Mark Sanford, Governor
TMG commenced business in late 1991 raising equity for low and moderate-income projects, primarily in New York State, through the sale of the Low Income Housing Tax Credit. TMG raised over $50 million dollars in equity to finance 820 units of housing in its first six years of existence.
To date, TMG has acquired or facilitated the acquisition of nearly 8000 units within five states and eleven different submarkets representing over $500million in development cost. Properties we acquire generally range in quality from B to C and are leased to low, moderate and middle- income persons. Some properties were acquired using private activity bonds and tax credit equity, with TMG acting as the general partner or managing member of the ownership entity. Others properties were acquired using tax-exempt 501 (C) 3 bonds, with TMG acting as Owner’s Representative for the non-profit owner under a long-term contract. In all cases, TMG sources the property, secures the financing, and oversees the acquisition and renovation process.
TMG provides all the earnest money and funds the due diligence from its own equity as a typical Owner would. TMG further manages the renovation and acts as the Owner’s Representative throughout the ownership period.
TMG has obtained credit enhancement for some of its bond transactions with Radian (formerly Asset Guaranty Insurance Company), American Capital Access, MBIA Insurance Company, Red Stone Partners, Prudential, and FHA. In addition, TMG has financed its other deals with unrated bonds, with Nuveen, Lord Abbett, Rochester Funds, Goldman Sachs and Salomon Smith Barney among the primary bond purchasers. We maintain continuous contact with investment bankers, bond investors, and credit enhancers such as RBC Dain Rauscher, Ferris Baker Watts, JMP Morgan Chase, Morgan Stanley and Raymond James in order to monitor the current market conditions and most beneficial financing structures.