The delivery of quality affordable housing, on schedule and on budget, remains a top priority for stakeholders involved in this highly significant field. At Sullivan & Worcester, our Affordable Housing group is a dynamic cross-disciplinary team that is driven towards a transaction’s success.
We advise an extensive clientele – including developers, nonprofits, private equity and investment funds, lenders and syndicators – throughout the life-cycle of an organization and its individual assets. These include acquiring, financing and disposing of properties, syndicating (and re-syndicating) tax credits related to a project, capitalizing development opportunities, structuring joint ventures with limited and general partners, employing corporate strategies to acquire new companies and making platform investments with strategic partners.
Our team has direct experience with low-income housing tax credits (“LIHTC”), Section 8 and many other elements of affordable housing transactions throughout the country. A further area of expertise involves advising on the addition of a new capital partner to a transaction, whether as a minority/majority general partner or limited partner, and navigating the various issues that arise in structuring such a transition.
Having closed over $1 billion (asset value) of such matters, we have encountered and solved for a myriad of issues for the benefit of our clients. Notable highlights include representing: a private equity fund’s investment in several platform investments in regional and national affordable housing developers; an affordable housing developer in connection with programmatic refinancing of its 50+ property portfolio; and a joint venture between a developer and a private equity fund on a $100 million disposition of a LIHTC portfolio to a third-party buyer.