The Firm’s commercial real estate practice includes the representation of private banks, insurance companies, municipalities, developers, and public housing authorities.
As a sign of the times, unfortunately, we routinely assist our private clients in foreclosure matters against other corporate entities and organizations. When foreclosure is avoidable, we also assist our clients with loan modification agreements and other debt restructurings so that projects can survive and continue to serve the purpose for which they were created.
The Firm was developer’s counsel, issuer’s counsel and mixed-finance counsel for Strawn Parktown, LLC in its acquisition and rehabilitation of two old residential towers in Charlotte, N.C. The proposed modernization of both properties will result in 170 apartments for Strawn Tower and 163 apartments for Parktowne Terrace. The first floors of each apartment complex will include outdoor sitting areas, offices, multi-purpose rooms, a commercial kitchen and a dining hall. The second floor of Strawn Tower will be converted into amenity areas, supportive service areas and offices. The residential units of both apartment communities will be completely renovated to include new energy efficient HVAC systems, kitchens, bathrooms, flooring, painting, and Energy Star appliances and fixtures. The renovated buildings will be LEED-certified.
The project was made possible when the Charlotte Housing Authority (“CHA”) was approved by HUD to use a portion of its annual Capital Fund allocation as debt service for affordable housing bonds. Thereafter, CHA issued $19,900,000.00 in tax exempt bonds and loaned the bond proceeds to a newly formed Strawn Parktowne, LLC, which will own, modernize and operate the two properties. Strawn Parktowne, LLC has equity commitments of $13,161,401 from the syndication of low income housing tax credits. CHA has leased the land and sold the buildings to Strawn Parktowne, LLC for $1,000,000 in cash, with a $5,190,000 promissory note for the balance of the sales price. CHA and the City of Charlotte are using other resources to provide favorable loans to Strawn Parktowne, LLC totaling $2,444,395. An affiliate of CHA is the Managing Member of Strawn Parktowne, LLC, and CHA is the property manager.
The Firm has represeted developers, cities, and banks in a variety of developments throughout North Carolina and South Carolina. (Clara Cox, Jervay, Festival Park Plaza, 300 Hay, The Park at Oaklawn) and South Carolina (Celia Saxon Center).