From the Ground Up
A private source of TIF capital
After the successful exit of the largest wholesaler seed corn and seed soybean producer in the US, Hageman Group was founded to invest “From the Ground Up,” with a focus on real estate and agriculture. Hageman Capital builds on that legacy by purchasing TIF bonds that serve as the catalyst for new development — serving as a principal source for TIF capital and reducing execution risk by making investment decisions in-house.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Cohesive Expertise
TIF bond structuring requires cohesive legal, real estate and financial expertise.
Navigating the intricacies
Municipalities take on risk in granting an incentive, then transfer it to the developer through the bond structure. Knowing the financial and legal limits of that structure determines the proceeds.
Tailored bonds, immediate capital
Hageman Capital structures TIF bonds to raise the proceeds available to the project. The result is cash at closing, a lower equity requirement, and a better return on the equity that remains.
Structure & Proceeds
Impact of bond structure on proceeds
Hageman Capital's underwriting evaluates the development plan and the increment allocation available to it. A structure that satisfies the legal, tax, and regulatory requirements is what supports the bond's market value and the proceeds it produces.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Developer perspectives
The Hageman team's expertise in commercial real estate, TIF, and public-private partnerships has been an extremely valuable resource for our team. Having Hageman Capital as a financing partner also provides us a great deal of credibility with our investors, construction lenders, and municipal partners. They are a great group of people who care about how their involvement in a project can help achieve extraordinary outcomes.
Shelby Bowen, President & Partner, Rebar Development
Hageman Capital was an integral partner of Buckingham for our Carmel Midtown AT&T project. They actively engaged in the process and identified potential pitfalls. Their contribution extended to generating creative solutions within the team and legal framework. As we look to the future, Hageman Capital has earned a top position on our list.
Christopher W. Myrvold, CFO & Head of Real Estate, Buckingham
Working with Hageman Capital to finance TIF bonds was a great experience, they made the process simple and transparent. We appreciate their partnership and willingness to solve complicated issues fairly and quickly.
Fede Boscaini, Director of Development & Finance, Gershman Partners
Flexibility
State and municipal variation
Legal and project-level requirements for TIF bond structuring differ by state and by municipality. Hageman Capital maintains the processes to work within those differences and to translate the incentive into upfront capital.
- Outright purchase of TIF and incentive bonds at competitive valuations
- Flexible structuring across the capital stack, from senior to gap funding
- Decisive diligence — most valuations returned within days, funded in weeks
- Discretion and continuity from first call through closing
Bond Sale at Closing
Bond value, realized at construction loan closing.
Hageman Capital's structuring for single-site developments rests on an accurate assessment of assessed value, which is what allows the bonds to be sold and the capital delivered at loan closing.