Lending

HarborCOV, Chelsea MA

Wainwright Bank & Trust Company (n/k/a Eastern Bank)

Klein Hornig acted as lender’s counsel in this complex tax credit transaction, which involved drafting deal documents for bridge, construction and permanent financing.  Our loan documents also had to incorporate two different types of subsidy under the Federal Home Loan Bank of Boston’s Affordable Housing Program – a subsidized advance and a direct subsidy.  The borrower was HarborCOV, a Chelsea, MA-based nonprofit organization offering supportive services for victims and survivors of domestic abuse.

Capital Magnet Funds Program

Volunteers of America National Service

Klein Hornig regularly represents Volunteers of America National Service (VOANS), a national nonprofit developer of affordable housing.  After receiving a $5 million grant of Capital Magnet Funds from the Community Development Financing Institutions (CDFI) Fund, VOANS engaged the firm to draft form loan and regulatory documents.  Our representation also involves advising VOANS in lending the funds to various affordable housing projects that it and its affiliate organizations are developing across the country.

Pyramid Health Center, Lynchburg VA

Virginia Community Capital

Klein Hornig has represented Virginia Community Capital in several leverage loans, including a participation with Local Initiatives Support Corporation (LISC) and a bridge loan for the renovation of a community health center in Lynchburg, VA.  The health center project used additional funding from an NMTC allocation to LISC and both Virginia and Federal Historic Rehabilitation Tax Credits.

MBTA Parcel 25, Boston MA

Boston Community Loan Fund

The firm was retained by Boston Community Loan Fund (BCLF), an affiliate of Boston Community Capital, in connection with an acquisition and predevelopment loan to a local CDC that was selected as the developer of an ambitious multi-phased, mixed residential and commercial development on MBTA Parcel 25, a "surplus parcel" located at Roxbury Crossing in Boston, MA.  Our role included assisting BCLF in challenging negotiations of intercreditor agreements with the MBTA (which took back a purchase money mortgage) and with the CDC’s private equity partner.

Windemere Long-Term Care, Baltimore MD

Capital Impact Partners

Windemere Long-Term Care is an elderly facility utilizing the innovative Green House® Residence model that improves quality of life for seniors and de-institutionalizes long-term care.  Klein Hornig advised NCB Capital Impact, the lead lender in the project, which made two loans – one to the parent nonprofit to bridge donor and foundation funding and a second construction-to-permanent loan to the parent’s subsidiary, which owns the project.

Loan to MHASC, Inc., New Haven CT

NeighborWorks Capital

Klein Hornig represented NeighborWorks Capital Corporation, a national Community Development Financial Institution, in a two-stage lending transaction to Mutual Housing Association of Southwestern Connecticut, Inc. (MHASC), a local nonprofit looking to save a distressed LIHTC-funded project.  After the parent nonprofit acquired the hard debt to prevent the project’s foreclosure, MHASC was able to acquire the general partner interest, which allowed it to take over, renovate, and ultimately save the 65-unit complex.