Brian Courtney
Representative Transactions Affordable Housing
- Mr. Courtney was lead counsel to Sovereign Bank in connection with its acquisition of over 100,000 commercial and consumer loans totaling over $100 billion from Fleet pursuant to an asset divestiture required by the Justice Department as a precondition to Fleet’s merger with BankBoston, N.A.
- Mr. Courtney represented Sovereign Bank in the $29,000,000 financing of the historic Colt Firearms factory in Hartford, Connecticut. The project involves the renovation of the two largest armories comprising almost 300,000 square feet into a combination of commercial and retail space and 238 market rate apartments. The project included additional funding from federal and state historic tax credits, a loan and grant from the Connecticut Department of Economic Development, and tax increment financing from the City of Hartford.
- Mr. Courtney represented the purchaser of Everett Gardens, a 184-unit affordable housing project in Camden, New Jersey including $9,350,000 in tax exempt revenue bonds issued by the Camden County Improvement Authority and $3,000,000 in 4% low income housing tax credits purchased by Sovereign Bank.
- Mr. Courtney represented the purchaser of Countryside Apartments in a 3 phase purchase and financing transaction, for a 326-unit affordable housing project in Upper Deerfield, New Jersey including tax exempt revenue bonds issued by New Jersey Housing and Mortgage Finance Agency, and federal low income housing tax credits purchased by SunAmerica. The transaction involved lengthy negotiations with the IRS and HUD to preserve the tax credits after the project’s designation in a difficult development area was changed in the midst of the transaction.
- Mr. Courtney represented Hill Development Corporation in the acquisition of a 65-unit scattered site development including financing provided by Federal Home Loan Bank, the City of New Haven and Yale University and the issuance of low income housing tax credits to Enterprise Social Investment Corp.
- Mr. Courtney represented the purchaser of five affordable housing projects totaling 680 units and the financing of a Section 221 HUD-insured mortgage for $32 million with an IRP decoupling.
- Mr. Courtney represented the non-profit purchaser of a portfolio of transitional housing pursuant to a sale leaseback transaction financed with $16,750,000 in variable rate bonds issued by Connecticut Housing Finance Authority.
- Mr. Courtney represented the developer in the acquisition of Bridgeport Elderly apartments, an 85-unit affordable elderly housing project in Bridgeport, Connecticut including a $4,370,000 construction to permanent mortgage loan from the Connecticut Housing Finance Authority and $2,230,000 in 4% low income housing tax credits purchased by TD Banknorth.
- Mr. Courtney represented the purchaser of Winthrop Square apartments, a 295-unit affordable housing project in New London, Connecticut including $19,000,000 in tax exempt revenue bonds issued by the New London Housing Authority and $9,100,000 in 4% low income housing tax credits purchased by Red Capital. We approached and coordinated the Housing Authority’s issuance of their first revenue bond offering for this transaction.
- Mr. Courtney represented the developer of Kenyon Falls, an historic mill conversion in Coventry CT to 46 market rate residential condominiums.
- Mr. Courtney represented the acquirer of a 240-unit affordable housing project in Columbus, Ohio and the assumption and restructuring of a $9,425,000 bond financing issued by the County of Franklin, Ohio, and $2,230,000 in 4% low income housing tax credits purchased by TD Banknorth.
- Mr. Courtney represented the acquirer of Royal Mall Apartments, a 168-unit affordable housing project in Columbus, Ohio including $9,500,000 in bond financing issued by the County of Trumbull, Ohio, and $4,000,000 in 4% low income housing tax credits purchased by Red Capital.
- Mr. Courtney represented the borrower in connection with the construction, development and sale of the Hill Parent/Child Care Center in New Haven, Connecticut and the financing of same through a $2.5 million bond financing issued by Connecticut Health and Education Facilities Authority and a grant from the Connecticut Development Authority for $1 million.
- Mr. Courtney has handled numerous bond issues by the Connecticut Health and Educational Facilities Authority, Massachusetts Health and Educational Facilities Authority, and Connecticut Housing Finance Authority for nonprofit group homes and transitional housing.
- Mr. Courtney is general counsel to the Manchester Housing Authority, and our firm also is counsel to the Farmington Housing Authority.
