A duo of Katten attorneys from our Los Angeles and Chicago offices represented Pacific West Communities, Inc. in a transit-oriented affordable housing development and financing transaction. Upon completion, the Alvarado Creek Apartments will provide 227 new affordable housing units adjacent to the Grantville Trolley Station in San Diego.
The multi-tranched financing of the development exceeded $125 million and involved an extremely complex structure that included a long-term ground lease, tax-exempt bonds, a construction loan and tax credit equity. Katten's work included negotiating and documenting the purchase and sale documents in connection with the assemblage of multiple parcels, the sale/leaseback of those parcels through a long-term ground lease, debt and equity documents, development agreement and construction contract.
The Katten team included Real Estate and Affordable Housing and Community Development Partners David Cohen, Chicago and Los Angeles, and Michelle Poncetta, Los Angeles.
Chicago
