Christine Owens Morgan

Christine helps clients advance their commercial real estate and affordable housing and economic development projects.

Christine Morgan addresses all aspects of clients’ real estate needs, including handling financing, acquisitions and dispositions, joint ventures, leases, easements, and local counsel opinions. She has represented lenders and borrowers in hundreds of transactions involving the financing of real estate or commercial transactions.

Christine has extensive experience representing affordable housing developers in projects involving rental units, condominium units for first-time homeowners, and mixed-use developments. She assists these developers in acquiring the development sites and financing the projects through conventional sources, governmental grants and loans, and tax credits. Financing for these projects frequently involves multiple funding sources, including conventional construction and permanent loans, governmental grants and loans, community loan funds, state and federal low-income housing tax credits, state and federal historic tax credits, tax-exempt and taxable bonds, HUD-insured loans, and Section 8 and RAD subsidies.

A frequent author and lecturer, she has written on public-private partnership agreements, affordable housing legislation, and clean energy financing available to commercial property owners.

Christine serves on the Grievance Panel for the New Haven Judicial District, is a Life Fellow of the Connecticut Bar Foundation James W. Cooper Fellows, and has served on the boards of the Connecticut Bar Foundation; New Haven Legal Assistance Association, Inc.; the former New Haven Public Education Fund, Inc.; the former Greater New Haven Community Loan Fund, Inc.; and Christian Community Action, Inc.

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.

Represented a regional bank in negotiating a $23 million loan to finance the acquisition of five medical buildings throughout Connecticut by a real estate firm for its Connecticut medical portfolio.

Represent a regional bank in multistate secured financings ranging in size from $10 million to $115 million. Our work includes (i) preparing and negotiating loan documents, including participation agreements and intercreditor agreements; (ii) preparing swap documentation; (iii) reviewing title encumbrances and title insurance policies; (iv) reviewing due diligence items; and (v) preparing and negotiating non-disturbance agreements.

Represented several non-profits, for-profits, and housing authorities, as sponsors, and special purpose entities regarding multi-phased affordable housing developments throughout Connecticut, including New Haven, Norwalk, Wallingford, Waterbury, Fairfield, Stamford, Ridgefield, New Canaan, Somers, and Stafford, Connecticut.

Represented a national non-profit developer concerning a restructuring of mortgage debt through the mark-to-market program of the U.S. Department of Housing and Urban Development. The transaction involved Enterprise Mortgage Investments, Inc.; Prudential Huntoon Paige Associates Ltd.; and Fannie Mae and included the execution of a new Section 8 Housing Assistance Payments Contracts.

Represented a national non-profit developer regarding a four-phased redevelopment of Southfield Village in Stamford, Connecticut, which included 315 rental units and a 15-unit affordable housing condominium, funded by HOPE VI grants, the State of Connecticut Department of Housing, the Connecticut Housing Finance Authority, and low-income housing tax credits.

Represented a national bank concerning a $56 million acquisition loan facility to 4 co-borrowers, which included securitizing 21 properties (both fee and leasehold interests) in 4 states. The representation included (i) preparing and negotiating loan documents, including a participation agreement; (ii) preparing and negotiating an inter-creditor agreement with a national franchisor; (iii) preparing and negotiating a corporate guaranty from the parent of the franchisor; (iv) reviewing title encumbrances, surveys, and title insurance policies; (v) negotiating local counsel opinion letters; and (vi) negotiating and preparing non-disturbance agreements from the ground lessors.

Represented a national bank regarding a master refinancing of a $98 million loan facility to 10 co-borrowers, which included securitizing 77 properties in 12 states. The representation included (i) preparing and negotiating loan documents, including a participation agreement; (ii) preparing swap documentation; (iii) reviewing title encumbrances, surveys, and title insurance policies; and (iv) negotiating local counsel opinion letters.

Represented a non-profit developer concerning the construction and development of a 46-unit affordable housing condominium for families with low to moderate income.

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