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