United States: Thelen Real Estate Finance Team Closes Two Award-Winning Affordable Housing Projects in New York
Last Updated: May 16 2007

NEW YORK (May 14, 2007)—For the third year in the last four, Thelen Reid Brown Raysman & Steiner LLP has handled a real estate finance transaction that has been awarded "Project of the Year" by the New York State Association for Affordable Housing (NYSAFA).

At its annual conference, held May 10 in New York, NYSAFA honored the Seaview Towers project as "2007 Project of the Year." Part of the Mitchell-Lama preservation development program, this 400-plus unit was financed with New York City Housing Development Corporation tax exempt bonds, Fannie Mae credit enhancement, Low Income Housing Tax Credits, a Section 8 Housing Assistance Payment Contract, a Section 236 Interest Reduction Payment Agreement, and three layers of subsidy loans. A Thelen real estate team led by New York partner Andrew Kramer and Hartford, CT associate Candace Cunningham closed this complex financing last December on behalf of firm client Citigroup.

The NYSFA also gave its "2007 Innovator of the Year Award" to the developer of 1212 Martin Luther King Blvd., the first truly "green" multifamily affordable apartment building in New York City. Thelen represented The Community Preservation Corporation in the construction financing for this project, which was funded by Low Income Housing Tax Credits and further layers of subsidy loans. Thelen attorneys Neal McMahon and Leigh Hughes are currently working on permanent financing for this green development.

The NYSAFA, formed in 1998, is a trade association for New York State developers, general contractors, attorneys, lenders, equity investors, and other housing professionals that are involved in affordable housing. NYSAFA's mission is to increase housing programs and subsidies, to be a voice for professionals in the field, and to inform members of new opportunities and developments.

Thelen has one of the premiere Real Estate Finance practices in the world. In the first quarter of 2007 alone, the firm has closed more than $7 billion in financing worldwide. Thelen was also recently named the "2007 Global Construction Law Firm of the Year" by Who's Who Legal.

For more information, contact:

Kevin Livingston
National Manager of Public Relations
Thelen Reid Brown Raysman & Steiner LLP

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