Michigan Multifamily Housing Development

Banas and Associates assists property owners in developing, selling, purchasing, rehabilitating and financing multifamily residential properties. Our clients own and operate various kinds of multifamily property types including:

  • Condominiums
  • Garden and high-rise apartments
  • Affordable multifamily rental communities
  • Senior and assisted living facilities
  • Rehabilitated urban buildings converted into apartments

Financing Mechanisms

Banas and Associates helps clients select the right financing package for their multifamily rental communities, and navigate the steps to successful funding. From government grants, to HUD-insured or state housing authority loans, to equity infusions - we assist property owners obtain the funds needed to acquire, develop or rehabilitate their properties. Types of funding transactions we handle include:

  • Fannie Mae and Freddie Mac loans
  • State housing agency bond financings (including MSHDA)
  • Low-Income housing tax credit (LIHTC) allocations and sales
  • HUD-insured mortgage loans
  • HUD mark-to-market (M2M) loan restructurings
  • Transfer of physical assets (TPA) transactions and HUD loan assumptions
  • Section 8 and project-based housing assistance payments (HAP) agreements
  • Federal and state grants for redevelopment of environmentally challenged and obsolete property, energy efficiency, etc.
  • Commercial mortgage-backed securities (CMBS) loans
  • LLC and LP investor equity contributions

Specialized Legal Services

Banas and Associates has extensive experience representing clients in financing, purchasing, developing and rehabilitating and their multifamily residential projects. Clients trust us to support their project goals, and we deliver timely and quality legal services for a wide variety of issues including:

  • Organizing property-owning entities
  • Acquisition and entitlement of real estate
  • Infrastructure and construction matters
  • Preparing condominium master deeds and related documentation
  • Negotiating arrangements for equity and mezzanine debt funding for owner
  • Negotiating sales of LIHTC credits to syndicators and funds
  • Helping owners apply for HUD-insured loans through MAP lenders
  • Helping owner apply for and close public housing agency (e.g. MSHDA) mortgage loans
  • Arranging for payments in lieu of taxes (PILOTs) to municipalities
  • Applying for grants under specialized federal and state programs for energy efficiency, abatement of asbestos, etc.

Representative Work

Senior Apartment Financing – Refinancing of phased independent senior rental apartment complex through Fannie Mae DUS program; and restructuring of LLC ownership entity.

Affordable Housing Project/Refinancing – Purchase and substantial rehabilitation of 550 unit Ohio affordable rental apartment project; restructuring and subordination of existing mortgage loan under HUD Mark to Market program; consummation of new HUD-insured mortgage loan; and HUD assignment of subordinated second mortgage loan to a qualified non-profit (QNP) member of property owner.

Mixed Use Condominium – Condominium documentation for multistory mixed use condominium overlooking city park in Birmingham, Michigan’s central business district; construction and luxury residential and retail units.

Affordable Housing Project/Substantial Rehabilitation – Purchase and substantial rehabilitation of 130 unit Michigan affordable rental apartment project; issuance of tax-exempt bonds by MSHDA (Michigan State Housing Development Authority) to provide short term funding of HUD-insured first mortgage loan during rehab work; award of 4% LIHTC credits and negotiation of sale of credits to investor; assignment of housing assistance payment (HAP) contract.

Loft Apartment Redevelopment – Conversion/rehabilitation of former pharmaceutical manufacturing facility in city’s central business district into 100+ unit loft apartment project; resolution of environmental issues relating to prior manufacturing activities on the site; qualification of project for historic tax credits and sale of credits to investors; closing of HUD-insured mortgage loan for construction and permanent financing.

Construction Loan - Consummation of  construction loan to fund construction and operation of senoir housing rental community.

We welcome you to contact Banas and Associates to discuss how we may be of service.

For More Information

Fill out our online form