Public 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 specialized investment banking firm as underwriters' counsel in connection with nearly $240 million in tax-exempt and taxable bond financing for the development and expansion of three senior living communities. The complex transaction involved navigating dual bond issuers and both senior and subordinate bonds across two states, covering both existing facilities and undeveloped sites. The innovative financing structure enables nonprofit and for-profit sponsors to collaborate effectively, providing access to more affordable tax-exempt financing methods for senior living development.

Served as counsel to MEDCO in connection with issuance of $300 million-plus Private Activity Bonds Series 2016 for a light rail P3 project in Montgomery and Prince George’s Counties in Maryland. This was the first major P3 project under Maryland’s P3 legislation and was structured around availability payments from the Maryland Department of Transportation.

Served as bond counsel to MEDCO in connection with the Maryland Port Authority’s privatization and financing of the Seagirt Marine Terminal in Baltimore’s harbor, which is now operated pursuant to a lease and concession agreement.

Served as counsel to a company that owns, manages, and develops commercial, residential and mixed-use real estate throughout the country. Our representation consisted of handling TIF work for the master developer and majority land owner for the Downtown Columbia master plan and in connection with its redevelopment of a major shopping mall in Alexandria, Virginia.

Served as counsel on the development and financing of National Harbor, a 7,000,000-square-foot, mixed-used community along the Potomac River;

Served as counsel on the development and $171 million bond financing of a 400-room hotel, golf course, spa and resort in Cambridge, Maryland, by Hyatt Hotels Corporation.

Served as bond counsel and transaction counsel to MEDCO in connection with the Owings Mills Metro Centre TIF—the first transaction closed using the expanded authority of MEDCO to participate in TIF deals pursuant to legislation enacted by the Maryland General Assembly, which we played a lead role in drafting. We also served as counsel to MEDCO in connection with the Port Covington TIF in Baltimore City and a TIF for the redevelopment of Sparrows Point in Baltimore County.

Provided real estate, finance and bond counsel legal services for the Union Station Redevelopment Corporation (USRC). The vision for the next century of Union Station is to restore and modernize the station itself; develop more than three million square feet of office, residential, retail and hotel space in the air rights above the existing train yard into a world-class intermodal transportation hub; and create a new urban neighborhood that will bridge growing neighborhoods now separated by train tracks.

Represented the operator of a two-airport system that provides domestic and international air service for the mid-Atlantic region in connection with the enhancement of its procurement procedures, its internal bid protest process and in litigation related to the interpretation and implementation of its interstate compact and related statutes and leases, including with respect to jurisdictional issues arising out of the authority’s complex statutory and regulatory framework; specific disputes relating to construction, concession and other projects; and privilege issues regarding board proceedings before U.S. district courts in the Eastern District of Virginia and D.C., the Fourth Circuit Court of Appeals, the U.S. Supreme Court and Virginia state courts, including the Virginia Supreme Court.

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.