We represent mortgage banking clients in new loan originations secured by multifamily apartment projects. These financings include loans made pursuant to the requirements of Fannie Mae and Freddie Mac multifamily finance programs, CMBS-rating agency requirements, and the proprietary programs established by our financial institution clients.
Our work focuses on funding for the acquisition or refinancing of apartment projects and may include bridge loans and construction loans — for either new construction or the rehabilitation of existing real estate. We handle transactions ranging from routine, single-property financings to multi-property, multistate pool transactions with aggregate loan amounts of more than one billion dollars.
Regardless of loan size, we commit ourselves to facilitating efficient and quality transactions every time. Our attorneys work with all types of borrowers and with the largest private and public owners of apartment projects throughout the U.S. With offices on the East and West Coasts, we’ve closed deals in all 50 states and are well-versed in the differences and subtleties of individual jurisdictions.
The multifamily housing group is known for its experience in financing affordable multifamily housing transactions that provide safe, decent and affordable housing for moderate- and low-income families. Our attorneys have closed numerous first-of-their-kind transactions, including:
We regularly handle deals involving low-income housing tax credits (LIHTCs), the credit enhancement of tax-exempt bond transactions, the direct purchase of tax-exempt bonds, subsidized subordinate debt and grant programs, Section 8 HAP contracts, real estate tax abatements, and nonprofit borrower entities. Our attorneys know the requirements of federal subsidy programs and are in regular contact with the state subsidy programs and state agencies.
Attorneys in the multifamily housing group have represented mortgage banking clients in more than 18,000 conventional multifamily finance transactions since 2012, including more than 2,600 in 2019 and more than 3,000 in 2020. The scope of our work includes real estate due diligence, borrower structure issues and legal opinions. We also handle state-specific requirements that affect title insurance policies or involve consolidating, amending and restating existing indebtedness to help borrowers minimize recording taxes. We provide services on a wide range of issues requiring special analysis, including the following:
Freddie Mac CME and CMBS financings require special attention to IRS codes and regulations that extend well beyond those associated with the underlying real estate. Our background in these types of complex transactions includes single-purpose entity (SPE) bankruptcy-remote entities, non-consolidation legal opinions, lockboxes, real estate mortgage investment conduits (REMICs), and many others.
Aiming to meet the large demand for financing of smaller multifamily properties nationwide, the small-loan market offers a streamlined loan process for property acquisition and refinancing through Fannie Mae and Freddie Mac for amounts up to $3 million and $6 million, respectively. As one of only 13 firms approved by Freddie Mac to act as small balance loan (SBL) single counsel, we’ve worked with numerous lenders on the origination and sale of hundreds of SBL loans for multifamily properties.
Manufactured housing plays an important role in the U.S. housing market — offering a safe, quality, affordable housing alternative to traditional site-built construction. We’ve worked with Fannie Mae- and Freddie Mac-approved lenders to streamline the loan closing process in hundreds of manufactured housing deals throughout the U.S. Since 2018, we have handled nearly 600 manufactured housing loan/servicing matters, with a total loan volume of more than $4.8 billion. Our fundamental understanding of the manufactured home community sector and the requirements associated with the available financing platforms has enabled us to be considered counsel of choice for numerous multifamily lenders.
The ever-growing need for senior housing has enabled us to sustain a large volume of assisted living and senior-focused property transactions. We collaborate with our real estate finance group to support balance sheet financing transactions as well as financings structured for purchase by one of the GSEs. We understand the unique ownership, operating and management structures, licensing laws, and applicable legal opinion requirements, and are familiar with the organizations that operate and manage these properties regionally and nationally.
We are counsel of choice for large multistate, multi-property financings because of our experience, efficiency and unmatched capacity. We provide services related to cross-collateralized and uncrossed pools, credit facilities, senior housing, and negotiated and bond credit-enhanced transactions. These transactions have unique dynamics and require a different level of sophistication and teamwork than single-property transactions.
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