Overview
Steve Rypma concentrates his practice on real estate transactions, with a particular focus on the acquisition, development and financing of affordable housing. He is leader of the firm’s Affordable Housing practice.
Steve represents for-profit and non-profit developers, owners and investors in connection with the complex ownership, financing and regulatory issues associated with the acquisition, development, ownership and operation of affordable housing projects. Steve has significant experience counseling clients in connection with the acquisition and syndication of low-income housing tax credits, tax-exempt bond financing and procuring loans, grants and other incentives from federal, state, and local housing authorities, including HUD, the Michigan State Housing Development Authority and other state and local housing authorities across the United States.
Steve also has significant experience advising clients throughout the life cycle of an affordable housing project, such as preservation transactions, investor exits, resyndication of low-income housing tax credits, qualified contract transactions and disposition transactions.
Steve also has substantial experience with complex real estate developments, involving joint ventures, tax increment financing, brownfield redevelopment, tax abatements, public-private partnerships, governmental incentives and the integration of multiple debt and equity sources into a real estate development project.
Steve regularly advises clients in connection with the State of Michigan’s PILOT tax abatement program for affordable housing projects as well as other tax abatements and incentives for such projects, and has secured new PILOTs and renewals of PILOTs for numerous housing developments in communities across the State of Michigan.
Steve also advises institutional holders of real estate, such as manufacturers, hospital systems, retailers, banking and educational institutions in connection with their corporate real estate concerns, including office and industrial leasing, purchase and sale of facilities.
Notably, Steve has been a Certified LEED GA (Leadership in Energy and Environmental Design, Green Associate) since 2010.
Services
Practice Areas
Experience
Representative Matters
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Represented developer in all aspects of a $50M ground-up development of a workforce housing project involving tax-exempt bond financing, the syndication of low-income housing tax credits and multiple other debt sources, which was awarded the real estate deal of the year in 2023 by Crain’s Grand Rapids Business
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Represented developer in the acquisition, rehabilitation and preservation of a $200M portfolio of affordable housing properties
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Represented developer in the financing and construction of a portfolio of senior housing projects using debt and equity raised through the syndication of low-income housing tax credits and HUD 221(d)(4) construction financing
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Advised a national banking institution in connection with financings of federally subsidized housing projects and resyndication of low-income housing tax credits
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Counseled media and publication corporation in connection with its national real estate holdings and leasing program
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Represented major healthcare system in connection with the financing, leasing, and development of a new medical office campus
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Represented a national loan servicer in connection with the management, sale positioning, and disposition of multifamily properties, both in the traditional market sale context and in auction sales
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Represented international food production corporation in its national office and facility leasing program
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Represented developer in a public-private partnership transaction involving the financing and construction of a 300,000 square-foot mixed-use residential and retail condominium project in downtown Boise, Idaho
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Represented a Michigan-based developer of a 200,000 square-foot mixed-use commercial building anchored with a credit tenant lease, including all aspects relative to the procurement and assemblage of land, negotiation of easements and entitlements, leasing, financing, and obtaining economic development incentives
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Represented a Michigan-based developer in connection with numerous refinancing and restructuring transactions associated with affordable housing preservation and repositioning efforts
Prior Experience
- Ice Miller LLP, Associate, 2005-2010
Credentials
Education
- Order of St. Ives; Jan M. and Marjorie G. Laitos Natural Resource and Environmental Law Scholar
- Denver Law Review, Tenth Circuit Survey Editor, Staff Editor
- Business Administration
- cum laude
- Study Abroad Program, University of Aberdeen, Aberdeen, Scotland, 1999
- Geology with an Environmental Emphasis
Admissions
- Indiana
- Michigan
Recognition
Awards
- Michigan Super Lawyers, Recognized as a Rising Star, 2011-2019
Professional & Community Involvement
Michigan Housing Council
- Board of Directors, 2022-present
International Council of Shopping Centers (ICSC)
- West Michigan Next Gen Committee
Indianapolis Bar Association
- Bar Leader Series Graduate
State Bar of Michigan
- Real Property Law Section
Kalamazoo Nature Center
- Board of Trustees, 2015-present
Portage Education Foundation
- Board of Directors, 2015-2020