In re Vanderveer Estates Holding, LLC

293 B.R. 560 (2003)

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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)

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

Issue

Holding and Reasoning (Craig, J.)

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