Congratulations to the Stewart Tool Company on the acquisition of its new manufacturing facility in Fluvanna County, Virginia. Boyd & Sipe represented the 4th-generation family business in the purchase of the former Kloeckner Metals facility, including due diligence, formation of the purchasing entity and closing on the purchase and financing. California-based Stewart Tool manufactures precision, custom equipment for the energy, aerospace, security and other industries. The company’s Fluvanna facility will serve its customers on the East Coast and create 22 new local jobs. We’re not alone in thinking this is a great outcome for the Stewart family and the Commonwealth!
Ever wondered how real estate counsel works in your industry? Here are a few examples of cool projects we have worked on over the past couple of years in the following industries:
We provided real estate counsel for an international renewable energy company in acquiring options for 2,000+ acres of land for construction of utility-scale PV solar projects. Work included coordination of title and survey diligence for a 23-parcel assemblage, assistance in resolving landowners’ concerns and papering the land purchase options, leases and easements.
We represented a medical supplement manufacturer in the acquisition and financing of >50,000 sft of manufacturing, warehouse and office space in Albemarle County VA. Work included closing the time-sensitive purchase, bridge loan and $5.55M SBA Section 504 permanent financing. The firm also was responsible for hiring and managing special Delaware counsel to handle corporate resolutions and closing opinions.
We represented a regional credit union in expanding its commercial mortgage lending business. Our work included advice on title, survey, zoning, environmental and lease diligence, preparation of a form opinion letter, estoppel and SNDA, and advice on acquiring security interests in leases and personal property associated with the real estate.
Real estate investment and development
We closed $29.6M in credit facilities for a client’s acquisition, construction and permanent financing of the retail and medical office sections of a 70-acre master-planned development in Henrico County VA. Our work included negotiation of a nonrecourse carve-out guaranty by a borrower-affiliated fund, negotiation of nonstandard financial covenants and assignment of rights in additional collateral including letter of credit proceeds.
We represented a Virginia-based nonprofit health care system in negotiation of the lease and tenant upfit for a new 4,000 sft community health clinic.
We closed the sale and seller-financing of a boutique hotel/conference center in Lynchburg VA. Work included negotiation of seller financing documents, transfer of ABC license and negotiation of access, parking and utility easements for the future development of seller’s adjacent retained parcel.
We represented a university’s IRC § 509(a)(3) supporting organization in the purchase of stream and wetland mitigation credits to offset new facility construction, including due diligence on the ownership and operation of mitigation banks and advice on compliance with private foundation rules.
Happy New Year! Here are a few highlights from our work in 2015-2016:
· Closed $16.9M credit facility for site development of master planned community containing 189,000 sft retail/office space and 133+ residential units in Henrico County VA
· Refinanced a 30-unit elderly housing complex with a $1.797M HUD insured Sec. 207/223(f) loan (borrower side)
· Wrote $6.9M in LIBOR-based credit facilities for redevelopment of former mobile home park in Blacksburg VA secured by borrower’s LIHTC allocation and related investor capital contributions and partnership interests (lender side)
· Papered a $2M working capital line secured by promissory note receivables from borrower’s mobile home financing business (lender side)
· Acquired 2 portfolios of lots and entitled land in distressed subdivisions in Chesterfield County VA, including significant diligence on wetlands violations, road completion and bonding of incomplete subdivision improvements
· Represented investors in $7.6M purchase of cash flowing restaurant park in Loudoun County VA
· Closed on sale of contract rights in an undeveloped urban parcel after resolving significant title defect, including management of outside litigation counsel for quiet title action
· Represented nonprofit in joint venture agreement with for-profit company for development of 19-acre residential community
· Papered a $1.8M mezz loan and equity investment in a 56-acre active adult community in Goochland County VA (lender/investor side)
· Provided local counsel to a Canadian investor group on its income-producing properties in Virginia Beach VA
· Advised national bank on real estate diligence for bank branches acquired through merger with Virginia bank
· Advised landowners on acquisition of land through VDOT’s surplus and residue property program
Boyd & Sipe truly love the innovative things Piedmont Housing Alliance is doing for the Cville and regional community. PHA is a HUD-certified Community Housing Development Organization (CHDO) and provides 300+ affordable apartments to elderly and low-income people in Charlottesville and Albemarle County. But PHA also brings innovation to its work. From its longtime participation in low-income housing tax credit (LIHTC) developments and partnership with UVA’s School of Architecture on Ecomod, to its recent launch of an affiliated property management company and creation of a Girls on the Run program for the kids next door in Friendship Court, PHA puts great ideas into action to make our community stronger. BS is proud to sponsor PHA’s 2015 Building Community Breakfast. XOXO!
Belated thanks to our clients for another great year. Following are a few highlights from 2014:
- Refinanced $59M in lines of credit to a regional developer of master planned residential communities (borrower side)
- Refinanced $21M in VHDA loans for 3 affordable apartment communities in Henrico County, Virginia (borrower side)
- Closed 5 bridge loans totaling $12.2M for historic tax credit projects in Mississippi and Virginia (lender side)
- Leased 4 pad sites for growing quick service restaurant (QSR) concept in new and established shopping centers in western Virginia (tenant side)
- Closed on purchase and construction financing for craft rum distillery
- Obtained difficult zoning approvals for a craft bourbon distillery, then closed working capital loan
- Represented developer in closing of $1.8M investment by federal tax credit investor in historic renovation of former hospital
- Represented international investor in purchase of 700 acres through The Nature Conservancy’s conservation buyer program
Best wishes for a profitable 2015!
Last year Boyd & Sipe closed over $8 million in property sales and loans…in the last two weeks of the year. Here are a few of the things we did during the other 351 days of 2013:
- Closed a $4.92M hotel refinance loan (borrower side)
- Represented 3 Virginia municipalities in zoning matters
- Refinanced a ski resort development with private investor funds
- Closed a $3M construction loan for a historic renovation project
- Closed $4.2M in bridge loans secured by state/federal historic tax credit proceeds (lender side)
- Negotiated leases for several offices, a shopping center pad, a medical device manufacturer, a community land trust and a farm
- Represented our second Virginia distillery
- Closed 5 Habitat for Humanity homes
Our work in 2013 took us from Fredericksburg to Surry and from Roanoke to Harrisonburg, with many stops in between. Thanks to our clients for the fun work, and best wishes in FY14!