Real Estate, Finance, Corporate & Lending Transactions

Advised Power Solutions, a leading Mid-Atlantic electrical contractor focused on data center construction, in its $2 billion sale to Dycom Industries, Inc. (NYSE: DY), a publicly traded national provider of specialty contracting services for digital infrastructure. Working on an accelerated timeline, the firm led a fully integrated, multidisciplinary team that guided Power Solutions through all aspects of the transaction, including M&A, tax structuring, financing, employment matters, and regulatory filings, helping the company achieve a landmark exit in a highly competitive and rapidly evolving market. The transaction strengthened Dycom’s data center platform by combining its fiber expertise with Power Solutions’ established leadership in electrical construction, reflecting Miles & Stockbridge’s deep experience advising clients on complex, high-value transactions in the data center and digital infrastructure space.  

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.

Served as lead counsel to a regional skilled nursing facility owner and operator for nearly a decade, advising on the full lifecycle of its portfolio — from initial growth through strategic divestiture. Our representation began when the client owned approximately four facilities and expanded to include a 22-facility portfolio across three states. Notable transactions included: (1) The stand-alone acquisition of a 450+ bed skilled nursing facility, which also included a limited number of state-licensed CCRC and assisted living units; (2) A five-facility portfolio transaction involving a strategic partnership with a REIT. The REIT acquired the real estate, while our client entered into a long-term, multi-site ground lease and continued to manage and operate the facilities; (3) A separate five-facility acquisition, financed through a Canadian private equity investor, featuring a complex preferred equity structure with management kick-out rights, liquidation preferences, and other negotiated protections; and (4) The sale of the entire 22-facility portfolio through four distinct transactions: a 14-facility owned portfolio sale, a five-facility leasehold portfolio transaction, and three individual facility sales. In addition to our role as transactional counsel in the deals above, we acted as outside general counsel to the client, advising on employment matters, executive compensation, debt and equity financings, union negotiations, and contract matters, while overseeing local regulatory specialists in multiple jurisdictions.

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.

Represented the seller of a 650-unit apartment complex, closing the sale in just 45 days well before a year-end tax-driven deadline. During that time, we assisted in successfully identifying a buyer and helped secure both financing and all necessary governmental approvals — an achievement facilitated by the reputation and relationships we earned as bond counsel to the jurisdiction within which the property is situated. 

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.

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 lender in connection with a $7 million source loan to a leveraged lender in a new market tax credit transaction involving the renovation and construction of a public market in a major metropolitan area.

Represented lender in the documentation of construction loans for the construction of mixed-use projects including commercial and affordable housing units.

Represented lender in the documentation of various warehouse lines of credit used by CDFI’s to fund real estate loans.

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

Advise borrowers and property owners on purchase and sale agreements, loan documents, leases, property management agreements and a wide range of other real estate contracts.

Represent borrowers, developers, commercial landlords and tenants, institutional investors, joint ventures and other parties in complex real estate transactions.

Represented private developer in connection with purchase of note and subsequent acquisition and rehabilitation of office building in Maryland.

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.

Represented equity investor and debt purchaser in multiphase townhome/retirement community development in Maryland.

Represented owner in $30 million finance of multifamily project in Maryland.

Represented private real estate owner in the $55 million refinancing of a mixed-use (multifamily and retail) property in Maryland.

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.

Represented a lender to develop a set of loan documents, which protect our client’s interests in both the stream of income derived from borrower’s contracts with the building owners as well as the energy-related equipment installed at the buildings. The borrower is a Philadelphia-based, energy efficiency services and equipment provider. Using the loan documents we developed, our client is able to obtain a security interest when funding the borrower who is entering into contracts with large-scale building owners to provide equipment and services to significantly reduce the energy consumption of the buildings.

Represented national bank in connection with a $26 million construction loan to an affiliate of a real estate developer for construction of an apartment project secured by real property in Washington, D.C. This is a complex transaction subject to ground lease, bridge financing and federal historic tax credits.