Coats Rose Attorneys Assist in Major Preservation Transaction Totaling $70 Million for Affordable Housing Apartments in Dallas Area

Screen Shot 2014-10-02 at 1.24.55 PM (2) Screen Shot 2014-10-02 at 1.25.09 PM (2)Dallas/ Ft. Worth, Tx. October 2, 2014:  Coats Rose directors Barry Palmer and Scott Marks assisted with the closing of three year-15 housing tax credit re-syndication transactions.  The properties are located in high-opportunity areas of the Dallas/Fort Worth Metroplex and will preserve more than 850 affordable apartments.

The Norstar Development USA, L.P. financing strategy will successfully preserve housing tax credit properties well beyond the initial 15-year compliance period.

Funding sources of more than $70 million include the Dallas Housing Finance Corporation, McKinney Housing Finance Corporation, and Tarrant County Housing Finance Corporation as bond issuers, City Real Estate Advisors as equity investor, and Prudential Multifamily Mortgage as long-term taxable lender.

“This transaction will serve as a model for successfully recapitalizing 15 year tax credit properties throughout Texas,” says Barry Palmer, head of the Coats Rose Affordable Housing practice group.

Coats Rose is a full service business transaction and litigation law firm based in Houston, Texas. For over 25 years, Coats Rose attorneys have worked with clients in construction/surety law, real estate law, commercial litigation of all types, municipal law, public finance, affordable housing, insurance law, labor and employment law, and governmental relations. Coats Rose is comprised of over 90 attorneys, with offices in Houston, Clear Lake, Dallas, Austin, San Antonio, and New Orleans.

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