HF attorneys Kimberly Martin-Epstein, Chris Sacht and Scott Altonian recently represented two banking clients that provided debt financing for the Bartlett Place mixed-use affordable housing development project located in the Roxbury section of Boston.
The total project size was approximately $33,000,000, split among a Low Income Housing Tax Credit condominium unit and a New Markets Tax Credit condominium unit. HF attorneys collaborated with attorneys, financial advisors and consultants representing the developer/owner, tax credit equity investors and other subordinate lenders in order to structure, document and close the construction transaction, which involved multiple layers of debt and equity financing, 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 contain sixty (60) affordable residential units, some of which will be leased and others sold, approximately 12,000 square feet of retail floor space, and indoor and outdoor parking for up to seventy (70) vehicles.
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