Housing Authority of the City of New Haven/The Glendower Group, Inc.—McConaughy Terrace Redevelopment

Closed on the redevelopment of McConaughy Terrace in New Haven, CT, to include approximately 250 units of affordable housing and related community space with a combined total development cost of approximately $88 million. The real property was ground leased to an affiliated entity and then subjected to a condominium regime to permit two separate tranches of financing, including both 9% and 4% low-income housing tax credits, investor equity state funding, Moving to Work funding, and traditional debt. Our work included securing land use permits and approvals, negotiating and preparing a Cooperation Agreement with the City with respect to real property taxes, providing title and survey review, preparing and negotiating all transaction documents, and closing.