Mission Title Agency

Select Transactions

The Pierrepont, Brooklyn, NY

  • Multiple parcel development of a new construction 80/20 mixed-income residential and retail tower in Downtown Brooklyn.
  • $73,000,000 owner’s title insurance with non-imputation coverage.
  • $20,500,000 acquisition financing and $29,500,000 construction financing with a HUD interest in affordability.
  • Conversion of construction loans to permanent $95,000,000 financing completed in December 2019.

Forest City National FAH Portfolio

    • Acquisition and financing of forty-seven affordable senior housing and community facilities across CA, CT, DC, KY, MI, NJ, NY, OH, PA & WV.
    • Total portfolio value more than $300 million.
    • Mix of fee interest and partnership asset transfers with HUD or state agency-insured financing, bridge loans and/or tax credit equity.

The Metropolis, New York, NY

  • New York State bond financing of an 80/20 residential tower in Midtown.
  • $98,000,000 lender’s coverage.

Grace West Apartments, Newark, NJ

  • LIHTC acquisition and bond financing from New Jersey Housing and Mortgage Finance Agency, with an FHA/HUD co-first lien, of a long-term Section 8, 100% affordable housing complex in Newark’s central business district.
  • $92,000,000 owner’s insurance with non-imputation coverage.
  • Lender’s coverages in the amounts of $45,000,000 and $63,000,000.

Edgewood Apartments, Atlanta, GA

  • Section 8 housing development acquisition and planned rehabilitation with bond financing from Urban Residential Finance Authority of the City of Atlanta and low-income tax credits provided by Georgia Housing and Finance Authority.
  • Owner’s policy in the amount of $51,000,000 with non-imputation coverage for the tax credit investor.
  • $23,000,000 lender’s insurance.

Shore Hill Apartments, Brooklyn, NY

  • Acquisition of the beneficial interest in a Mitchell-Lama senior facility in Bay Ridge with Freddie Mac refinancing and an NYS HFA interest in affordability.
  • $149,000,000 owner’s insurance and $102,000,000 lender’s insurance issued in November 2018.

Caesura, Brooklyn, NY

  • Conversion of construction loans to $32,000,000 permanent financing of 40% affordable residential housing units, and commercial and community space in a newly created condominium regime in the Downtown Brooklyn Cultural District.
  • Subordinate regulatory enforcement financing provided by NYC HPD.

Sendero Verde, New York, NY

  • Multiphase development of an entire vacant city block in Harlem with land acquired from the City of New York and bond financing from its Housing Development Corporation.
  • Development will include two mixed-income apartment buildings, community space with parks, cultural and educational facilities.
  • Phase I closed in June 2019 and included owner’s and lender’s construction title insurance coverages of $209,000,000 and $175,000,000, respectively.
  • Phase II in similar amounts is anticipated to close in 2020-2021.

Norris Homes, Philadelphia, PA

  • Ground-up redevelopment with financing from HUD FHA and Philadelphia Housing and Redevelopment Authorities.
  • $95,000,000 combined owner’s and construction loan policies to be issued with non-imputation for the LIHTC equity investor.

Goodwill Housing, Queens, NY

  • Transfer of shares in existing low-income housing company owned by Goodwill Industries.
  • Owner's insurance up to $35,000,000 with non-imputation coverage.
  • $28,500,000 lender’s insurance for the benefit of New York City Housing Development Corporation.

Tower West, New York, NY

  • $94,000,000 acquisition of existing low-income housing in a condominium structure.
  • HUD lender’s insurance in the amount of $74,500,000.

Riverside Towers, MA

  • $83,500,000 acquisition of existing affordable housing tower located in Medford, MA.
  • Assume existing mortgage financing by Massachusetts Housing Finance Agency.

Tapestry, New York, NY

  • Subordinate $5,500,000 financing of fee and leasehold multifamily property in East Harlem, NY.

Ocean View Towers, Long Branch, NJ

  • $19,500,000 bridge loan covering an affordable housing development in Monmouth County.
  • Conversion to $25,000,000 permanent financing in June 2020.

135th Street Apartments, New York, NY

  • $11,285,000 subordinate construction financing for affordable development sponsored by NYC Partnership Housing Development Fund Company.
  • Modification of HUD Green Retrofit Program loan.
  • Owner’s insurance with non-imputation coverage in the amount of $57,000,000 upon transfer of GP interest is anticipated in summer of 2020.

Melrose Quad, Bronx, NY

  • Four-site HDFC portfolio refinanced with New York City Housing Development Corporation, October 2020.
  • Twelve total lender’s policies with aggregate liability of $49,500,000.

Thessalonica Court, Bronx, NY

  • Acquisition of existing affordable housing in the Mott Haven section of the Bronx.
  • Owner’s coverage in the amount of $64,0000,000 with lender’s coverage in the amount of $53,500,000.

UPCOMING: Manhattan Valley Apartments, New York, NY

  • $53,000,000 refinance of HDFC property in Manhattan Valley.
  • Two non-adjacent sites to be collateralized under a single mortgage.

UPCOMING: Land Trust Acquisitions

  • Several projects underway for lands to be acquired by land trust and preservation organizations in the Hudson Valley and Upstate New York.
  • Subject property includes large tracts in Putnam County, portions of abandoned railroad lines in Ulster and Greene Counties, and lands adjacent to the Green Lakes State Park in Onondaga County.
  • Expanded search parameters to determine any possible reversionary rights or other matters exceeding customary timeframes established for insurance purposes.