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:
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:
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:
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.