HUD 221(d)(4) Development

Building
Institutional
Multifamily
at Scale

Metro Management Company is a principal-led real estate development firm specializing in HUD-insured multifamily development across the Southeast and Sun Belt — with a disciplined focus on capital structure, cost certification, and investor returns.

View Portfolio Investor Inquiries
$200M+
HUD Pipeline Under Development
600+
Units in Active Development
20+
Years Principal Experience
About

Principal-Led.
Structurally Sophisticated.

⬡

HUD Finance

Deep expertise in 221(d)(4) MAP applications, BSPRA structuring, and cost certification compliance.

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Capital Markets

Sophisticated LP equity packaging with OZ overlays, cost segregation, and bonus depreciation strategy.

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Construction

Identity-of-interest GC relationships, OCIP insurance, and hands-on construction management oversight.

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Governance

14 years of municipal government experience informing entitlement, zoning, and public-private development.

Dusty Rhoads
Dusty Rhoads
Principal & Founder

Dusty Rhoads, Principal of Metro Management Company, brings more than two decades of integrated experience across commercial construction, HUD multifamily development, energy services, and property management.

His background spans both the financial architecture of large-scale deals — HUD loan structuring, LP equity raises, cost segregation — and the on-the-ground realities of construction management, subcontractor procurement, and regulatory compliance.

  • Principal developer on HUD 221(d)(4) projects across Mississippi and Arkansas
  • Identity-of-interest GC with BSPRA profit reimbursement experience
  • Opportunity Zone equity structuring and tax benefit analysis
  • 14-year tenure on Mississippi municipal city council
  • Former owner of Mississippi's largest energy service company
  • Business Development Manager at a Top 400 ENR General Contractor
Expertise

What We Do
Exceptionally Well

01

HUD 221(d)(4) Finance

Full-cycle MAP application management from site control through Firm Commitment. BSPRA structuring, identity-of-interest compliance, MIP analysis, and cost certification coordination with HUD-approved lenders.

02

Capital Structure & LP Equity

Institutional-grade investor packages combining HUD debt leverage with LP equity raises. Opportunity Zone overlays, cost segregation studies, and 100% bonus depreciation to maximize investor tax efficiency.

03

Construction Management

Direct oversight of identity-of-interest GC relationships, subcontractor procurement, OCIP construction insurance, and HUD MAP compliance including flood insurance and LOMR requirements.

04

Entitlement & Government Relations

Navigating zoning, land use, and local government approvals with firsthand knowledge from 14 years on a Mississippi city council — an advantage in markets where relationships and credibility determine outcomes.

05

Asset & Property Management

End-to-end asset stewardship through Metro Management Company — from lease-up stabilization through ongoing operations, reporting, and investor distributions.

06

Mixed-Use Development

Master-planned communities combining multifamily, Class A office, retail, and medical uses. Deep experience coordinating multi-phase entitlement, infrastructure, and vertical construction across complex product types.

Portfolio

Active Projects

Under Construction

Refuge Lofts

Flowood, Mississippi · Jackson MSA

Units
322
Class A Market-Rate
Financing
HUD 221(d)(4)
New Construction
Overlay
OZ + Cost Seg
LP Equity Raise
In Development

Addison Park

Fayetteville, Arkansas

290-unit Class A HUD 221(d)(4) new construction in the high-growth Fayetteville MSA. Structured with BSPRA via identity-of-interest GC, HUD debt constrained at ~$65M, and LP equity package featuring cost segregation and 100% bonus depreciation.

290 Units HUD 221(d)(4) BSPRA ~$65M HUD Loan LP Equity Raise
Completed

Medical Parkway & Refuge Town Center

Mississippi

260-acre master-planned mixed-use development encompassing multifamily residential, Class A office, retail, and restaurant pad sites. Multi-phase entitlement and infrastructure coordination across diverse product types.

260 Acres Mixed-Use Multi-Phase Master-Planned
Owned & Managed

Medical Office Building

Canton, Mississippi

50,000 SF medical office building anchored by an ambulatory surgery center. Involved medical-tenant buildout coordination, healthcare real estate financing, and ongoing asset management through Metro Management Company.

50,000 SF Ambulatory Surgery Center Medical Office Asset Management
Investor Relations

The Investment Thesis

Structural Advantages
  • ◆ Non-recourse HUD debt at 40-year amortization provides institutional capital structure unavailable in conventional markets — dramatically improving levered returns.
  • ◆ Cost segregation + 100% bonus depreciation generates substantial Year 1 paper losses that offset LP ordinary income — a powerful tax benefit for accredited investors.
  • ◆ Opportunity Zone overlays available on select projects defer and reduce capital gains taxes for qualifying investors with eligible gain events.
  • ◆ BSPRA profit reimbursement via identity-of-interest GC structure reduces required LP equity, improving investor returns without compromising project quality.
  • ◆ Sun Belt demand fundamentals — demographic in-migration, constrained workforce housing supply, and rent growth support strong exit valuations at 3–5 year hold periods.

Who We Work With

Metro Management targets accredited investors and family offices seeking both current yield and significant tax-advantaged returns. Our investor base includes high-net-worth individuals, real estate professionals, and institutions who benefit from active pass-through depreciation strategies.

Typical Deal Structure

HUD first mortgage comprising the majority of total development cost. LP equity raises in the $3–7M range per project. Preferred return structures with waterfall distributions at exit. Hold periods of 3–5 years targeting cap rate compression in high-growth markets.

Transparency & Reporting

Investors receive quarterly financial reporting, construction milestone updates, and annual K-1s. We maintain open-book capital account tracking and provide proforma-to-actual variance analysis at stabilization.

🏛 All projects are structured under HUD Section 221(d)(4) — federally insured new construction financing with MAP-approved lenders and full HUD regulatory compliance.
Contact

Get in Touch

📍
Headquarters
Mississippi
Serving the Southeast & Sun Belt
🏗
Active Markets
Mississippi · Arkansas
Southeast & Sun Belt
📋
Licensing
HUD MAP-Compliant Developer
HUD Section 221(d)(4)
Important Disclosures

This website is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy any securities. Investment opportunities described herein are available only to accredited investors as defined under Regulation D of the Securities Act of 1933. Past performance does not guarantee future results. All investments involve risk, including the possible loss of principal. Prospective investors should carefully review all offering documents before investing.