Advised Mortgage Lender on FHA-Insured Refinancing of Mass. Housing Development
Advised a mortgage lender on the FHA-insured refinancing of a 30-unit affordable senior and disability housing development in Massachusetts owned through a joint venture with a state housing finance agency. The team reviewed restrictive covenants preserving low-income housing affordability and renewed a Section 8 HAP contract, closing the transaction on time despite limited HUD availability during a federal government shutdown.
Advised Mortgage Lender on HUD Refinancing for DC Senior Housing Community
Advised a mortgage lender on a $37.2 million HUD Section 207/223(f) refinancing of a 150-unit affordable senior housing community in Northwest Washington, D.C. The transaction was supported by a new Mark-to-Market HAP contract extending project affordability for approximately 26 years and required coordination with District of Columbia agencies, the subordination of nine commercial leases and a cell tower lease, and the resubordination of existing restricted covenants.
Represented Mortgage Lender in FHA-Insured Loan for Washington State Senior Housing
Represented a mortgage lender in closing a $27.4 million FHA-insured loan to preserve 164 units of affordable senior housing across three sites in Washington state. Executed under HUD's RAD for PRAC conversion program, the transaction replaced existing HUD-held financing with HUD-insured financing and a 20-year Section 8 contract, and required the subordination of three existing state and county loans alongside the simultaneous funding of a new $1 million city grant.
