Representative Transactions

Commercial Real Estate transactions:

  • Successfully obtained first liquor license in the State of Delaware for a restaurant inside a grocery store following a change in law.
  • Representing a client with the zoning, approval and financing of a new Marriott hotel.
  • Created and prepared documents for sustainable energy finance programs for a client.
  • Closed a $125 Million multi-state real estate financing for an international bank.
  • Borrower’s counsel for a $67 million financing for a business park located in New Castle, Delaware.
  • Successfully obtained first liquor license for a grocery store in the State of Delaware following a change in law.
  • Closed a Delaware beach resort stock purchase transaction that included real estate, restaurant and liquor license assets and processed the liquor license approvals with the Delaware Alcoholic Beverage Control Commissioner.

Affordable Housing transactions:

  • Closed most of the Low Income Housing Tax Credit transactions in the State of Delaware since 2003.
  • Closed the first in Delaware and the United States Interest Rate Reduction (IRR) refinancing by the United States Department of Agriculture, Rural Housing Service.
  • Closed multiple 4% bond transactions in Maryland and Delaware, including, in 2014, the first 4% bond issuance by the Delaware State Housing Authority since 2005.
  • Borrower’s counsel in a successful workout for an affordable housing development in which the investor defaulted, which was the first affordable housing development in Delaware and the United States to receive Federal Stimulus Funds through the ARRA Tax Credit Exchange Program.
  • Closed the Central YMCA, Wilmington, Delaware financing that included funding from banks, foundations, historic tax credits, affordable housing tax credits and the Delaware State Housing Authority.
  • Closed the refinancing of a 208-unit multifamily housing development in New Castle County, Delaware through a 223(f) HUD-insured mortgage loan from KeyBank National Association in the amount of $12,000,000. 
  • Closed Delaware’s largest multi-family affordable housing transaction while representing the Delaware State Housing Authority that included financing from JPMorgan Chase Bank, affordable housing tax credits and the Delaware State Housing Authority.
  • Closed multiple Low Income Housing Tax Credit transactions in Maryland since 2014, including but not limited to the following:
    • Represented a private developer in the acquisition and rehabilitation of a 144-unit multifamily development in Anne Arundel County, Maryland (the “Project”) financed by i) a 221(d)(4) HUD-insured loan from Berkadia Commercial Mortgage LLC in the principal amount of $36,730,500 and ii) a cash-collateralized bond loan from the Community Development Administration (“CDA”), a unit of the Division of Development Finance of the Maryland Department of Housing and Community Development (“DHCD”), in the amount of $30,000,000 funded from the proceeds of tax-exempt private activity bonds.  The Project was also financed in part by an allocation of 4% low income housing tax credits from CDA in an amount not to exceed $2,312,457 annually. 
    • Represented a private developer in the acquisition and rehabilitation of a 67-unit multifamily development in Kent County, Maryland financed in part by i) a bond loan from CDA in the amount of $6,730,000 funded from the proceeds of tax exempt private activity bonds; ii) three (3) subordinate loans from CDA in the aggregate amount of $3,385,461; and iii) the assumption of two (2) subordinate loans from United States Department of Agriculture in the aggregate amount of $2,439,173. The bond loan was credit enhanced under the HUD Risk-Sharing Program. The Project also received an allocation of 4% low income housing tax credits from CDA in an amount not to exceed $572,125 annually.
    • Represented a private developer in the acquisition and rehabilitation of a 82-unit multifamily development in Carroll County financed in part by i) a bond loan from CDA in the amount of $6,555,000 funded from the proceeds of tax exempt private activity bonds; ii) a subordinate loan from CDA in the amount of $2,500,000; and iii) the assumption of four (4) subordinate state loans originally made by DHCD in the aggregate amount of $3,393,768. The bond loan was credit enhanced under the HUD Risk-Sharing Program. The Project also received an allocation of 4% low income housing tax credits from CDA in an amount not to exceed $459,983 annually.  
  • Represented a private developer in the acquisition of a portfolio of eighteen (18) affordable multifamily projects throughout Delaware and Maryland through a combination of asset purchases of the projects and the acquisition of ownership interests in the project partnerships/ownership entities that own the projects. Drafted and negotiated the purchase and sale agreements for all the respective projects and obtained consents from the various lenders and/or government agencies that originally financed the projects. Closed on the financing for a number of the asset purchases in the portfolio in 2021 through funding from tax-exempt bonds and low income housing tax credits. 

Legal Opinions:

  • Issued numerous Freddie Mac and Fannie Mae legal opinion letters for real estate financings.
  • Issued numerous State law opinions for various transactions.
  • Issued numerous non-consolidation opinions for various transactions.

Business Formation and Corporate Services:

  • Act as Delaware Trustee for multiple clients.
  • Act as Registered Agent for hundreds of Delaware entities.
  • Represented a Saudi Arabian client in the acquisition of a majority interest in an international retail company.
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