Richard Nolan concentrates primarily on revenue bond financings for environmental infrastructure facilities and acute and subacute health care facilities, and has represented clients as bond counsel, underwriter’s counsel, borrower’s counsel, guarantor’s counsel, trustee’s counsel and letter of credit bank counsel on transactions in New Jersey, New York, Pennsylvania, Arizona, Virginia, Louisiana and Texas.
Since 1992, Rich has participated in the Firm’s representation of the New Jersey Environmental Infrastructure 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 47 pool financings by the Trust, totaling over $2.3 billion in aggregate principal amount of bonds issued 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, municipalities, county, municipal and regional sewerage and utilities authorities, state authorities, and for-profit water companies.
He has developed an extraordinary degree of depth and experience with the legal and structural complexities of the Trust’s pooled financing program, 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 Trust’s marquee pooled financing program through which the Trust 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 Trust in connection the development and the implementation of its Construction Financing Program, its Planning and Design Loan Program, its Emergency Loan Program, its Direct Loan Program, its Prepayment Program, its Supplemental Loan Program, its Brownfield remediation initiative, as well as the development and implementation of the Trust’s highly efficient and economical program for refunding pooled financing program bonds. Most recently, he has served as bond counsel to the Trust in connection with the development and implementation by the Trust of its new creditworthiness standards for financing program applicants, as well as the implementation of a new Disaster Relief Emergency Financing Program in response to the devastation caused by Superstorm Sandy.
Rich is an active participant in the programming of the Council of Infrastructure Financing Authorities, and speaks annually at the Trust’s Applicant Seminar regarding the legal requirements and structures for participation in the various financing programs of the Trust. In 2011, the work of McCarter & English, LLP on behalf of the New Jersey Environmental Infrastructure Trust 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 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.
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 served as a member of the Board of Trustees of Xavier High School, New York City, for ten years, having served in such leadership capacities as Chairman of the Advancement Committee of the Board, member of the Executive Committee of the Board, Vice-Chairman of the Board and member of the Presidential Search Committee. 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, where, most recently, he led Mount Manresa’s recovery response efforts in the aftermath of Superstorm Sandy and the devastation inflicted upon a number of Staten Island communities. In addition, Rich is a member of the Board of Trustees of the Morris Museum, where he is a member of the Governance Committee of the Board, serves as Treasurer and Chairs the Finance Committee of the Board, and as a member of the Board of Trustees of the Independent College Fund of New Jersey. He also advises an inner-city Staten Island parochial grammar school with respect to its scholarship endowment fund.
Rich has been with the firm over 20 years and was elected a partner in 2000.
