Case Studies

In April, 2010, McManimon & Scotland, L.L.C. represented the City of Millville, New Jersey, in connection with a redevelopment project to refurbish and restore a historic theater in the City. The City leveraged Urban Enterprise Zone and other redevelopment grants and funds into the project, resulting in a $6,810,301 loan to the borrower. The financing included a combination of loans, grants, equity and conventional bank financing from various sources. For more information on this project, please contact Glenn Scotland, Member.

In December 2009, McManimon & Scotland, L.L.C. attorneys worked with a qualified low income community business (QALICB) in connection with financing the renovation of an approximately 40,000 square foot building into a fresh food marketplace in the City of Vineland, NJ, utilizing NMTC. The financing included a combination of grants, loans and equity from various parties aggregating $5,600,000, including Urban Enterprise Zone funds. The NMTC investor played two roles: providing the equity investment and becoming a member of the QALICB, through an affiliate. For more information on this project, please contact Glenn Scotland, Member.

In November 2009, McManimon & Scotland, L.L.C., represented the Elizabeth Parking Authority and a newly formed 501(c)(3) non-profit corporation formed on behalf of the Parking Authority to complete a highly complex NMTC transaction involving a host of public stakeholders and their respective professionals, to finance the design, development, construction, operation and maintenance of an approximately 1,500-space, multi-level parking garage and related facility in the City of Elizabeth. This transaction involved multiple revenue sources, including public debt issued by the County of Union and Union County College, and an $11,875,000 NMTC loan. In addition to the NMTC financing, the firm completed in June 2010 the remainder of the $35,000,000 project financing using Recovery Zone Economic Development Bonds authorized by the American Recovery and Reinvestment Act of 2009. For more information on this project, please contact Glenn Scotland, Member.

In December 2010, McManimon & Scotland, L.L.C. represented the Essex County Improvement Authority in connection with a financing to benefit the Heritage House Apartments project. The financing involved the Authority’s issuance of $11,300,000 variable rate tax-exempt bonds secured by a Freddie Mac Letter of Credit. The bond proceeds, along with equity from the project sponsor and tax credit equity investment from the syndication of approximately $4,500,000 in low-income housing tax credits, were used to finance the acquisition, rehabilitation and repair of a 205-unit senior citizen housing project known as the Heritage House Apartments located in the City of East Orange, New Jersey. The Heritage House Apartments provide affordable housing for elderly and disabled residents of Essex County whose income is at or below 60% of the Essex County median income.