Affordable Housing

Developer Representations

• Represented the developer in a 200-unit affordable housing development in Pontiac, Michigan, which included assisting a local housing commission and nonprofit developer to refinance a former public housing development with a tax abatement or PILOT from the city of Pontiac, 4 percent LIHTCs, Tax Exempt Bond and Gap Financing from MSHDA, HOME Funds from Oakland County, and a Housing Assistance Payment Contract (HAP) through HUD’s RAD Program. Through a public-private partnership with a national tax credit investor, this refinancing will infuse approximately $20 million in necessary repairs and renovation, creating a better quality of life for all tenants. Tenants will also receive a long-term subsidy on their rent through the HAP Contract.
• Represented a developer in a 52-unit senior housing development in Gladstone, Michigan, which included assisting a local housing commission and nonprofit partner to refinance an existing building with a tax abatement or PILOT from the city of Gladstone, a USDA Rural Development Construction loan, 9 percent LIHTCs, a Conventional Bridge loan, and a HAP Contract through HUD’s RAD Program. Through a public-private partnership with a national tax credit investor,  this refinancing will infuse approximately $4.3 million into this home for seniors.
• Coordinated all closing and real estate matters in the redevelopment of an administrative office building—an adaptive reuse project that will house 155 formerly homeless individuals while providing onsite supportive health and social services. The building also will house administrative offices to provide social services to homeless individuals metropolitan-wide. The residential rental portion of the building was valued at $32 million and was financed with low-income housing tax credits, state, and federal historic tax credits; city, county, and state HOME dollars; and private foundation dollars.
• Represented a developer of senior housing villages throughout Michigan, including developments in cities in Oakland County, plus Bay City, Jackson, Kalamazoo, and Port Huron. Most projects were funded primarily through the HUD Section 202 program, which provides capital advance dollars for construction and permanent financing, as well as, project rental assistance. 

Lender Representations

• Represented the lender in a $69 million first lien construction loan for the development of 208 units of for-sale market rate and affordable condominiums in a mixed income project, together with the more than $14 million private placement of tax exempt bonds, secured by a second lien mortgage, for the construction and equity bridge financing for 72 condominium units to be used as public housing units. The project was also funded by the syndication of low-income housing tax credits, a CHA HOPE VI Loan, and City of Chicago TIF financing.
• Represented the lender in a $11.85 million construction loan and $1.15 million permanent loan, secured by a first-lien mortgage, for the construction of 72 units of affordable rental housing. The project was also funded by the syndication of low-income housing tax credits and a subordinate loan made by the Indiana Housing and Community Development Authority.
• Represented the lender in a $13.5 million construction and equity bridge loan, secured by a first-lien mortgage, for the construction of 112 units of mid-rise mixed income rental housing. The project was also funded by the syndication of low-income housing tax credits, a Chicago Housing Authority HOPE VI loan, a City of Chicago HOME loan, a Chicago Housing Authority loan from the proceeds of the sale of Illinois Affordable Housing Tax Credits, a Chicago Housing Authority Loan bridging a City of Chicago TIF loan, and a Fannie Mae permanent loan.
• Represented the lender in a $10.3 million first lien construction loan for the development of 39 units of affordable rental housing through the adaptive reuse of a historic structure in Traverse City, Michigan. The project was also funded by the syndication of low-income housing tax credits, the syndication of State of Michigan Historic Tax Credits, and the syndication of Michigan Brownfield Tax Credits.
• Represented the lender in a $5 million bridge loan, secured by a leasehold mortgage, assignment of leverage loan documents and assignment of equity interests to the sponsor/leverage lender in a New Markets Tax Credits transaction for the construction of a grocery store and the acquisition of a shopping center. The project was also funded by the syndication of New Markets Tax Credits, QLICI loans to project owner, and TIF funds from the Village of West Milwaukee.
• Represented the lender in a $4.25 million private placement of tax-exempt bonds and roughly $4 million bridge loan, secured by a pledge of all partnership interests of the borrower, for purchase and renovation of 210 units of affordable rental housing. The project was also funded by the syndication of Low Income Housing Tax Credits and Historic Tax Credits, a HUD-insured Section 221(d)(4) first mortgage loan, an Illinois Housing Development Authority Financing Adjustment Factor loan, developer bridge and construction financing, a project-based Section 8 contract, and an Illinois Department of Commerce and Economic Opportunity grant.