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In re Vanderveer Estates Holding, LLC

United States Bankruptcy Court for the Eastern District of New York
293 B.R. 560 (2003)

Written by Eric Miller, JD

Facts

Vanderveer Estates Holding, LLC (debtor) owned Vanderveer Estates, a low-income housing project. Vanderveer and its principal secured creditor, VE Apartments LLC (VE) (creditor), proposed reorganization plans that employed conflicting valuations of the property. Vanderveer’s appraiser relied on the direct-capitalization method, which applied an overall capitalization rate to an estimate of stabilized net income and arrived at a value of $106 million. VE’s appraiser, on the other hand, employed the discounted-cash-flow method. Using this approach, the appraiser estimated net cash flow over 10 years, applied a discount rate to the present value, estimated a reversion value by predicting the property’s value in the eleventh year, and added the reversion value to the discounted cash flow for a final value of $78 million.

Rule of Law

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Holding and Reasoning (Craig, J.)

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