Work in Progress

Annandale Mansion

Multi-Family Redevelopment

A 16-unit historic mansion in one of Saratoga’s most coveted locations — fully redeveloped and repositioned through complete vertical integration.

Location
Saratoga Springs, NY
Acquisition Date
2025
Purchase Price
$3.25 Million
Total Project Cost
$4,948,430
Units
16
Historic Tax Credits
$600,000

Project Projections

2.58x Equity Multiple

15–17% Projected IRR

15–25% Avg. Annual Return

Opportunity

01

A Historic Asset in a Premier Location

Annandale Mansion was sourced entirely off-market — a 16-unit, 10,892 sq ft Victorian estate at 245 Clinton Street, steps from Skidmore College in the heart of Saratoga Springs. Despite its exceptional location and architectural significance, the property carried below-market rents and represented a compelling opportunity to unlock value through full-scale redevelopment. The acquisition was structured with a $700,000 seller note at 0% interest — a financing advantage that meaningfully improves effective returns to investors.

Rather than pursue incremental improvements, we identified an opportunity for comprehensive redevelopment — transforming a historically significant asset into a fully modernized, income-producing property while preserving the character that makes it irreplaceable.

Sourced off-market
Historic Tax Credit eligibility: $600,000
Seller financing at 0% interest — $700,000 note
Below-market rents with significant upside
Near Skidmore College: Built-in rental demand

The Strategy

02

Full Redevelopment Across Four Pillars

Rather than pursue phased upgrades, we structured a comprehensive 24-month redevelopment plan designed to maximize long-term asset value, deliver Historic Tax Credits to investors, and return capital through a targeted refinance at stabilization.

Complete Interior Transformation

Every unit fully redeveloped — new kitchens, bathrooms, flooring, and mechanical systems — repositioning the property to command market-rate rents of $1,895/month on average.

Historic
Tax Credits

Annandale Mansion qualifies for $600,000 in NYS and Federal Historic Tax Credits — distributed to limited partners as a priority return of capital, beginning in year two.

Seller Financing Advantage

A $700,000 seller note at 0% interest reduces effective debt service costs and meaningfully improves cash-on-cash returns throughout the hold period.

Refinance &
Capital Return

Following stabilization, a refinance is targeted between years 5–6 to pay off the seller note and return investor capital. Distributions from refinancing carry no tax exposure.

TAX CREDITS

03

$600,000 in Tax Credits Returned Directly to Investors

Annandale Mansion qualifies for both New York State and Federal Historic Tax Credits, generating $600,000 in credits against approximately $1.2 million in qualified renovation expenses. Credits are distributed to limited partners as a priority return of capital — NYS credits projected in year two, Federal credits between years 2–6.

Unlike a deduction, a tax credit is a dollar-for-dollar reduction of taxes owed — meaning each dollar of credit directly offsets a dollar of tax liability.

The NYS and Federal credits work in tandem, significantly reducing or eliminating personal tax exposure on the investment. Credits are distributed to limited partners as a priority return of capital.

80% of renovation scope qualified as eligible historic expenses
30% NYS Historic Tax Credit: $360,000
20% Federal Historic Tax Credit: $240,000
Credits treated as priority return of capital to LPs
NYS credit fully refundable — excess issued as a check from the state
No NY tax liability? Full NYS credit amount returned as a refund

Execution

04

Fully Integrated — From Acquisition to Management

100% of the Annandale project is controlled by the Green Springs family of companies — from financing and construction to property management and asset oversight. This complete vertical integration eliminates third-party risk and creates direct accountability at every stage of the redevelopment.

Construction is managed by CG Construction Group, Green Springs’ sister company, with an independent owner’s rep providing a professional layer of oversight and separation. Green Springs Property Management transitions in at stabilization, ensuring continuity from lease-up through long-term operations. Ascend Real Estate Advisors handles financing, debt sourcing, and asset management throughout the hold.

Redevelopment Begins

Full interior redevelopment underway across all 16 units. Historic Tax Credit certification initiated.

Tax Credits Distributed

NYS Historic Tax Credits projected to be distributed to LPs as priority return of capital.

Refinance & Capital Return

Refinance executed to pay off seller note and return investor capital. No tax exposure on distributions.

Jan
2025

Mid
2026

Year
2

Year
2–3

Year
5–6

Year
10

Leasing Commences

Completed units brought to market at projected rents of $1,895/mo as construction progresses.

Full Stabilization

Portfolio reaches full occupancy. Green Springs Property Management transitions to long-term operations.

Optimize & Hold

Projected property value ~$6.0M. Additional capital event available via refinance or sale at investor discretion.

Jan
2025

Redevelopment Begins

Full interior redevelopment underway across all 16 units. Historic Tax Credit certification initiated.

Mid
2026

Leasing Commences

Completed units brought to market at projected rents of $1,895/mo as construction progresses.

Year
2

Tax Credits Distributed

NYS Historic Tax Credits projected to be distributed to LPs as priority return of capital.

Year
2–3

Full Stabilization

Portfolio reaches full occupancy. Green Springs Property Management transitions to long-term operations.

Year
5–6

Refinance & Capital Return

Refinance executed to pay off seller note and return investor capital. No tax exposure on distributions.

Year
10

Optimize & Hold

Projected property value ~$6.0M. Additional capital event available via refinance or sale at investor discretion.

Before & After

The Transformation

Drag to compare the property before acquisition and after redevelopment.

Projected Results

05

Built for Long-Term Compounding

Annandale Mansion is structured as a long-term hold with multiple capital return events — Historic Tax Credits in years 2–6, a refinance between years 5–6 returning investor capital, and ongoing cash flow distributions throughout the hold period.

10-Year Projected IRR: 15–17%
Average Annual Return: 15–25%
Average Cash-on-Cash Return: 5–6%
Return of capital via tax credits and refinance
Ongoing distributions carry no tax exposure
$600,000 in Historic Tax Credits — priority distribution to LPs

The Interior

Renovation-Driven Repositioning, Unit by Unit

Kitchen

Each unit features a fully renovated kitchen with stainless appliances, modern cabinetry, and quality finishes — designed to attract and retain quality long-term tenants and support premium rental positioning within the submarket.

Bathroom

Each bathroom was fully gutted and rebuilt with clean, contemporary finishes — new tile, updated fixtures, and modern vanities designed to meet tenant expectations and support premium rental positioning.

Living Room

Open, light-filled living spaces were redesigned to maximize functionality and appeal — creating an environment that attracts quality long-term tenants and reduces vacancy exposure.

Bedroom

Bedrooms were updated with fresh finishes, quality flooring, and thoughtful layouts — balancing tenant comfort with the durability required for long-term asset performance.

Investor Impact

06

Capital Preserved. Upside Retained.

Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

Preserved capital. Ongoing upside participation. Structured value creation.

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