In this deal segment episode with Pat Carino we break down one of the most unique deals featured on the podcast to date: a 300-unit, five-building ground-up development on Cape Cod, Massachusetts, acquired through the state's 40B affordable housing program on a 20+ acre site.

Pat walks through how the deal first surfaced through a social media message, how it came back to market through a broker four months later, and how NRP Group ultimately won the deal in a competitive process. The conversation covers the mechanics of 40B entitlements, why the Cape Cod market is more compelling than it looks on paper, how the town's own incentives aligned perfectly with the project's approval, and how the team is navigating the Massachusetts rent control uncertainty heading into November.

This episode is essential listening for any investor curious about how institutional ground-up development deals actually work — from 40B entitlements to construction type to exit planning — and what the Massachusetts legislative landscape means for multifamily development in 2025 and beyond.

Join us as we dive into:

A clear explanation of Massachusetts 40B: what it is, how it works, why towns strategically support "friendly 40B" projects, and how crossing the 10% affordable housing threshold removes the tool from future developers
Why wood-frame, surface-parking construction is Pat's preferred method — and how construction type, affordability requirements, and tax environment are the four key variables in any development site evaluation
How NRP prices development deals: per approved/entitled unit — and why that structure protects both buyer and seller when final unit counts are still in flux
How the capital stack works at NRP: traditional bank construction debt combined with institutional equity from pension funds and family offices
Why Cape Cod is a stronger demand market than it appears: a large workforce commutes onto the Cape daily with almost no rental housing options — and this project fills that gap
Pat's honest assessment of Massachusetts rent control: how NRP has stress-tested their underwriting against worst-case scenarios, and why a 10-year new construction exemption is at least partially reassuring
State-level tailwinds: a proposed sales tax exemption on building materials and a fast-track provision for the MEPA environmental review process for qualifying projects

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