7 Firms Saw Complex $77M Housing Deal To The Finish Line
Law360, Minneapolis (September 20, 2017, 12:44 PM EDT) -- Greystone Affordable Development recently completed a massive deal that will provide $77.3 million for rehabilitation of hundreds of South Carolina apartments, and seven law firms helped with various pieces of the deal, including tax-exempt bond work and a Low-Income Housing Tax Credit equity component.
The complex financing package will go toward renovating 18 so-called USDA Rural Development Section 515 properties that have a total of 762 apartments. Lawyers who worked on the matter said integrating the various funding streams as well as navigating a host of regulations pertaining to the properties made the deal particularly tricky to put together.
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