Banking & Finance

Represented a Maryland-based CCRC in a refinancing of existing tax-exempt bonds utilizing a bank-placed tax-exempt loan during a period in which the CCRC was divesting itself of two facilities. This process involved colleagues from corporate mergers and acquisitions, healthcare, environmental and real estate (zoning) practices to facilitate the transition of a longstanding banking and lending relationship to a new banking partner.

Represented a data center infrastructure development company as local Maryland counsel in a deal to secure over $975 million in construction financing for the first phase of a major data center campus. The multi-phase development project involves the conversion of a former industrial site into a modern complex that will ultimately provide 2 gigawatts of power capacity. Our ongoing representation includes advising on additional financing arrangements for subsequent development phases.

Miles & Stockbridge’s Senior Living Services team was instrumental in representing underwriter HJ Sims in an approximately $473 million multi-tranche financing for the development of a rental senior living community in Irvine, California, the largest-ever single-site senior living bond issuance. The transaction involved senior municipal bonds offered publicly to accredited investors and qualified institutional buyers that were tax-exempt and federally taxable as well as two separate tranches of directly placed tax-exempt subordinate capital appreciation municipal bonds. JLL’s Capital Markets group arranged the deal for developer Harbert Bay South Partners; owner, P3 Foundation; and property manager, Momentum Senior Living. The community will include independent, assisted living and memory care units, multiple dining rooms, indoor pool and spa and therapy rooms, among other luxury amenities.

Charter schools often utilize tax-exempt bonds to finance the acquisition, development and construction of the school facility in which the charter school is housed. The issuer of the bonds typically requires a letter of credit serve as credit enhancement for the bonds. In a number of these transactions in the Washington, D.C. area, Miles & Stockbridge has represented the letter of credit bank. These transactions are unique because collateral for the letter of credit consists, not only of real estate, but of the per pupil payment stream paid by the governmental chartering authority to the charter school. Such representation entails drafting and negotiating construction loan and letter of credit documents and intercreditor documentation; reviewing and negotiating bond documentation; undertaking due diligence with respect to the Charter School, including confirming its status as a charter school and the payments, as well as construction-related due diligence and real property due diligence.