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Honigman advises on $4.63 Million affordable housing transaction in Washington

March 16, 2016

Contact

Susan Sherbow
T: 313.465.7048
ssherbow@honigman.com

Honigman Miller Schwartz and Cohn LLP served as legal counsel to Churchill Stateside Group, a real estate financial services company, in a $4.63 million affordable housing transaction in the state of Washington. The transaction included six affordable housing apartment communities throughout the state. The properties totaled 146 units and were constructed in the 1980’s using the USDA 515 Loan Program and Section 42 low-income housing tax credits.

Honigman assisted with the financing of the properties with short term tax exempt bonds and 4 percent federal LIHTC equity, as well as new construction and permanent financing guaranteed by the USDA 538 program underwritten and closed by Churchill Stateside Group, restructured existing USDA 515 loans, and subordinate financing from the Washington State Department of Commerce Trust Fund. The firm also prepared closing documents.

The team of Honigman Real Estate attorneys was led by Partner Gregory J. DeMars, who was assisted by Partner Rodney C. Ploucha and Associates Bryan Coe and Maryam Karnib, as well as Paralegal Joanne Fisher.

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