Rich concentrates primarily on revenue bond financings for environmental infrastructure facilities, acute and subacute health care facilities, and higher and secondary education institutions.
Since 1992, Rich has participated in the Firm’s representation of the New Jersey Infrastructure Bank (formerly known as the New Jersey Environmental Infrastructure Trust and, before that, the New Jersey Wastewater Treatment Trust); and since 2002, he has served as the partner-in-charge of such client relationship. In such capacity, Rich has served as bond counsel for over 60 pool financings by the I-Bank for hundreds of wastewater and sewerage treatment facility projects and drinking water facility projects – including solid waste remediation projects – for qualifying program participants throughout the State of New Jersey, including counties and municipalities, regional, county and municipal sewer, utilities and improvement authorities, State authorities, nonprofit entities, and investor-owned private water utilities.
He has developed an extraordinary degree of depth and experience with the legal and structural complexities of pooled financing programs, as well as the logistical challenges presented by the largest pooled structure undertaken in the State of New Jersey. In addition to his experience with the I-Bank’s marquee pooled financing program through which the I-Bank partners with the New Jersey Department of Environmental Protection in providing low cost leverage for New Jersey’s environmental State Revolving Fund program, Rich has served as bond counsel to the I-Bank in connection the development and the implementation of its Construction Financing Program, its Emergency Loan Program, its Direct Loan Program, its Green Bond initiative, its highly efficient and economical program for refunding pooled financing program bonds, and the borrowing by I-Bank, via two separate financings, of approximately $750 million dollars from the United States Environmental Protection Agency pursuant to the federal Water Infrastructure Finance and Innovation Act (WIFIA). In 2011, the work of McCarter & English, LLP on behalf of the New Jersey Infrastructure I-Bank was recognized by the New Jersey Alliance for Action for its impact upon, and contributions to, the environment of the State of New Jersey.
In addition to his work with the I-Bank, Rich has participated in financings for the largest borrower participant in the Massachusetts State Revolving Fund program and has represented a state issuing authority in connection with the issuance of 3 series of bonds, totaling almost $300 million in aggregate principal amount, the proceeds of which were loaned to a for-profit entity to finance the remediation of approximately 785 acres of property.
In addition to his experience with the Green Bond Principles, Rich has been at the national forefront of the growing market for Environmental Impact Bonds, having served as underwriters’ counsel with respect to two such transactions, including only the second issuance done nationally that consisted of publicly offered Environmental Impact Bonds – a transaction that was recognized as The Bond Buyer’s Small Issuer Deal of the Year.
In connection with his work on State Revolving Fund financings, Rich is an active participant in the programming of the Council of Infrastructure Financing Authorities.
In the area of healthcare finance, Rich has represented significant healthcare systems in connection with acute care facility capital financings, corporate realignment and mergers, change in control and sponsorship, debt restructuring and refinancing, and developer-financed medical office buildings and wellness centers. He has served as bond counsel for capital financings and re-financings for subacute facilities, including continuing care retirement communities, assisted living facilities and skilled nursing facilities. Rich has worked on multiple transactions pursuant to the provisions of the New Jersey Community Health Care Assets Protection Act, involving complex issues subject to New Jersey Certificate of Need requirements and regulation pursuant to the federal Hart-Scott-Rodino Act.
His underwriter’s counsel practice is focused primarily upon secondary educational institutions and higher educational institutions.
In addition, Rich concentrates on Federal and State securities and disclosure laws relating to public finance, and the application of the Federal and State Establishment Clauses to religiously affiliated non-profit organizations seeking bond financing.
Rich brings to his practice the perspective of non-profit leadership. He has served as a member of the Board of Trustees of Xavier High School, New York City, for thirteen years. In 2008, Rich was elected to serve as Chairman of the Xavier Board of Trustees, and in 2011 was elected to a second term as Chairman. For seven years, he served as Chairman of the Board of Directors of Mount Manresa Jesuit Retreat House, on Staten Island, New York. In addition, Rich is a member of the Board of Trustees of the Morris Museum, where he is a member of the Governance, Advancement and Audit Committees of the Board.
Rich has been with the firm 30 years and was elected a partner in 2000.
