% LIHTCHCD MHPDDA — City of San PabloLand Donation
3E
Managing GP

3051 Edison Way

100% Affordable — Family New Construction · Redwood City, CA

Pre-Construction
Units
70
68 affordable
Dev cost
$56.9M
Yield
1.6%
Min DSCR
1.22
9% LIHTCHCD MHPHCD IIGAHF13Fee Waiver
SL
Managing GP

South Lake Tahoe Workforce

Mixed-Income — Workforce New Construction · South Lake Tahoe, CA

Predevelopment
Units
73
70 affordable
Dev cost
$68.0M
Yield
1.3%
Min DSCR
1.18
4% LIHTCHCD AHSCHCD IIGTRPA EntitledFee Waiver
SH
Administrative GP

Sunflower Hill at Lafayette Lane

100% Affordable — Special Needs (I/DD) · Lafayette, CA

Early Predevelopment
Units
30
29 affordable
Dev cost
$17.2M
Yield
1.4%
Min DSCR
1.15
Special-Needs Housing (I/DD)DD Council Funding4% LIHTC (anticipated)
CC
Administrative GP

Civic Center Apartments

100% Affordable — Homekey Acq/Rehab · Richmond, CA

Construction
Units
50
49 affordable
Dev cost
$16.8M
Yield
1.6%
Min DSCR
1.20
HCD HomeKeyPermanent Supportive HousingCity of RichmondCounty of Contra Costa
GC
Managing GP

Grace Commons

100% Affordable — ELI / PSH New Construction · Antioch, CA

Predevelopment
Units
80
78 affordable
Dev cost
$51.0M
Yield
1.7%
Min DSCR
1.20
9% LIHTCHCD MHPHCD IIGAHPPBVs (25 units)
HS
Administrative GP

Hayward Senior Commons

100% Affordable — Senior TOD New Construction · Hayward, CA

Lease-Up / Permanent Financing
Units
80
78 affordable
Dev cost
$60.7M
Yield
1.2%
Min DSCR
1.25
HCD TODCalifornia Housing Accelerator (ACC)Sponsor-Paid EquityAge-Restricted
BC
Managing GP

Burlingame Commons (Peninsula Healthcare District)

Mixed-Income — TOD New Construction · Burlingame, CA

ENA / Scenario Analysis
Units
200
192 affordable
Dev cost
$229.0M
Yield
1.3%
Min DSCR
1.20
4% LIHTC (Anticipated)Ground Lease (PHCD / Safehold)Mixed-Income (30%–80% AMI)
SA
Managing GP

Surfside Apartments

100% Affordable — Acq/Rehab Preservation · Alameda, CA

Stabilized / In Operation
Units
53
52 affordable
Dev cost
$16.1M
Yield
5.8%
Min DSCR
1.35
NEF InvestmentCDBGWorkforce AMI10-Year-Rule Preservation
9G
Managing GP

936 Geary Street

100% Affordable — Small Sites Preservation · San Francisco, CA

Stabilized / In Operation
Units
31
30 affordable
Dev cost
$12.2M
Yield
4.9%
Min DSCR
1.25
SF Small Sites ProgramSFHAFMOHCDTenderloin Preservation
TP
Administrative GP

The Post Apartments

100% Affordable — NOAH Preservation · Pleasant Hill, CA

Stabilized / In Operation
Units
71
70 affordable
Dev cost
$24.9M
Yield
5.2%
Min DSCR
1.30
Welfare Tax ExemptionEnterprise (Investor MGP)NOAH Preservation
5N
Managing GP

528 Natoma

100% Affordable — Small Sites Preservation · San Francisco, CA

Stabilized / In Operation
Units
4
4 affordable
Dev cost
$3.3M
Yield
4.6%
Min DSCR
1.20
SF Small Sites ProgramSFHAFMOHCD
WT
Managing GP

Watsonville TOD Housing

Mixed-Income — Farmworker TOD New Construction · Watsonville, CA

Early Pre-Development
Units
150
124 affordable
Dev cost
$112.0M
Yield
1.3%
Min DSCR
1.18
HCD AHSC (Anticipated)4% LIHTC (Anticipated)Farmworker HousingTOD

Recent activity

Audit log
  • Risk Review — Permanent Loan Closing finalized
    Gary Phelps · 6m ago
  • Park Haven Q2 weatherization memo analyzed by Claude
    ndc-ai (Claude) · 14m ago
  • Hayward Risk Review analyzed by Claude
    ndc-ai (Claude) · 22m ago
  • Proforma_831_Water_Street.xlsm uploaded
    Gary Phelps · 45m ago
  • Wells Fargo Loan Agreement uploaded
    File share (NFS) · 2h ago
  • Trinity Center PSH services onboarding plan reviewed
    Gary Phelps · 3h ago

Open tasks

All tasks
  • Reinstate 603 A Street LLC (suspended administrative GP)
    Hayward Senior Commons · due May 15, 2026
    Overdue
  • Place tax-credit equity investor for Park Haven Plaza
    Park Haven Plaza · due Jun 20, 2026
    Overdue
  • Resolve lender's-counsel name inconsistencies in Wells Fargo loan docs
    Hayward Senior Commons · due May 30, 2026
    Upcoming
  • Obtain HCD subordination consent (TOD & Accelerator)
    Hayward Senior Commons · due Jun 1, 2026
    Upcoming
  • Close Wells Fargo / Freddie Mac permanent loan
    Hayward Senior Commons · due Jun 30, 2026
    Upcoming