Lawyers have lives, and Maynard’s is music. Learn more about his role in the heyday of Charlottesville’s music scene in UVA Magazine’s winter issue.
Huge shout out to affordable housing champion and longtime client Piedmont Housing Alliance on its recognition in the Summer 2021 issue of Affordable Housing News (see pp. 96-99). PHA’s collaborative approach brings local, state and national resources together with partners in the nonprofit, for-profit and government sectors to realize game-changing projects in the Charlottesville community. BS is happy to be on the roster.
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