Multifamily Housing
Troutman Sanders LLP 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.
Troutman Sanders' 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 Troutman Sanders 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. Troutman Sanders 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. Troutman Sanders' clients are consistently at the forefront as new programs develop, and the firm continues to act both as transaction counsel and program developers.
Troutman Sanders' clients are innovators - leading the industry in new lending initiatives sponsored by Fannie Mae, Freddie Mac and the conduit lenders, particularly in the affordable housing arena. The firm has closed several financings that were the first of their kind, including the following:
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The first DUS execution of a fully funded forward commitment for a tax credit transaction.
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The first DUS loan involving Fannie Mae/FHA Risk Sharing.
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The first forward commitment for the credit enhancement of tax-exempt bonds, where the bond proceeds were used for new construction.
Representing multifamily lenders takes dedication of time, staff and resources. The program requirements and documentation constantly change and develop. In addition, the programs dictate time-sensitive deadlines and closings accomplished on an almost continual fast track, leaving no room for the inexperienced or uncommitted. Troutman Sanders is particularly skilled in closing multiple-property pool transactions, where speed, attention to detail and flexibility are critical to the success of the transaction. Firms that cannot make such a full and focused commitment have a short tenure in the industry.
Troutman Sanders currently has 13 lawyers leading the Multifamily Housing practice, along with paralegals and additional staff for a total of over 30 full-time people. The practice also relies on the firm's bond lawyers and attorneys (experienced in tax credit syndication work) for help in their practice areas, as needed.
The firm has invested in the latest technology in document assembly to produce error-free loan documents quickly and cost-efficiently, and can close transactions consistently under the tightest of deadlines.
Troutman Sanders has made a full commitment to the multifamily practice.