Cases
Representative Matters: Representation of various banks as bond purchaser
/or construction lender during the construction of affordable housing projects meant to address the banks' CRA requirements, including reviews of various financing documents such as tax regulatory agreements, extended use agreements, bond repurchase agreements, as well as a review of the Agreements for Interest Reduction Payments with HUD.
Serving among a team of counsel to a nationally-recognized bank in their multi-faceted financing role for Teachers Village (Newark, NJ), a complex, qualified school construction bonds
new markets tax credit transaction, including representing the bank as a bond purchaser, bridge lender, escrow agent,
administrative agent.
Representation of lenders in connection with the rehabilitation of certified historic structures which were financed through a combination of debt
equity through the availability of the federal historic tax credit.
Representation of a non-profit owner of a 242-unit low-income senior citizen apartment complex made up of 10 buildings located in Wayne, NJ, in connection with (i) the bridge refinancing of the project's original HUD 236 debt to preserve the project's qualification for RAD subsidies from HUD,
(ii) the financing of substantial capital improvements to the property through the issuance of tax-exempt bonds by the New Jersey Housing
Mortgage Finance Agency
equity capital raised through the availability of the low income housing tax credit.
Representation of a non-profit owner in connection with the acquisition of a 250-unit senior citizen apartment complex in Wayne, NJ. 50% of the units are required to remain affordable pursuant to an agreement with the township. The project acquisition was financed through the issuance of qualified 501(c)(3) bonds by the New Jersey Economic Development Authority
was structured to preserve the non-profit owner's ability to finance capital improvements through the issuance of tax-exempt bonds
low income housing tax credit equity without restarting the 10 year rule for acquisition LIHTC. The representation also involved a number of regulatory approvals from state
local government bodies.
Represented a for-profit developer in connection with the issuance by the Orange County Funding Corporation of $35,515,000 in revenue bonds, the proceeds of which will be used to finance the acquisition, construction
equipping of a new 130-unit assisted living facility for elderly persons of low-income.
Representation of an organization that builds, owns
operates senior housing
healthcare facilities
its affiliate, a for-profit developer, in connection with the issuance by The Orange County Funding Corporation of its tax-exempt bonds in the amount of $35,515,000, with proceeds of the bonds to be used by the developer to construct
develop of a 130-unit, 200 bed, assisted living facility located in Wallkill, New York.
Representation of a not-for-profit developer in connection with a HUD 202 refinancing
rehabilitation of a senior housing apartment complex in New York City, including negotiating with the investor who acquired the LIHTC available to the project
negotiating with the bond issuer
letter of credit enhancer for the project debt financing.
Representation of a nonprofit corporation (focused on preserving
creating affordable multifamily rental housing for low
moderate income families
seniors) in connection with its subsidiary's acquisition of the Plaza Borinquen apartment community, an 88 unit affordable housing complex located in the Bronx, New York, which marked the client's entrance into the New York market.
Representation of a not-for-profit corporation in connection with the financing of the renovation of existing structures at Ennis Frances Houses
the new construction of an additional 220 unit low-income units within the housing complex located in Harlem, New York.
Representation of a developer in connection with the construction of 98 affordable housing units for senior citizens in Astoria, New York, including negotiating a development agreement
long-term ground lease with the not-for-profit entity which owns the project site, assisting the client in the LIHTC process, negotiating with the investor who acquired the LIHTC allocated to the project,
representing the client vis-a-vis the construction lender for the project.
Representation of an urban renewal entity in connection with the acquisition of a Section 8 supported senior citizen housing project in Newark, New Jersey containing 100 residences, including representing the acquiring entity in connection with the issuance of housing bonds to finance the acquisition as well as obtaining an assignment of the existing long term tax exemption on the property from the City of Newark.
Representation of a developer designated to construct a complex of 66 affordable townhouses
100 affordable senior apartments
medical support facility in New Rochelle, New York, including the participation of both City
County governments in providing funding
in parcel assemblage.
Representation of a developer in connection with the acquisition
renovation of apartment buildings located in New York City containing 26 low-income housing units, including negotiating with one of the United States' largest financial institutions which purchased the LIHTC allocated to the project.
Representation of a developer in connection with the construction of a 95 unit low
moderate-income apartment complex located in Wayne, New Jersey, including preparation of the LIHTC application for submission to the New Jersey Housing
Mortgage Finance Agency, as well as review of the construction loan
permanent financing documentation.
Representation of a developer involved in the construction of senior citizen housing in Cape May County, New Jersey, including negotiating a development agreement
construction management agreement with the not-for-profit owner of the project, as well as assistance in obtaining environmental approvals necessary to complete the project
a private letter ruling from the IRS to permit the buyer to obtain step in the shoes basis for rehabilitation expenditures incurred by the seller.
Representation of a developer in connection with the conversion of a former undergarment factory in Bayonne, New Jersey, to 60 senior-citizen apartments
an adult day care facility, including complex l
use
ownership issues in that it required a use variance
a substantial number of cross-easements
access
parking agreements with the still-operational factory building to which it was attached.
Representation of a developer in connection with the conversion of a former department store in Plainfield, New Jersey, into 75 apartment units, with ground-floor retail space, an adult medical day care facility, an open-air plaza
a large space for public use, including the use of LIHTC
thus necessitated the imposition of a condominium form of ownership for the project in order to divide the residential portion from the commercial
public portions.
Representation of a developer in connection with the construction of 19 low
moderate income housing units in Paterson, New Jersey, including negotiating a development agreement with the not-for-profit general partner involved in the project, assisting the client in the LIHTCs process,
negotiating with the large financial institution which acquired the LIHTCs allocated to the project.
Representation of a developer in new markets tax credit (NMTC) transaction which involved the construction of a new regional headquarters for a major U.S. national bank in Trenton, New Jersey.
Representation of a developer in an NMTC financing in connection with the development
construction of an office building in Neptune, New Jersey with the State of New Jersey
a not-for-profit hospital as tenants.
Representation of a developer in connection with the development
construction of an assisted living facility on Long Isl
, New York, including assuring that the project met the requirements of New York State's licensing office for assisted living facilities without running afoul of the IRS's LIHTC requirements,
making sure that each of the units in the facility constitutes a complete living facility for purposes of tax-exempt financing requirements.
