Matters

Historic & New Market Tax Credits – Redevelopment of Historic Building Philadelphia, PA

Represented a regional bank and their investment partner in financing the acquisition and redevelopment of a historic building in Philadelphia into a 254,000-sq.-ft. public health campus which will serve the local community and for which the bank will receive New Markets Tax Credits. The project was also financed with Historic Tax Credits due to the nature of the building’s historical importance.

New Market Tax Credits – Large Ohio Redevelopment

Represented a regional bank and their investment partner in financing the acquisition and redevelopment of an approximately 800,000-sq.-ft. facility in Ohio to serve as a new distribution and products assembly center for a farm supply store which will breed new jobs and opportunity for the community and for which the bank will receive New Markets Tax Credits.

Community Preservation Corporation – Affordable Housing – New York

Represented Community Preservation Corporation in connection with its master joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop affordable housing in New York.

New Market Tax Credits – Redevelopment of Indiana Industrial Facility

Represented a regional bank and their investment partner in financing the modernization and expansion of an industrial facility in Indiana. The facility will add approximately 20,000-sq.-ft. of additional manufacturing space which will be used for additional manufacturing lines.  Once final, the renovated and updated facility will create an additional 20 to 30 jobs in the community.

New Market Tax Credits – Construction of Mixed-Use Building – West Virginia

Represented a regional bank and their investment partner in financing the construction of a mixed-use building in West Virginia with commercial space and 16 rental apartments. The apartments are targeted to provide affordable housing to teachers in the community.

Community Preservation Corporation – YWCA Supportive Housing – Schenectady, NY

Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority and women-owned business enterprise (MWBE) company, to develop the first phase of a supportive housing and social services community center with the YWCA located in Schenectady, New York.

New Market Tax Credits – Financing for Los Angeles Hospital

Represented a regional bank and their investment partner in financing the ongoing operational costs of a community hospital in Los Angeles, California. Herrick rapidly closed the transaction, contending with a requirement to close by year end to meet regulatory and tax compliance requirements. 

Community Preservation Corporation & Xenolith Partners – Affordable Brooklyn Development

Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, to develop a seven-story permanent supportive and affordable housing residence located at 1366 East New York Avenue, Brooklyn, New York. The building will contain forty-four units of permanent supportive housing for formerly incarcerated individuals and their families, twenty-nine units of affordable housing, as well as on-site social services provided by The Women’s Prison Association and other non-profit organizations.

Community Preservation Corporation – Mezz Loan for Affordable Housing with CPC ACCESS

Represented The Community Preservation Corporation in connection with a mezzanine loan for the development and rehabilitation of numerous housing projects located in New York City. The loan was made pursuant to CPC’s new initiative called CPC ACCESS, which focuses on getting more and more flexible capital into the hands of emerging, minority real estate developers in the affordable housing space so they can do more and benefit more from their efforts, thereby building their balance sheets and businesses.