Cases
Rep Matters: Firm Provides Counsel in 140 million Complex Real Estate Refinancing
Joint Venture Deal
Jim Maher
Jaimee Newman (with the invaluable assistance of Matt Teich, Breana Vessichio
Olivia Albanese) recently closed on a complex refinance
joint venture transaction involving a nearly 140 million real estate portfolio containing 27 commercial
residential properties in
around Boston, Massachusetts. The transaction arose in response to efforts by the Seller, who has owned the portfolio for nearly 100 years, to monetize their real estate holdings. To do so, they elected to sell a 50% interest in the portfolio to a prominent Boston real estate development company, who will renovate the properties
then release or resell for the benefit of both parties. Halloran Sage represented a large regional bank in providing nearly 86 million in financing to accomplish the acquisition
future renovations, which was divided into two deals, one financing the 22-property Residential portfolio
one financing the 5-property Commercial portfolio. To further complicate matters, the transaction had to close over a 2-day period to assure the Seller's desired tax treatment, with day 1 being structured as a straight refinance of the portfolio,
day 2 being the closing of the joint venture
assumption of loan obligations by the Buyer. At closing, our client advanced approximately 64 million, with the intention to hold the entirety of both loans for its own account. We closed this deal in approximately 3 months,
were up against the resources of 3 major international firms, as well as Seller
Buyer's in-house counsel. This was a high profile transaction
highly scrutinized within the bank.
Firm Represents Regional Bank in Refinancing Credit Facility
Acquisition
Halloran & Sage represented a regional bank in refinancing credit facilities previously extended to a prominent Connecticut based company, with a separate mortgage, term
line of credit loan in the aggregate amount of 35,000,000. The additional proceeds were used to finance the company's acquisition of a local competitor. Halloran & Sage, led by business law partner Robert Cox
attorney Jaimee Z. Newman successfully counseled the bank through complex questions regarding the nature
extent of the bank's rights to the unique assets owned by the company. The deal was negotiated, documented
closed within approximately 30 days, to accommodate the seller's year-end deadline.
H & S Represents Large Regional Bank in Modifying
Extending Credit Facilities to Local Manufacturer
Halloran & Sage, represented a large regional bank in modifying existing credit facilities,
extending an additional facility, to a Connecticut manufacturing company. The additional proceeds were used by the company to acquire new business assets. All facilities were cross-collateralized
cross-defaulted, such that the bank can look to the assets of the company
its affiliates as security for all of the loans. The deal led by business law partner Robert Cox
attorney Jaimee Newman, was negotiated, documented
closed in less than 30 days to accommodate the parties' desire for a year-end closing.
Multifaceted Health Care Development
Construction Deal Negotiated, Documented,
Closed
Halloran & Sage successfully counseled a large Connecticut construction
real estate firm through the negotiation, documentation,
closing of the development
construction a new health care facility
an adjacent medical office building. The project involved the negotiation
preparation of a participation agreement, a purchase
sale transaction, reciprocal easement agreements, construction contracts
leases. Additionally, Halloran & Sage represented its client in securing
documenting 19,500,000 of construction financing. The Halloran & Sage team was led by real estate partner James Maher
also included real estate associates Matthew Teich, Jaimee Newman
Casey O'Connell, construction partner William Wilson, II,
legal assistant Karel Ortolani.
H & S Negotiates a Complex Loan
Forward Start Swap Transaction to Capitalize on Low Floating Interest Rates
A team of attorneys from Halloran & Sage Business Law Group, led by attorneys Robert Cox
Jaimee Newman, successfully counseled People's United Bank through the negotiation, documentation
closing of a financing transaction in which People's United Bank extended a first mortgage loan for the acquistion
development of a gas station
service center in New York state. In order to capitalize on the low floating interest rate environment,
to accommodate the Borrower's desire for fixed rate financing, the loan was closed, in advance of funding, together with a forward start interest rate swap. The loan proceeds were advanced,
the swap became effective, upon completion of the project. Halloran & Sage's prior experiences with such transactions enabled it to accurately document,
counsel both the bank
borrower through, the complex process.
H & S Closes the Financing of 25 Group Homes Throughout the State of Connecticut
Halloran & Sage represented the Connecticut Housing Financing Authority in its financing of twenty-five community residential facilities, commonly known as group homes, throughout the State of Connecticut. Each of the twenty-five transactions involved a unique
complex set of documentation, title, insurance
other due diligence matters. Through coordination with CHFA's internal team
outside bond counsel, Halloran & Sage successfully negotiated
resolved all matters to close the transactions within the requisite short term closing period. Completion of these transactions ensures that the facilities will continue to serve as group homes for those with developmental disabilities for the next three decades. The Halloran & Sage team was led by business law partner, Robert Cox,
also included real estate associate Jaimee Newman.
H & S Represents a Connecticut State Housing Authority in the Financing of an Affordable Housing Complex
Halloran & Sage, led by business law partner Robert Cox
real estate associate Jaimee Newman, was chosen to represent the Connecticut Housing Financing Authority in its extension of a 23,000,000 construction to term loan facility for the development of a Section 8 multifamily apartment complex in New Haven, Connecticut. The transaction involved multiple levels of financing, from various state
federal agencies, all of which were subordinate to the CHFA financing. Halloran & Sage provided counsel to CHFA on various documentation
due diligence matters, including complex title
survey, zoning
opinion issues. Closing of this transaction will allow for the construction
operation of 100 affordable housing units for residents of State of Connecticut for the next four decades.
Transactional Group Counsels Bank in Modifying
Exp
ing Multiple Credit Facilities to a Prominent Connecticut Company
Halloran & Sage represented TD Bank, N.A. in substantially modifying
exp
ing upon various credit facilities previously extended to a prominent Connecticut based company. In addition to providing working capital for the company, the facilities will provide financing for the construction of an addition to the company's headquarters, necessitated by a simultaneous merger transaction. To accommodate the Borrower's desire for fixed rate financing, a forward start interest rate swap was successfully completed relative to the construction facility, intended to become effective upon completion of the addition. Halloran & Sage's prior experiences with such transactions enabled it to accurately document,
counsel both the Bank
Borrower through, the complex process. The Halloran & Sage team was led by business law partner, Robert Cox,
also included real estate associate, Jaimee Z. Newman.
Transactional Team Maneuvers through Complex Tax
Environmental concerns to close a 7M Mortgage Loan
Halloran & Sage represented a large Connecticut bank in closing a 7M first mortgage loan secured by property located in Wallingford, Connecticut. To address complex tax
environmental matters,
to accommodate the customer's desired use of the loan proceeds, a unique co-borrower structure was developed. Whereby both the fee owner of the property
its Principal, the originally intended payment guarantor, were co-borrowers of the loan
thus primarily liable for the debt. In addition to a first mortgage lien on the real property
related collateral, the loan was secured by a first priority lien
security interest upon certain limited liability company membership interests owned by the Principal in an affiliated entity. The Halloran & Sage team was led by business law partner, Robert Cox,
also included real estate associate, Jaimee Newman
legal assistant, Karel Gargiulo.
Connecticut Properties Refinancing Matter Administered by Firm
Halloran & Sage was chosen to be among six prominent Connecticut law firms to counsel a Connecticut State Housing Authority through the refinancing of,
extension of additional financing for, a fourteen property portfolio which serves as Section 8 housing throughout the State of Connecticut. Readily accommodating a year end closing date, Halloran & Sage successfully documented the restructuring
additional financing for housing developments located in New Britain, Connecticut,
Groton, Connecticut,
provided counsel to the Authority on all due diligence matters, most notably complex title issues. Completion of these transactions ensures that the developments will continue to serve as affordable housing for residents of State of Connecticut for the next four decades. The Halloran & Sage team was led by business law partner, Robert Cox,
also included real estate associates, Jaimee Newman
Matthew Teich.
H & S Successfully Counsels U.S. Bank National Association in Closing of 45M Mortgage Loan Facility
Halloran & Sage successfully counseled U.S. Bank National Association through the negotiation, documentation
closing of a 45M mortgage loan facility, under which U.S. Bank holds a 30M participation interest
serves as collateral agent. The financing was provided in connection with the purchase
sale of 100 Arlington Street, located in the heart of downtown Boston, Massachusetts. The facility is structured to provide an interim mortgage loan to the seller until such time as the closing of the purchase
sale transaction occurs. Upon the closing of the purchase
sale transaction, the facility will provide the financing for the acquisition of the property. The Halloran & Sage team was led by real estate partner, James Maher
also included real estate associate, Jaimee Zuboff
legal assistant, Karel Gargiulo.
H & S Counsels Lead Lender in 70M Luxury Hotel
Condo Deal
Halloran & Sage recently completed closing of a 70M construction loan facility for the luxury Ocean House Hotel
Condominium located in Westerly, Rhode Isl
. The firm served as counsel to U.S. Bank National Association, as lead lender for the bank group providing the financing. This project involves the complete renovation of an historic beachfront hotel into a 48 room luxury hotel with 24 residential condominium units. The Halloran & Sage team was led by real estate partner, James Maher
included construction partner, Bill Wilson, real estate associate, Jaimee Newman
legal assistant, Karel Gargiulo.
H & S Negotiates Financing for Mixed-Use Redevelopment Project
Halloran & Sage represents U.S. Bank National Association in closing a 30,700,000 senior construction financing for the redevelopment of the historic Rumford Chemical Works facility in East Providence, Rhode Isl
. This project, which consists of a mix of residential, commercial
retail uses, will be renovated under state
federal historic tax credit programs
includes the use of a l
condominium
included the potential for additional project level sub-condominium declarations. The H & S legal team was led by James Maher
included Jaimee Zuboff
Karel Gargiulo.
