The multifamily housing group is known for its experience in financing affordable multifamily housing transactions that provide safe, decent, and affordable housing for moderate- and low-income families. Our attorneys have closed numerous first-of-their-kind transactions, including:
- DUS execution of a fully funded forward commitment for a tax credit transaction.
- A DUS loan involving Fannie Mae/FHA risk sharing.
- A forward commitment for the credit enhancement of tax-exempt bonds, where the bond proceeds were used for new construction.
We regularly handle deals involving low-income housing tax credits (LIHTCs), the credit enhancement of tax-exempt bond transactions, the direct purchase of tax-exempt bonds, subsidized subordinate debt and grant programs, Section 8 HAP contracts, real estate tax abatements, and nonprofit borrower entities. Our attorneys know the requirements of federal subsidy programs and are in regular contact with the state subsidy programs and state agencies.
Attorneys in the multifamily housing group have represented mortgage banking clients in tens of thousands of conventional multifamily finance transactions since 2012. The scope of our work includes real estate due diligence, borrower structure issues and legal opinions. We also handle state-specific requirements that affect title insurance policies or involve consolidating, amending and restating existing indebtedness to help borrowers minimize recording taxes. We provide services on a wide range of issues requiring special analysis, including the following:
- Preferred equity.
- Mezzanine debt.
- Ground leases.
- Mixed-use projects with significant commercial tenants.
- Historic tax credits.
- Student housing.
- Easements for access.
- Phased properties.
- Fractured condominiums.
Freddie Mac CME and CMBS financings require special attention to IRS codes and regulations that extend well beyond those associated with the underlying real estate. Our background in these types of complex transactions includes single-purpose entity (SPE) bankruptcy-remote entities, non-consolidation legal opinions, lockboxes, real estate mortgage investment conduits (REMICs), and many others.
Aiming to meet the large demand for financing of smaller multifamily properties nationwide, the small-loan market offers a streamlined loan process for property acquisition and refinancing through Fannie Mae and Freddie Mac for amounts up to $3 million and $6 million, respectively. As one of only 13 firms approved by Freddie Mac to act as small balance loan (SBL) single counsel, we’ve worked with numerous lenders on the origination and sale of hundreds of SBL loans for multifamily properties.
Manufactured housing plays an important role in the U.S. housing market — offering a safe, quality, affordable housing alternative to traditional site-built construction. We’ve worked with Fannie Mae- and Freddie Mac-approved lenders to streamline the loan closing process in hundreds of manufactured housing deals throughout the U.S. Since 2018, we have handled hundreds of manufactured housing loan/servicing matters, with a total loan volume of several billion dollars. Our fundamental understanding of the manufactured home community sector and the requirements associated with the available financing platforms has enabled us to be considered counsel of choice for numerous multifamily lenders.
The ever-growing need for senior housing has enabled us to sustain a large volume of assisted living and senior-focused property transactions. We collaborate with our real estate finance group to support balance sheet financing transactions as well as financings structured for purchase by one of the GSEs. We understand the unique ownership, operating and management structures, licensing laws, and applicable legal opinion requirements, and are familiar with the organizations that operate and manage these properties regionally and nationally.
We are counsel of choice for large multistate, multiproperty financings because of our experience, efficiency and unmatched capacity. We provide services related to cross-collateralized and uncrossed pools, credit facilities, senior housing, and negotiated and bond credit-enhanced transactions. These transactions have unique dynamics and require a different level of sophistication and teamwork than single-property transactions.
