
Multifamily Housing
Our practice includes projects in all 50 states and the District of Columbia. We have extensive experience with construction loans, mezzanine financing, tax-exempt financing, low-income housing tax credits, seniors housing, securitized financings, and the use of HUD programs. Work in the multi-family field has necessarily entailed representation of clients in complex work-out scenarios and financial restructuring, work with municipal financial structures, and also related tax and regulatory work.
Affordable housing is a core area of practice for the Public Finance Group. Our work has recently included lobbying Congress to protect the interests of the not-for-profit community in retaining their interests in affordable housing projects.
Recent Transactions
- Created a private sector mechanism for preserving workforce housing including the formation of and the obtaining of IRS recognition for non-profit client Washington Housing Conservancy. The first project preserves 825 housing units and provides social services for the tenants. It is funded with loans and grants from a global corporation’s housing equity fund, loans from a private-sector impact fund, and a modest amount of philanthropic equity. This mechanism has the potential to be replicated nationally.
- Represent a government-sponsored enterprise (GSE) nationally in credit enhancing affordable multifamily housing bond transactions. Helped the client structure its first-ever risk-sharing transaction involving the client, its lender/servicer, and a housing finance agency. The GSE is providing credit enhancement for a bond-financed sustainable development loan to a public-private JV borrower. Loan proceeds are being used to pay a portion of the cost of acquiring, rehabilitating, and equipping over 1,700 apartments in 18 tenant-occupied public housing buildings in New York City. The transformation of these units is featured in this CBS News segment.
- Assisted a GSE with the development of sponsor-initiated affordability restrictions for conventional multifamily housing properties to encourage the increased supply of workforce housing, help borrowers garner ESG designation and achieve favorable financing terms.