Thoron Real Estate Services
Thoron Real Estate Services (TRES) is a Washington, DC-based consulting firm with extensive experience in loan underwriting, financial analysis, and advisory services for multifamily housing development. We are uniquely positioned to support state and local agencies in evaluating financing proposals that involve public resources, including 9% and 4% Low Income Housing Tax Credits (LIHTC), tax-exempt bond financing, HOME funds, CDBG funds, and other state-administered programs.
With over two decades of experience leading complex transactions across the Mid-Atlantic region and beyond, TRES has developed deep expertise in affordable housing finance, real estate due diligence, and public-private partnerships.
TRES provides the following strengths:
- Experienced underwriting team skilled in analyzing complex capital stacks and layered funding;
- Proven ability to assess financial feasibility, risk exposure, and development team capacity;
- Detail-oriented reviews of pro formas, market studies, appraisals, and compliance documents;
- Clear and consistent reporting using ready for agency review;
- Collaborative approach with agency staff, developers, and legal counsel through to closing.
Our firm’s work is grounded in a commitment to public-sector accountability and community impact. We recognize the importance of underwriting as both a financial and policy tool—and we take seriously our role in helping DHCD advance equitable, sustainable housing development across the state.
We measure our success by the value we create—for our clients, stakeholders, and the communities served by their investments.
TRES Service Offerings
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Development Services |
Real Estate Investment Advisory |
Project Feasibility Analysis |
Asset and Property Management |
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✓ Development Budgeting |
✓ Loan Underwriting |
✓ Market Feasibility Study |
✓ Regulatory Compliance |
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✓ Risk & Compliance Monitoring |
✓ LIHTC Financing Underwriting |
✓ Appraisal Review |
✓ Budget Control & Review |
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✓ Site selection and analysis |
✓ Tax-Exempt Bond Underwriting |
✓ Development Feasibility Study |
✓ Budget & Schedule Management |
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✓ Team selection/ negotiations/ approval |
✓ Underwriting State Gap Subsidy Financing |
✓ Construction Viability Study |
✓ Capital Planning |
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✓ Feasibility studies
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✓ Subsidy Layering Analysis |
✓ Project Feasibility Assessments |
✓ Portfolio Oversight |
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✓ Owner’s Representative / Fee Developer |
✓ Pro Forma Modeling & Scenario Analysis |
✓ Cost/Benefit Analysis |
✓ Performance Optimization |
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✓ Pre-Development Coordination and Approvals |
✓ Closing & Due Diligence Review |
✓ Testing |
✓ Construction Quality Control |
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✓ Design coordination
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✓ Financing Docs & Closing Coordination |
✓ Tenant relocations |
✓ Operating & Maintenance Planning |
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✓ Materials procurement and logistics
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✓ Strategic planning for current and future facility needs |
✓Exterior and interior condition assessments |
✓ Permit Coordination |
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✓ Value engineering |
✓ Sustainable Design Review |
✓ Inspections |
✓ Property Management / Maintenance |
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✓ Contractor Coordination |
✓ Space programming |
✓Procurement method recommendations |
✓ Capital replacements and improvements |
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✓ Coordinating Closeout Documentation |
✓ Sustainable Design Review |
✓ Quality assurance inspections |
✓ Schedule/ Submittal Review |
Clients:
