Commercial Lending & Finance

Attention to detail in negotiating a complex solar energy loan

We helped a central Massachusetts bank address a myriad of complicated real estate and organizational issues in making a multi-million dollar solar development loan involving multiple properties in several states. The transaction involved the sale and escrow of Solar Renewable Energy Certificates and the structuring of an intercreditor agreement between the lender and the tax investors. There were a number of moving parts and multiple, unforgiving deadlines.

Getting a high-stakes real estate deal done

When the developer of a significant, vacant downtown property needed a quarterback for his professional advisory team, he turned to us. We put together a complex financing structure, which included New Market Tax Credits and Historic Tax Credits for the $42 million renovation and adaptive reuse of a registered historic building. Weekly conference calls with 20 or more parties were common and we participated in drafting, negotiating and reviewing approximately 500 documents – all under the pressure of tight deadlines. The deal closed in the spring of 2015, and the former newspaper office building now serves as the campus of a community college serving Western Massachusetts.

Experience and prior relationships help a solar lending project close for a banking client

A regional bank wanted to make a loan to a real estate developer for the installation of solar panels on a low-income housing facility in Washington, D.C. There were five buildings being constructed in a project involving federal and local seed financing. Our bank client was interested in green energy lending and saw this project with this customer as a great opportunity. While the deal had unusual collateral and other complexities, we used our experience with the bank and the borrower to streamline the process and the deal closed without complication.

Refinancing a regional shipping center

We represented a local lender in a large transaction involving the refinancing of a New Hampshire shopping center. The transaction required an understanding of real estate and leasing issues as well as the usual financing complexities. We guided the transaction to a smooth closing, working cooperatively with Maine counsel on the intricate details of the transaction.

Sale of an interest in an expanding bank

As part of a recent, $63 million transaction involving a Boston-based community bank, two pension-fund shareholders in a bank holding company were required to divest their interest due to the Volcker Rule. We advised the sellers, reviewed the stock purchase agreement, helped assemble the other transaction documents, and handled the regulatory review and compliance aspects of the deal. The sale/acquisition and investment of new capital closed in the summer of 2016.