This firm has previously represented the Newark Housing Authority in the construction and finance of City View Landing, located on the former Walsh Homes public housing site. City View Landing consists of a total of 122 new residential units. Of these new residential units, 81 are public housing replacement units assisted with ACC subsidy, inclusive of both family and elderly rentals, as well as Section 5(h) “Nehemiah”-type ownership homes. The remaining 41 new units include homeownership units and non-public housing rental units. For more information on this project, please contact Glenn F. Scotland, Member.
The Leaguers, Inc. – Day Care Center
The firm completed a $20,000,000 NMTC transaction for the design, development and construction of a 44,000 square foot building located in Newark, New Jersey for the operation of a day care facility and other social service programs by The Leaguers, Inc., a non-profit corporation and 501(c)(3) designated entity. This project consisted of a NMTC equity investment made by an investor, augmented by a loan from the investor (through the purchase of a Leaguers tax-exempt bond, issued by a New Jersey issuer), and additional proceeds from a leveraged loan made by a banking institution in exchange for a standard bank loan return. These proceeds were aggregated and deposited with an investment fund limited liability company, a sole purpose corporation 100% owned by the investor, which in turn has made a qualified equity investment in a community development entity (CDE) in exchange for the NMTC tax credits and other tax benefits that pass through the CDE for the benefit of the investor. The CDE in turn made an investment (equity and debt) in this project through the qualified active low income community business (QALICB). The QALICB entered into a hybrid lease/leaseback construction loan agreement with The Leaguers, Inc. For more information on this project, please contact Glenn Scotland, Member.
We represented the Camden Housing Authority in connection with the construction and finance of 89 affordable rental units, all of which will be tax credit eligible units whose residents will be qualified in accordance with Section 42 of the Internal Revenue Code. A majority of the units will benefit from either Section 9 operating subsidy in accordance with a mixed finance amendment to the Annual Contribution Contract (“ACC”) or project based Section 8 subsidy in accordance with a Housing Assistance Payment contract between the Owner and the Camden Housing Authority. The remaining units will be non-ACC units solely financed with 9% low income housing tax credit equity and will be leased to income eligible households whose incomes do not exceed 60% of the Camden County Median adjusted for family size. Additionally, Centerville South will contain 22 special needs units dedicated to formerly homeless individuals and families. For more information on this project, please contact Glenn F. Scotland, Member.
Camden Housing Authority – Roosevelt Manor/Branch Village Phase II
We represented the Camden Housing Authority in connection with the construction and finance of Roosevelt Manor/Branch Village Phase II, a 58-unit replacement housing project in the Centerville section of the City of Camden. The site, owned by Camden Housing Authority, is currently vacant and was originally part of the Roosevelt Manor HOPE VI Revitalization project. Of the 58 units, 24 units will be affordable to extremely low income families at less than 30% of Area Median Income (“AMI”) and 34 units will be affordable to low income families at between 30% – 60% AMI. All the units will be covered by ACC subsidy. The Project will be funded from a combination of American Recovery and Reinvestment Act (“ARRA”) Capital Fund Recovery Competitive Grant, Housing Replacement Factor funds, 4% low income housing tax credit equity, New Jersey Housing and Mortgage Finance Agency (“NJHMA”) Tax-Exempt Bond Financing, and Federal Home Loan Bank Funds. For more information on this project, please contact Glenn F. Scotland, Member.
Newark Housing Authority – Spruce Gardens
This firm also represented the Newark Housing Authority in connection with its Spruce Gardens project, which consisted of 105 new low-income housing tax credit family rental units constructed on the former Stella Wright Homes public housing site. Of the 105 total low-income housing tax credit rental units, 79 units receive ACC subsidy and are designated to public housing residents. The remaining 26 units are designated solely as tax credit units to persons at or below 60% of the County Median Income. Funding for this project included Housing Replacement Factor funds, an NJHMFA tax-exempt bond construction loan and equity from the sale of 4% low-income housing tax credits. For more information on this project, please contact Glenn F. Scotland, Member.
Newark Housing Authority – Cottage Place
This firm has previously represented the Newark Housing Authority in connection with the construction and finance of 100 units of rental housing designated as Cottage Place, also located on the former Stella Wright housing project site. In addition to the services we provided described above, we were called upon to analyze and create a complex system of subordinate legal entities to the Newark Housing Authority which partnered with the developers for this project. For more information on this project, please contact Glenn F. Scotland, Member.
Elizabeth Parking Authority – Elizabethtown Plaza Parking Garage
McManimon, Scotland & Baumann, LLC, represented the Elizabeth Parking Authority and a newly formed 501(c)(3) non-profit corporation formed on behalf of the Parking Authority to complete a highly complex NMTC transaction involving a host of public stakeholders and their respective professionals, to finance the design, development, construction, operation and maintenance of an approximately 1,500-space, multi-level parking garage and related facility in the City of Elizabeth. This transaction involved multiple revenue sources, including public debt issued by the County of Union and Union County College, and an $11,875,000 NMTC loan. In addition to the NMTC financing, the firm completed in June 2010 the remainder of the $35,000,000 project financing using Recovery Zone Economic Development Bonds authorized by the American Recovery and Reinvestment Act of 2009. For more information on this project, please contact Glenn Scotland, Member.
City National Bank of New Jersey – Rutgers University
This firm represented City National Bank of New Jersey, as a leverage lender, in an extraordinarily complex and highly negotiated NMTC financing of the construction of a business school building for Rutgers University in the City of Newark. The transaction closed in May 2007. For more information on this project, please contact Glenn Scotland, Member.
City of Orange – Dr. Walter G. Alexander Village
McManimon, Scotland & Baumann, LLC represents the Housing Authority of the City of Orange and its nonprofit affiliate, the Orange Housing Development Corporation, in the development of a three-phase project known as the Dr. Walter G. Alexander Village redevelopment project, which provides high-quality, affordable housing opportunities to families in Orange, New Jersey. The first phase (consisting of four 3-story buildings with a total of 66 new units of affordable housing, a community center, and on-site parking) and the second phase (consisting of 48 age-restricted rental units with a garden area as well as on-site parking) are now complete. Development is complete on the third stage of the Dr. Walter G. Alexander Village, which consists of two new buildings: (i) a 3-story building containing 16 residential rental units, and (ii) a 4-story building containing 26 residential rental units and a 4,100 square feet community center.
McManimon, Scotland & Baumann assisted the housing authority in structuring the financing for the project, which financing consisted of several funding sources, including American Recovery and Reinvestment Act of 2009 funds, Housing Replacement Factor funds, low-income housing tax credit equity, and New Jersey Housing and Mortgage Finance Agency permanent and construction financing. McManimon, Scotland & Baumann also prepared the incorporation paperwork, bylaws and an application for 501(c)(3) status for the Orange Housing Development Corporation, which entity serves as the development corporation responsible for the demolition of the existing buildings and redevelopment of the entire area.
The Dr. Walter G. Alexander Village, Phases I and II, won the 2014 Excellence in Housing and Economic Development Award in the category of “Leading Housing Revitalization Award (Rental)”. This award is given to “the most outstanding housing and economic development projects and partnerships throughout New Jersey. The state award program celebrates the best in housing revitalization, public-private economic development partnerships, and supportive housing developments that strengthen the vitality of our communities, contribute to economic growth, and demonstrate the potential to have a lasting impact.” For more information on this project, please contact Glenn F. Scotland.
For more information on this project, please contact Glenn F. Scotland, Member, at (973) 622-1800.