Chris Sacht and Joe Brooks recently represented a national banking client that provided $6,125,000 in construction financing for an affordable housing development project for homeless veterans on the grounds of the U.S. Veterans Affairs Health Care System located in Lyons, New Jersey.
HF collaborated with attorneys and consultants representing the developer, tax credit equity investor and subordinate and permanent lenders in order to structure, document, and close the transaction which involved multiple layers of debt and equity, collateral issues, intercreditor and construction loan disbursement arrangements among multiple financing sources and a leasehold structure at the project level. When completed, the project will provide 50 affordable residential units.
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