Coats Rose Affordable Housing Group Serves as Lead Counsel to Navigate the Revitalization of the Historic Hotel Grim in a Groundbreaking Adaptive Reuse Transaction Utilizing a Combination of State and Federal Historic Tax Credits, City Funds, State Multifamily Direct Loan, and LIHTC

HOUSTON – November 13, 2019 – Coats Rose Affordable Housing and Community Development attorneys represented the Housing Authority of the City of Texarkana, Texas (“HATT”) as Mattye Gouldsby Jones, Kelly Longwell, and Paige Mebane on the partnership and Bill Walter and Ron Bell as bond counselpartnership and bond counsel on the closing of a transaction which will revitalize and redevelop the historic Hotel Grim in downtown Texarkana, Texas.  The 93-unit development was financed utilizing an innovative strategy which utilized a master lease structure in conjunction with federal and state historic tax credits, private financing, LIHTC, a TDHCA Multifamily Direct Loan utilizing NSP proceeds, HUD Section 108 Funds, EPA Brownfield Funds, and a local contribution from the City of Texarkana.  The Coats Rose team included Mattye Gouldsby Jones, Kelly Longwell, and Paige Mebane on the partnership and Bill Walter and Ron Bell as bond counsel.

“We are proud to assist the Housing Authority of the City of Texarkana in this exciting new development which we believe will be catalytic for the revitalization of downtown Texarkana and will have a regional impact.  We hope that this will be a model for repurposing historic buildings throughout the state.” said Barry Palmer, head of the Coats Rose Affordable Housing and Community Development practice group.

Antonio Williams, CEO of HATT, expressed his excitement at the latest milestone in HATT’s revitalization strategy and signaled his desire to continue to pursue new and innovative affordable housing solutions both in Texarkana and beyond.

“I would like to thank my HATT team and our development partners in the successful closing of this transaction, which will ensure the restoration of the physical structure of the Hotel Grim, serve the families who will call it home, and preserve a key piece of Texarkana’s history for future generations,” shared Williams.

Related Images: Hotel Grim Apartments

About Coats Rose, P.C.

Coats Rose is a transactional and litigation law firm focused on development: the development of real estate, affordable housing, special purpose districts, business and private wealth. We provide legal counsel to businesses, governmental entities, corporate, and high-net worth clients across the U.S. and internationally. For over 30 years, the firm has leveraged its vast legal experience to fulfill clients’ needs spanning real estate law, affordable housing and community development, public finance, construction/surety law, commercial litigation, government relations, intellectual property, mergers and acquisitions, securities law, tax, wealth planning and preservation. In addition to its headquarters in Houston, Coats Rose has offices in Dallas, Austin, San Antonio, New Orleans and Cincinnati. Learn more at www.coatsrose.com.

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