Affordable Housing & Community Development

 
Benjamin J. Armour Partner (617) 338-2423 vCard
John G. Balboni Partner (617) 338-2438 vCard
Ashley H. Brooks Partner (617) 338-2412 vCard
Gina B. Dailey Staff Attorney (617) 338-2417 vCard
Steven P. Eichel Partner (617) 338-2920 vCard
Michael W. Fenn Counsel (617) 338-2494 vCard
John W. Gahan III Partner (617) 338-2472 vCard
Karen J. Kepler Partner (617) 338-2813 vCard
Stephen Rebelo Associate (617) 338-2853 vCard
Deirdre M. Robinson Partner (617) 338-2487 vCard

Sullivan & Worcester’s Affordable Housing Group is a dynamic, cross-disciplinary team that represents all parties involved in the affordable housing industry. Our clients include for-profit and not-for-profit developers, lenders and investors.

Overview. We have assisted our clients with multi-family residential housing developments, mixed-income and mixed-use developments, senior-oriented cooperatives and affordable assisted living. Our lawyers partner with industry leaders to create and preserve affordable housing and support community development. We assist our clients through all aspects of a project, including structuring, acquiring, financing and disposing of properties, syndicating and re-syndicating tax credits, structuring joint ventures between for-profit and not-for-profit entities and disposition of limited and general partner interests.

Development. Our attorneys recognize that a deal starts at the time that our clients visit a potential property. We draw upon our extensive experience to assist our clients in all phases of due diligence and acquisition, including negotiating site control, evaluating current housing restrictions, permitting, land use and environmental law issues.

Tax Credits. Our attorneys have experience with nearly all federal and state tax credit programs used by our clients in the development of their projects, including Low-Income Housing Tax Credits, Historic Tax Credits, New Market Tax Credits, Brownfields Tax Credits, Renewable Energy Tax Credits and Solar Tax Credits.

Financing. Our attorneys have a complete understanding of state and federal loan programs used by our clients in the development of their projects. We represent commercial and quasi-public lending institutions and regularly work with HUD and state and local financing agencies on complex multi-tier financing, including tax exempt bond financing, historic lease pass-throughs, multi-tiered lending and mezzanine financing.

Partnership Dispositions. Since many of our clients’ projects involve the acquisition of interest in an existing ownership entity rather than the acquisition of land, the Affordable Housing practice group works closely with the firm’s corporate group to best assess and execute a deal that anticipates how to structure transactions for possible future syndication or refinancing.

Organizational Structuring. Affordable Housing projects have a unique set of issues that require expertise when structuring the deal. Our tax and real estate attorneys work together to create a structure that works for each unique project.

Representative Client Work

  • Conversion of one million square foot department building into multi-phase condominium to allow for a mixed use development utilizing New Markets Tax Credits, Historic Tax Credits, Low-Income Housing Tax Credits, as well as $60 million of public and private financing
  • Represented a private equity fund on the purchase of multiple general partnership interests in an existing LIHTC and Section 8 portfolio involving over 40 properties in various states
  • Represented an investment fund on a joint venture acquisition of corporate debt and general partnership interests in connection with a LIHTC portfolio involving over 65 properties in various states valued at over $300 million
  • Represented private equity fund investment in several platform investments in regional and national affordable housing developers
  • Represented an affordable housing developer in connection with programmatic refinancing of its portfolio (50+ properties) with various state and federal agencies
  • Represented a joint venture between a developer and a private equity fund on a $100 million disposition of a LIHTC portfolio to a third-party buyer
  • Represented an affordable housing developer with the corporate acquisition and consent process related to a regional affordable housing developer