Elgin Artspace Lofts
Charity & Associates, P.C. represented Bank of America, N.A. in connection with a construction/bridge loan, a permanent loan and an Affordable Housing Program (AHP) grant to Elgin Artspace Lofts Limited Partnership to finance in part the construction and operation of a residential/commercial development located in Elgin, Illinois. Elgin Artspace Lofts consists of 55 units of affordable living and work spaces for artists in the Elgin, Illinois area, as well as retail and commercial space for arts-friendly businesses and nonprofit organizations. As part of construction, the developer, Artspace Projects, Inc., completely renovated the historic Sears structure and linked the existing structure to a new addition. 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.