Real Estate Transactions
McKenzie & Associates, P.C. has served as legal counsel to borrowers, purchasers, and lenders in residential and commercial real estate transactions and the sale and development of affordable housing properties in Massachusetts. We have been involved in the ongoing representation of some of the most active and reputable minority owned developers of inner-city properties in the Boston area. We advise developers on all aspects of financing, refinancing, land acquisition, sale, zoning, community processes, construction, and sale to property owners.
Long Bay Management Co.
We have represented Long Bay Management Company for the past 20 years. In 2003, Long Bay sold its affordable housing portfolio of over 700 units to United Housing Management, LLC. Prior to the sale, we represented Long Bay in all facets of the operation of its affordable housing portfolio, except the tenants’ eviction actions.
Our affordable housing clients seek our counsel and representation in various litigation matters that arise in the course of managing their properties, including lead paint litigation, tenant disputes, and other important issues. For several years, we have served as counsel to the Cruz Companies, Long Bay Management Company, United Housing Management, and Veterans Benefits Clearinghouse Development Corporation.
Roxbury Hills Apartments
We represented the Borrower, Roxbury Hills LLC, an affordable housing development and management company, in an $8.8 million refinancing of a 111-unit housing complex, including a $1.8 million construction financing loan.
Blue Mountain Apartments LP (United Housing Management LLC)
We represented Blue Mountain Apartments, LP in a $7.7 million refinancing transaction in 2006 and a $16.2 million refinancing transaction in 2011. The loans were secured by 25 apartment buildings consisting of 217 dwelling units. We represented the client in all phases of the transaction, including negotiating the terms of the loans with HUD Region 1, MHFA, the subsidy agencies such as the BHA and Metropolitan Housing Partnership, negotiated the terms of assigning the HAP contracts and negotiated the terms for subordinating commercial leases on the premises. In addition, we assisted the client in responding to and addressing an extensive list of corporate governance, zoning and licensing, and financial matters presented by Fannie Mae and HUD. We also represented Blue Mountain in the closings of the transactions.
Wayne at Franklin Hill Apartments (Cruz Companies)
We served as co-counsel to the Cruz Companies in the refinancing of a $20.3 million rehabilitation of 72 affordable housing units involving several public and quasi-public financing organizations and a local bank as lenders. Our focus in the refinancing was to address the issues raised by the public and quasi-public funders whose loans were documented with MassDocs. Some of the issues raised by the lenders concerned the subsidies, tax credit and the payment of the developer’s fees, whether such fees should be deferred, remain at risk or subordinated to the interests of all other financiers.
Wayne at Columbia Apartments (Cruz Companies)
We served as co-counsel in the refinancing of a $19.3 million loan transaction for the rehabilitation of 7 apartment buildings containing a total of 83 affordable housing units. The refinancing involved a consortium of lenders including Eastern Bank; the Affordable Housing Trust; Boston Home Program; the Neighborhood Housing Trust; the Low Income Housing Trust; MHFA; and MHP Fund. We participated in all phases of the negotiations to structure the terms of the loans.
Codman Square Neighborhood Development Corporation
We have represented Codman Square Neighborhood Development Corporation on many development projects for more than 10 years, including all aspects of a $7.5 million housing development consisting of 26 single-family units of affordable housing, as well as retail and office space. We represented the client in all aspects of the project, including land acquisition, zoning, permitting, construction, and sales to individual homeowners.