Low income multifamily housing and low income housing tax credit development 

The Firm has long-standing experience representing lenders active in the multifamily housing industry. The Firm is recognized nationwide for its leading skills in closing and delivering loans secured by multifamily projects to secondary market investors.

The Firm’s current work as counsel for qualified lenders in Fannie Mae, Freddie Mac, HUD and various secondary market conduit programs is based on an extended, active history in the industry. The firm was involved at the inception of Fannie Mae's Delegated Underwriting and Servicing (DUS) product line in 1988. A Firm client was among the first approved DUS lenders, and quickly established itself as one of the top originators in the program. As an early and consistently active DUS participant, the Firm has had the opportunity both to learn the program from the ground up and to participate in its development over time.

The Firm's multifamily experience in the DUS program translated easily into similar representation in Freddie Mac, HUD and conduit programs requiring comparable industry knowledge. The Firm currently represents numerous national multifamily lenders as counsel in a full range of loan programs. The Firm is recognized for significant experience in complex bond, forward commitment, negotiated multi-property pool transactions and affordable housing transactions.

Through client representation, the Firm has developed open and cordial working relationships with Fannie Mae, Freddie Mac and HUD staff. The Firm was hired as regional counsel representing Fannie Mae in its Streamlined Refinance Program in 1993 and has been retained by Freddie Mac for workout and foreclosure projects and document review. The Firm’s clients are consistently at the forefront as new programs develop, and the Firm continues to act both as transaction counsel and program developers. The Firm has closed several financings that were the first of their kind, including the following:

• The first DUS execution of a fully funded forward commitment for a tax credit transaction.
• The first DUS loan involving Fannie Mae/FHA Risk Sharing.
• The first forward commitment for the credit enhancement of tax-exempt bonds, where the bond proceeds were used for new construction.

The Firm currently has 13 lawyers leading the Multifamily Housing practice, along with paralegals and additional staff for a total of over 30 full-time people. We have represented the Community Development Banks of the Bank, First Union/Wachovia and Washington Mutual Bank for over twenty years in closing the construction financing in a variety of 4% and 9% LIHTC transactions throughout the Southeast, for new construction and rehab projects.

Representative Experience

• Antioch Manor Estates, L.P. - $5.1 million loan for the development of 120-unit senior housing project.
• Auburn Avenue Village, LLC (Renaissance Walk at Sweet Auburn) - $34.5 million loan for the development of mixed-use facility (retail space/158-unit condominiums/parking garage).
• CEC Willow Lakes, LP - $10.4 million and $1.56 million loans for the development of 354-unit apartment complex.
• Centennial Park North, LLC - $10.5 million construction and $945,000 AHA construction loans for the development of 45-unit townhomes.
• Columbia Senior Residences at Edgewood, L.P. - $4.6 million loan for the development of 136-unit senior affordable housing project.
• Historic Westside Partners, LLC - $4 million loan for the development of 15 acre mixed use project.
• Marbella Pointe Apartments - $11 million loan for the development of 120-unit apartment complex (Florida).
• Sugar Hill Apartments, LP - $4.75 million construction loan and $3 million permanent loan for the development of 132-unit apartment complex (Florida).