Projects: Public Financing
Concord Highlands - Cambridge, Massachusetts
Nolan Sheehan Patten represented Homeowner’s Rehab., Inc., in the acquisition and financing of Concord Highlands, a new, 98-unit affordable housing project in Cambridge. We assisted HRI in acquiring the property, utilizing a ground lease structure and assembling a financing package which included construction financing from TD Bank, N.A.; permanent financing from MassHousing, the Massachusetts Housing Stabilization Fund, the Massachusetts Affordable Housing Trust Fund, the City of Cambridge and the Cambridge Affordable Housing Trust; and equity financing from the Massachusetts Housing Investment Corporation and the sale of Massachusetts State Low Income Housing Tax Credits. Our representation also involved assisting in matters arising from permitting the project under the 40B Comprehensive Permit program. 100% of the units in this Project will be reserved for families in need of affordable housing.
General Heath Square Apartments — Jamaica Plain, Massachusetts
Nolan Sheehan Patten represented various public agencies that financed the construction of a multi-family residential building on a previously vacant lot in Boston’s Jamaica Plain neighborhood. Conveniently located near the Jackson Square Orange Line station, the project will consist of 47 housing units, all of which will be affordable to individuals and families with incomes below the local average. The construction of the project will generate jobs for local residents and the project’s developer has committed to engage Minority Owned Businesses. The development team expects General Heath Square Apartments to be completed by the fall of 2019.
98 Essex Street – Haverhill, Massachusetts
Nolan Sheehan Patten represented Massachusetts Housing Equity Fund in connection with the renovation of 62 units of housing at 98 Essex Street in Haverhill. The project will entail the adaptive reuse and historic renovation of the former Shoe and Leather Associates building. When complete, a majority of the 62 prospective units will be either one or two-bedroom apartments, with seven of the apartments reserved for low income households. The redevelopment will offer a versatile array of housing near public transit. Total cost of the project is estimated to be $25 million with $16.8 million in the form of state cash as well as state and federal tax credits.
Glen Street Condominiums – Somerville, Massachusetts
Nolan Sheehan Patten represented the City of Somerville in connection with an approximately $3,000,000 loan to Somerville Community Corporation. The financing will be used to build 11 homeownership condominium units, 8 of which will be restricted as affordable units. The project will target both low and middle-income households and provide much needed affordable homeownership housing stock in the City of Somerville.
Donald T. Erwin Community Health Center – New Orleans, LA
Nolan Sheehan Patten represented a subsidiary Community Development Entity (CDE) of Capital Link, Inc. in this twinned New Markets Tax Credit and Federal Historic Tax Credit transaction. The structure leveraged the proceeds of grants from the Kresge Foundation and the Louisiana Primary Care Association, a loan from the State of Louisiana’s Office of Community Development, and equity from First NBC Bank through the CDE to provide over $7,000,000 in qualified low income community investment loans to an affiliate of the St. Thomas Community Health Center in New Orleans, Louisiana. St. Thomas used these funds to acquire, rehabilitate and retrofit a well-known historic building in downtown New Orleans into the Donald T. Erwin Community Health Center, an urban health center primarily serving uninsured and underrepresented low-income populations.
Stratton Hill Apartments – Worcester, Massachusetts
Stratton Hill Apartments is a rehabilitation of 156 affordable rental units in Worcester, Massachusetts. Nolan Sheehan Patten served as MassDocs counsel for public financing sources that included a combined $4.75 Million in NFIT, AHT, CIPF, and HSF loans from the Department of Housing and Community Development and a $550,000 HOME loan from the City of Worcester.
A.O. Flats – Boston, Massachusetts
A.O. Flats is the construction of 78 new units of affordable rental housing in one building in Boston, Massachusetts. Nolan Sheehan Patten served as MassDocs counsel for the City of Boston in making a combined $3 Million in loans through the City of Boston HOME, IDP, and NHT programs.
Knitting Mill – Fall River, Massachusetts
Nolan Sheehan Patten represented the City of Fall River, Department of Housing and Community Development and Massachusetts Affordable Housing Trust Fund in the financing, acquisition and redevelopment of a former mill building in Fall River, Massachusetts. This historic rehabilitation of a 149,000+ square foot mill will provide the City of Fall River with 100 affordable housing units, 25 of which will be reserved for seniors earning less than 30% of the area median income.
Paris Village – East Boston, Massachusetts
Nolan Sheehan Patten represented the developer EBCDC Inc. in connection with the development of 32 units of affordable housing in East Boston. Financing sources included loans from Citizens Bank, the City of Boston, DHCD, AHT and MHP, together with tax credit financing from Boston Financial. The project will revitalize the neighborhood by developing a currently vacant parcel of land.
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.
Sachem’s Path – Nantucket, Massachusetts
Nolan Sheehan Patten represented the Massachusetts Department of Housing and Community Development and the Massachusetts Affordable Housing Trust Fund on an affordable homeownership development known as Sachem’s Path on Nantucket, MA developed by Housing Assistance Corporation of Cape Cod. The project involved both an Affordable Housing Trust Fund loan and a Housing Stabilization Fund loan. The project is a 40-unit subdivision permitted under the Massachusetts Comprehensive Permit Law, M.G.L. c.40B, with units affordable to households earning 80%, 100% and 150% of area median income. The State funding sources are assisting the units available to households at 80% and 100% of median income.
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.
Putnam Green Apartments – Cambridge, Massachusetts
Furthering the transition of a formerly industrial section of Cambridge into a cohesive residential community, Nolan Sheehan Patten represented Homeowner’s Rehab., Inc. (HRI) in utilizing a ground lease structure to acquire and finance this new, 40-unit, affordable housing complex. The units have been built to satisfy, and are in the process of being certified for, the LEED for Homes Platinum standard. We advised HRI in assembling a financing package of over $13 million, which consisted of construction/permanent financing from TD Bank, N.A. and Massachusetts Housing Partnership Fund Board, public financing from the City of Cambridge, DHCD, CEDAC and MassHousing, and equity financing from the Massachusetts Housing Equity Fund, Inc. Of the 40 units, 6 are reserved for families with incomes below 30% median income and 3 are accessible to individuals with mobility and/or sensory impairments. This development now fills the streetscape along Putnam Avenue and Sidney Street and adds to the residential vitality of the neighborhood.
Torrey Woods Apartments – Weymouth, MA
In late October 2011, the Town of Weymouth celebrated the opening of Torrey Woods, a 20-unit affordable housing project. Nolan Sheehan Patten represented the Department of Housing and Community Development in delivering to this project key federal stimulus funding from the Tax Credit Exchange Program. We also advised the Massachusetts Housing Partnership Fund Board (MHP) in providing the project sponsor with a loan through the Home Funders program. Our representation included reviewing the Ch. 40B comprehensive permit process, energy efficiency retrofits, and related permitting complexities.
Virginia Blanchard School – Uxbridge, Massachusetts
Nolan Sheehan Patten represented the nonprofit developer Virginia Blanchard Memorial Housing Association, Inc. and JNJUHL and Associates LLC in the renovation of a former school as a much-needed 25-unit affordable housing development. Located in Uxbridge, MA, the Virginia A. Blanchard School was built in 1873, and is listed on the National Register of Historic Places. The project was funded by a combination of federal low-income housing and historic tax credits, state low-income housing and historic tax credits, federal and state lending sources, and private lending sources. Upon completion, 100% of the units at the Blanchard School will be reserved for residents with incomes of 60% or less than the area median, with a priority for veterans and local residents.
25 Amory Street Apartments - Boston, MA
Nolan Sheehan Patten represented various public agencies that financed the construction of 44 units of affordable housing in Boston’s Jamaica Plain neighborhood. The development of 25 Amory Street is part of a long-term revitalization plan near Jackson Square which continues to transform vacant, underutilized land into affordable and transit-oriented housing. As part of the 25 Amory Street transaction, Nolan Sheehan Patten also advised the Community Economic Development Assistance Corporation in relation to their loan to provide financing to non-profit developer The Community Builders, Inc. (“TCB”) for the acquisition of the adjacent, vacant lot located at 250 Centre Street where TCB plans to construct additional affordable housing.