Projects: Private Lender
The Record Company - Boston, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Investment Corporation in deploying $4.3M of New Markets Tax Credits to finance the fit-out and equipping of approximately 12,500 square feet of industrial space to be operated as a music recording studio and rehearsal facility, while also representing BlueHub Loan Fund in its provision of source financing. Located in the Roxbury neighborhood of Boston, the project will provide affordable music workspace and professional development programs to communities with historically limited access. The project has committed to creating new jobs and ensuring that professionals in the music industry are properly compensated for their work. Our representation utilized an innovative NMTC structure which limited transaction costs and maximized the tax credit equity available to the project.
Artists for Humanity – Boston, Massachusetts
Nolan Sheehan Patten represented MassDevelopment in connection with an $11 million NMTC financing for the expansion of the Artists for Humanity headquarters. Bank of America was the investor and this project qualified using the targeted populations regulations. Artists for Humanity is a charitable organization whose mission is to bridge economic, racial and social divisions by providing urban youth with the keys to self-sufficiency through paid employment through art and design and through entrepreneurship and work force opportunities.
Boston Youth Hostel – Boston, Massachusetts
Nolan Sheehan Patten represented two of the three community development entities (CDEs) in this $36 million financing which combined the New Markets Tax Credit and Historic Tax Credit programs. We advised both Massachusetts Housing Investment Corporation (MHIC) and Massachusetts Development Finance Agency (MassDevelopment) in structuring and closing qualified low-income community investments of approximately $23.5 million. The proceeds will be used to finance the Dill Building—a historic building at the intersection of Boston’s midtown cultural district, theatre district and Chinatown—into the first LEED certified youth hostel in the United States. Additionally, the Project is expected to generate more than $16 million of annual revenue for Boston-area businesses.
Developer Line of Credit – Connecticut, Rhode Island and New York
Nolan Sheehan Patten represented a lender in connection with a $2 million line of credit to a developer to support its pipeline of affordable housing projects. The developer will use the line of credit to finance pre-development costs and bridge permanent financing. The line of credit was secured by a pledge of developer fees.
Chapman Arms – Cambridge, Massachusetts
Our attorneys represented Homeowner’s Rehab, Inc., a Cambridge-based non-profit housing developer, in the acquisition and financing of Chapman Arms, a 50-unit building with 10,000 square feet of commercial space located in Harvard Square ground-leased from Harvard University. Homeowner’s Rehab, Inc. was designated as developer by DHCD under M.G.L. c. 40T in order to preserve the affordability of 25 of the units for the long term. This was DHCD’s first developer designation under Chapter 40T. Acquisition of the project was financed by Community Economic Development Assistance Corporation and rehabilitation of the project was financed with a loan from Bank of New York Mellon, the purchaser of Tax Exempt Bonds issued by MassDevelopment, loans from the Massachusetts Department of Housing and Community Development, the City of Cambridge, Cambridge Neighborhood Apartment Services, Inc., and the Massachusetts Affordable Housing Trust Fund. Financial assistance also included an equity investment by Massachusetts Housing Equity Fund and the sale of Massachusetts State Historic Tax Credits.
Community Health and Social Services Center – Detroit, Michigan
Nolan Sheehan Patten represented Capital Link, Inc. in obtaining a full recourse loan from The Kresge Foundation, and thereafter utilizing the proceeds to provide an upper-tier loan to the Community Health and Social Services Center, Inc., a federally qualified health center in southwest Detroit. The loan proceeds were then leveraged, along with capital campaign funds, grant proceeds and tax credit equity, through the New Markets Tax Credit structure to provide the health center with over $17 million in financing for the expansion and construction of its new primary care and dental facility. We assisted our client in identifying a structure that would deliver appropriate collateral and security for its own full recourse loan obligations while at the same time respecting the NMTC structure.
Winchester Place – Colchester, Vermont
Nolan Sheehan Patten represented the investor, Green Mountain Housing Equity Fund VII, in connection with the rehabilitation of a residential housing development consisting of multiple buildings called Winchester Place in Colchester, Vermont. Utilizing both the low-income housing tax credit and Vermont affordable housing tax credits, the project will renovate 148 units and preserve 74 units of affordable housing. Funding sources included approximately $11.3 million in tax-exempt bonds.
© Gary Hall
Gateway Residences on Washington – Lynn, Massachusetts
Nolan Sheehan Patten represented Washington Gateway Associates Limited Partnership and Hub Holdings LLC in the acquisition and construction financing of the first Workforce Housing Opportunity Fund project in the Commonwealth. The Workforce Housing Opportunity Fund is a program of Massachusetts Housing Finance Agency designed to fund the construction of housing for individuals and families earning between 70% to 120% of the area median income. Hub Holdings LLC working with the Neighborhood Assistance Development Corporation of Lynn designed and financed the development of Gateway Residences on Washington, a 71-unit residential development with approximately 2000 sq. feet of ground floor retail space in Lynn, Massachusetts across the street from the North Shore Community College. The project will contain 53 affordable residential units, 10 workforce housing units and 8 market rate units. The project has been financed with construction and permanent loans from Massachusetts Housing Finance Agency in the aggregate amount of $21,044,000, including $1,600,000 in financing from the Workforce Housing Opportunity Fund. A portion of the loan financing was provided through a bond acquisition by the AFL-CIO Housing Investment Trust. Subordinate financing was provided by the Department of Housing and Community Development in the amount of $3,596,000 under the HOME Program, the Housing Stabilization Fund Program, the Affordable Housing Trust Fund Program, and the Commercial Area Transit Node Housing Program, and by the City of Lynn in the amount of $943,618 from its local HOME funds. Additionally, Boston Capital Partners, Inc. is making an equity investment of $10,548,945 to further advance the development of Gateway Residences at Washington.
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