Andrew N. Tanner

"In the past, you just couldn't get the proceeds from the GSEs that you could in a private placement structure," said Andy Tanner, CFO of affordable housing developer The NRP Group.

"There's a certain amount of flexibility we like to have with our construction lenders so that if an issue arises, you're not stuck in a box," said Andrew Tanner, vice president and CEO of The NRP Group, an Ohio-based affordable housing developer."We'll pay more to work with those particular lenders."

If construction costs rise during the construction phase-a common enough malady in the last few years-and the developer needs to go back to the lender for more funds, it's best to negotiate that flexibility up front."As long as you have the sources to pay out the cost of the project, the lender should be willing to increase the size of the loan if you need it," Tanner said.
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Another important flexibility consideration is structuring a "cure period" in the loan document, so that if the unthinkable happens and the developer goes into default, "a lender is providing notice that you are in default and you have time to fix the problem," said Tanner.
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"You want enough so that you're keeping everyone honest in terms of pricing, but you want the relationships so that they are also willing to work with you when things don't go exactly as you expect," said Tanner.

Andrew N. Tanner, Vice President and CFO of NRP Group, the sponsoring entity, said, "This was a wonderful opportunity to work with Red's bankers to refinance this affordable seniors housing project with attractive rates."

Chief Executive Officer Andrew Tanner expects to talk with the owner of Mapal in June about another expansion.

"It was a tough decision either way," chief executive officer Andrew Tanner said."But in Port Huron, we're really where the action is."

Tanner said the Port Huron area is closer to the majority of Mapal's customers.
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The creation of new jobs will be spurred by an investment of about $1.5 million in new machinery this year, Tanner said.Machinery also will be brought in from the New Jersey plant and a plant in Germany.
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Tanner said the plant in Piscataway, N.J., would close during the summer.

"We decided to expand our operation in Port Huron as it is the closest to major auto manufacturers and suppliers who make up many of our customers, and who are fueling our growth," said CEO Andrew Tanner.