Julia E.
Schmidt

Represented Douglaston Development, through a joint venture with Kinwood Partners, in connection with its selection by the New York City Economic Development Corporation to redevelop Gansevoort Square in Manhattan into a major mixed-income residential, cultural, and community-focused development (transaction value not publicly disclosed).

Represented a confidential client in the formation of a joint venture with a syndicate of Korean institutional investors for the development and operation of large-scale data center facilities in Virginia, with total transaction value exceeding $260 million.

Represented a confidential institutional real estate investor in connection with a $299 million construction loan to finance the development of a 744,000-square-foot, two-building data center campus in Loudoun County, Virginia.

Represented Douglaston Development in a multifaceted New York City real estate transaction involving the acquisition of development sites and a tiered capital stack, representing an aggregate transaction value of approximately $392.5 million, for the development of mixed-use and luxury residential projects.

Represented a confidential real estate sponsor in a $450 million refinancing with Ares Management of a nearly complete 834-unit, mixed-income, waterfront multifamily development in Brooklyn, New York.

Represented a confidential data center owner and developer in connection with a $525 million construction loan for the expansion and improvement of data center campuses in North Carolina and Illinois.

Represented a confidential, publicly traded client in multiple construction financings totaling over $700 million for the development of a multi-building data center campus in Manassas, Virginia, including the VA-6 and VA-7 facilities.

Represented Cortland Partners in its $1.6 billion acquisition of a 19-asset multifamily portfolio from Elme Communities (NYSE: ELME), including advising on acquisition structuring, co-investment capital, and acquisition and agency loan financing.

Represented developer of affordable, mixed-income and market rate projects in the ground leasing of multiple parcels in the Bronx, on which the developer will construct hundreds of affordable and moderate-income residential units, as well as a FRESH grocery store. Phase I will be comprised of 188 all-senior, all-affordable units, including a substantial set aside for formerly homeless individuals, with total development costs in excess of $112 million. The complex financing included tax-exempt bonds, four state and city loans, and LIHTC equity from a major investor.

Represented developer in the financing of a groundbreaking, multi-phase mixed-income project near the Capitol Building in Washington, DC. Phase I will be comprised of 561 residential units, with the entire project anticipated to contain over 1,100 residential units, as well as substantial retail space. Phase I financing included $160 million of debt (tax-exempt bonds and a taxable loan) and equity investment of a major affordable housing investor based on LIHTCs anticipated to be generated with respect to Phase I’s 118 low-income units.

Represented development corporation in closing a $210 million bond financing for the construction of a 40+-story building to contain more than 300 residential units, 60+ of which will be reserved for low- and moderate-income households, as well as nearly 30,000 rentable square feet of retail space. The project has anticipated total development costs of approximately $300 million and was established with a multi-unit condominium structure to facilitate the project obtaining expected LIHTCs.

Represented developer of distinctive real estate properties as financing and development counsel in closing a $175 million bond and construction loan on a project with total development costs of approximately $300 million and a major joint venture equity financing for the development of a 50+-story, 580+-unit residential building in Brooklyn. Additionally represented the owner in securing joint venture partners at various levels of the ownership structure, including major foreign investors contributing substantial equity.

Assisted developer of distinctive real estate properties with refinancing a construction loan used to develop a complex in Manhattan. Comprised of three separate condominium regimes, the project contains more than 1,200 residential units (240+ reserved for low-income individuals and families), plus ancillary parking facilities and a large retail eatery. Coordinated the tender of more than $500 million in New York State Housing Finance Agency tax-exempt and taxable bonds and direct purchase of such bonds.

Represented residential and commercial real estate acquisition, development and property management firm in closing a $380 million bond and construction loan financing for the development of several structures in Manhattan. The development will contain more than 1,000 residential apartments—200+ reserved for tenants whose household incomes are at or below 60 percent of the New York City Area Median Income, more than 35,000 square feet of commercial space and parking for hundreds of vehicles. The transaction is also structured to facilitate the potential syndication of tax credits. The closing required the negotiation and execution of a sublease of the affordable apartments to preserve various tax benefits.

Represented multifaceted real estate company serving the greater New York area in closing a financing transaction for the acquisition and rehabilitation of several multifamily rental properties containing 100% affordable housing in the Bronx. We negotiated a construction loan from the New York City Housing Development Corporation, permanent financing and the issuance of a letter of credit from a multinational banking and financial services holding company. Our team additionally coordinated obtaining the necessary approvals and contract extensions from HUD and the properties' current limited partners, worked with the project's nonprofit purchasing entity and negotiated amended operating documents with the client's low-income housing tax credit investor partner.

Represented real estate agent and manager in the development of a nearly 40-story tower in the Greenpoint neighborhood of Brooklyn, New York. The riverside luxury high-rise will contain more than 40,000 square feet of retail space and approximately 600 total residential apartments and condominium units.

Represented New York City luxury real estate developer in financing and developing a multifamily project in Long Island City. The project, one of the largest apartment projects in Queens, is expected to contain more than 950 residential apartment units in two towers (20% set aside for affordable housing and additional units set aside for workforce housing), more than 15,000 square feet of commercial space and parking for more than 65 vehicles. The transaction is structured to facilitate the generation and potential syndication of tax credits.

Represented developer in obtaining $539 million in construction financing from the New York State Housing Finance Agency for a residential tower project that will offer more than 900 apartments at market rates and more than 230 units of affordable housing.

Represent national residential real estate developer in closing a $95 million bond financing transaction. The client plans to build a mixed-use building containing more than 320 residential apartments and ancillary commercial space and parking, reserving 20 percent of the apartments for low- and moderate-income households in a popular area of Washington, DC. Total development costs are estimated at $140 million.