Sherbert Consulting


Sherbert Consulting, Inc. provides high-level service for the real estate developer looking to get a historic rehabilitation, affordable housing, new markets or opportunity zone project from start to finish. This process can often be confusing and ineffective, so it pays to have expertise on your side.

Lowenstein Building at night

The firm structures and closes as much as $1.5 billion of real estate tax credit projects annually across the country. Through these transactions, we have worked with many of the most significant players in the industry – from investors to lenders to attorneys. Our team strives to be a real asset to the developer by designing creative solutions to the unique obstacles that arise in each project. From the initial stages of understanding the project’s potential and bringing the deal into shape, to preparing comprehensive projections for the tax credit investment, to working with investors and lenders to balance the needs of each party, Sherbert Consulting seeks to pave the way for the developer to a more efficient closing. After closing, we are able to provide a smooth transition to our partner CPA firm, Sherbert CPA, PC.

Tax credit projects can be confusing or cumbersome from a number of perspectives: dealing with multiple incentives and applicable rules/regulations; working with multiple investors and lenders, along with their counsel, to effectively structure the transaction; ensuring that all due diligence is in proper order so as to limit potential roadblocks, etc. Sherbert Consulting, Inc. can provide guidance in navigating all of these areas and more. Our services will be tailored to your project.

In the still-evolving Opportunity Zone program, investments were intended to be streamlined but can easily become quite complex. And while the extensive Treasury regulations provide great flexibility in structuring, the result is often that each transaction will have a unique structure that optimizes the potential benefits. Sherbert Consulting, Inc. is able to forge a structure that suits the business arrangement of all parties in the deal, while allowing for maximum potential Opportunity Zone benefits and ensuring compliance with the program.

Whether it be historic rehabilitation, affordable housing, or new markets, solid financial projections are essential to a clean closing process for your tax credit transaction. Initially, Sherbert Consulting, Inc. works with the developer to refine the development budget and operating pro forma.  We make sure to account for any specific requirements of the applicable tax credit program and calculate an initial estimate for the credit amount and other potential benefits. As we review due diligence, we will ensure that the projections conform to additional documentation provided by the developer. Once the numbers are solid, the projections are used as a road map for various parties involved in the transaction – lenders, investors, attorneys, etc. The projections will be updated for the agreed-upon structure and will ultimately be used to arrive at projected credit and equity amounts to be specified in the operating agreement and other investment documents.

With decades of experience in the industry, Sherbert Consulting, Inc. has worked with all of the major tax credit investors. We help identify the potential economic benefits of your project, along with investors that may be interested in partnering with you. We will work with you through term sheet negotiation, structuring, and documenting the deal with the tax credit investor.

Sherbert Consulting, Inc. has relationships with institutional investors, regional family offices and other potential Opportunity Zone investors.  Investors seriously consider projects that we bring to them, due to the upfront work we do on due diligence, underwriting, etc.  If you are considering a project in an Opportunity Zone, we can work with you to identify an match potential investors whose interests will align with yours.

In most tax credit deals, a large portion of the tax credit investor’s funds are not available until after completion of the project. Sherbert Consulting, Inc. works closely with a select few lenders that are able to bridge the investor’s equity that is committed for after completion. We can package your deal for a streamlined closing, allowing the project to utilize the bridge dollars during the construction period. Sherbert Consulting, Inc. is also able to coordinate monthly construction draws if desired.

With decades of experience in the industry, Sherbert Consulting, Inc. has worked with a number of national, regional, and local lenders that are interested in providing construction/permanent financing on tax credit projects. We will help to connect you to the right banks for consideration of your project and will work with you through term sheet negotiation, structuring, and documenting the deal with the lender. Sherbert Consulting, Inc. is also able to coordinate monthly construction draws if desired.

Having worked through hundreds of tax credit transactions, Sherbert Consulting, Inc. knows the due diligence that is typically needed and can identify potential roadblocks that may arise during the investor’s or the lender’s review process. We work with you upfront on the due diligence, identifying documents that may need to be revised or deal specifics that may be a concern to some parties. Our goal is to present the investor and lender with a due diligence package that is as clean as possible. We utilize an online system to maintain your due diligence and are able to give access to those who need it whenever necessary. The documents are kept so that approved parties can refer to them during the closing process and after.