City Hall Artist Lofts
Charity & Associates, P.C. represented Bank of America, N.A. in connection with a construction/bridge loan to City Hall Artist Lofts Limited Dividend Housing Association Limited Partnership to bridge low-income housing and federal historic preservation tax credit equity for the construction of a residential/commercial development to be located in Dearborn, Michigan. Our firm also represented IFF, a regional non-profit lender, in making a land acquisition loan and a bridge loan to bridge grant funds to finance in part the acquisition and construction of the development. When completed, the development will have converted the City of Dearborn, Michigan City Hall and Police Headquarters into a mixed use development that will provide 53 units of affordable living and work spaces for artists in the Detroit Metropolitan Area, as well as contain retail and commercial space, and parking.
As lender’s counsel, our role was to draft and negotiate loan documents, review all development related diligence including the borrower’s limited partnership agreement and organizational documents, and draft and negotiate intercreditor agreements with subordinate lenders.