HF attorneys Chris Sacht and Joe Brooks recently represented a national banking client that provided debt financing for an affordable housing development project for involving the repurposing of existing mill buildings located in Lawrence, Massachusetts.
The total project size was approximately $48,000,000, split between a Four Percent (4%) Low Income Housing Tax Credit condominium unit and a Nine Percent (9%) Low Income Housing Tax Credit condominium unit. HF attorneys collaborated with attorneys, financial advisors and consultants representing the developer/owner, tax credit equity investors and subordinate and permanent lenders in order to structure, document and close the transaction, which involved bond financing, multiple layers of debt and equity, collateral issues, intercreditor and construction loan disbursement arrangements among multiple financing sources, and a condominium structure at the project level. When completed, the project will provide 102 affordable residential units, including 19 workforce units.
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