Development

Advised on land use and development matters in Loudoun County, Virginia, home to the world’s largest concentration of data centers, and served as local counsel on more than $975 million in construction financing for a data center campus in Frederick, Maryland.

Miles & Stockbridge Principals Andrew Skopp and Joe Ward recently represented client Ernst Valery and SAA | EVI in closing $5 million in financing from the Reinvestment Fund and Columbia, Maryland-based Enterprise Community Loan Fund for its newly-created Aequo Fund, which is providing capital, access and support to the underrepresented real estate community in Baltimore, Richmond, Buffalo, Philadelphia and Portland, Maine. The Aequo Fund is investing in Black, Brown, Women and Immigrant real estate developers, enabling them to launch their first project or expand their portfolios, with a focus on projects that promote affordable homeownership in urban communities. The related Aequo Foundation also has established the Aequo Scholarship Program, which will provide financial support to individuals who are pursuing a Master's degree in Real Estate Development. By reducing the financial strain of pursuing higher education, The Aequo Foundation will make the field more accessible to developers from all backgrounds. These students also will have the opportunity to partner with Ernst Valery through the Fund to develop housing in the cities mentioned above.

Represented private equity fund in acquisition and redevelopment of $38 million multifamily property in Florida.

Represented real estate developer in connection with the purchase of a $45 million note and subsequent acquisition and redevelopment of distressed commercial real estate project.

Represent a non-profit owner and developer of a commercial project in Frederick County, Maryland that will provide a full service recreational facility and programs. We have represented the client in all phases of the project, from the property acquisition, title work, zoning, negotiation of memoranda of understanding with the County and County agencies, and represented the owner/developer in the bond and construction financing, totaling $21 million. The property has been vacant for many years and is now being transformed into a vibrant community resource for recreational, educational and wellness programs that will benefit and serve the residents of Frederick County.

Represent a real estate developer in connection with tax credit investments of nearly $8 million, $14 million in construction financing, and another $3 million in historic tax credits. The project included working with the Maryland Historical Trust and the National Park Service on the transformation of a historic building into affordable housing and a brew pub. Because the location was listed on the National Register of Historic Places and the inclusion of a historic tax credit this project required an extra level of scrutiny of designs and plans.