Select Transactions

Upcoming: Chicago Community Development Corporation Portfolio

Acquisition and financing of thirteen affordable housing properties in Chicago.
Mix of fee, leasehold and partnership interests with various state, federal and private financing sources.
Total portfolio value approximately $100 million.

$50,000,000 ground-up redevelopment with HUD FHA and Philadelphia Housing and Redevelopment Authorities financing.
Owner’s and construction loan policies to be issued with non-imputation for the LIHTC equity investor.

Transfer of shares in existing low-income housing company owned by Goodwill Industries.
Owner and lender insurance up to $35,000,000 with non-imputation coverage.

$93,000,000 acquisition of existing low-income housing in a condominium structure.
Early 2020 expected closing date.

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.

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.

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.

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.

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.

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.

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 to include three mixed-income apartment buildings, community space including cultural and educational facilities.
Phase I anticipated as early as June 2019 to include owner’s and lender’s construction title insurance coverages up to $173,000,000 and $132,000,000, respectively.
Phase II anticipated in 2020.

$11,285,000 subordinate construction financing for NYC Partnership Housing Development Fund Company-sponsored affordable development.
Modification of HUD Green Retrofit Program loan.