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.

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

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.

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 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.

$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.

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.

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.

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