Coleman Talley represented The Hallmark Companies of Atlanta, Georgia, in the acquisition and the closing of financing and tax credit equity of 23 rural USDA/RD §515 apartment developments in 12 counties throughout Florida. This transaction was Florida’s first consolidation of aged USDA Rural Development §515 properties in a single, $126 million public/private refinance for acquisition and rehabilitation. Coleman Talley attorneys Tom Kurrie, Greg Clark, Mary Margaret Williams, and Edward Cochran comprised the legal team.
Coleman Talley worked with the financing teams of Greystone Affordable Housing Initiatives, Boston Financial, the United Stated Department of Agriculture, the Osceola County Housing Finance Authority and the Florida Housing Finance Corporation.
The total project financing included $41.5 million in multifamily private-activity tax exempt bonds issued by the Osceola County Housing Finance Authority; $12.5 million in USDA 538 loans from Greystone Servicing Corporation; $28 million in tax credit equity provided by Boston Financial; $17 million new USDA/RD §515/MPR mortgage debt; and the assumption/subordination of$26.6 million of existing USDA/RD §515 mortgage debt.
The complex financing structure allowed for the renovation of 23 rural, aging apartment developments in Florida.