Live! Discussion - 2/26 at 12PM Navigating Unique Deal Dynamics Register Now

Case Study

Multifamily

Affordable Housing Community Wins Big

Brewster, MA

Image of Multifamily property for Affordable Housing Community Wins Big

≈$137K in Property Value Added

Solutions Found:

LOMA

Flood Expert Survey

Solutions Value: ≈$137,000 in Added Property Value | ≈$8,000 in Annual Premium Savings

NFE Solution: LOMA; FES

A cold call from National Flood Experts paid off big for a national nonprofit organization specializing in the professional management of affordable multifamily housing across the eastern United States.

Based on past successful projects and area data, NFE's in-house research team pre-qualified several of the Client's properties as having a high likelihood of cost-saving solutions. NFE contacted the company's Director of Risk Management to share more information about our services and what we thought may be possible for their properties, and the Client was interested in exploring what solutions might be available.

For this Brewster, MA, multifamily property with three buildings impacted by the Special Flood Hazard Area (SFHA), NFE got to work immediately. NFE's engineering team performed the initial desktop review, which confirmed the high likelihood that the three A-Zone buildings would qualify for removal from the SFHA through a Letter of Map Amendment (LOMA). Due to the complex and understudied nature of A-Zonez and to fully confirm the solution, additional property-specific data was required. The Client agreed to have NFE perform a Flood Expert Survey (FES) of the property. NFE's in-house Field Experts visited the property and meticulously gathered all required data. After an exhaustive review of the new data, NFE's engineers qualified all three buildings for a LOMA.

Upon approval by FEMA, the LOMA removed the building from the SFHA and into an X Zone. With the LOMA in hand, the Client's lender released the mandate for flood insurance. As a result, the Client's flood insurance expenses decreased by more than $8,000 annually. This reduction improved the property's net operating income (NOI) and increased the property's value by approximately $137,000, assuming a 6% CAP Rate.

View Other Case Studies

Image of Multifamily property for NJ & NY Commercial Real Estate Developer Saves $105K+

$17.5MM+ in Added Property Value

NJ & NY Commercial Real Estate Developer Saves $105K+ - Multiple, NJ

In this case study, a New Jersey-based Commercial Real Estate Developer partnered with National Flood Experts (NFE) to reduce annual flood premiums and increase the property value of their multifamily properties in NJ & NY. NFE successfully removed flood insurance mandates from 15 buildings, resulting in approximately $105,000 in annual cost savings and over $17.5 million in increased property value.

Image of Multifamily property for Chicago Multifamily Dodges  $75k/year Bullet

$75K Lender Mandate Removed

Chicago Multifamily Dodges $75k/year Bullet - Chicago, IL

Our team flew up to the Windy City, gathered pertinent site-specific data, and successfully petitioned FEMA for a Letter of Map Amendment (LOMA). With the LOMA in hand, the lender mandates were removed, and the client dodged a $75k/year bullet!

Image of Multifamily property for Wisconsin Multifamily Property Successfully Removed from SFHA

$175K in Added Property Value

Wisconsin Multifamily Property Successfully Removed from SFHA - Fond du Lac, WI

NFE successfully reclassified an entire Multifamily property in Fond du Lac, WI out of the high-hazard flood zone. Resulting in $11K year-over-year flood insurance savings and improving the property value by $175K!