Hollie A. Croft

Experience

Ms. Croft has significant transactional experience representing clients in affordable housing, including:

• Low Income Housing Tax Credit (LIHTC) applications, structuring and equity investments
• Tax–exempt and taxable bonds
• HUD and FHA insured programs and subsidies (including 221(d)(4), 223(f), 232, 202, 236, 811, Section 8, VASH, RAD, LIPHRA, ELIPRHA) and assignments, modifications, renewals, transfers of physical assets (TPA), and modified transfers of physical assets
• Joint ventures, including public/private partnerships, nonprofit/for profit partnerships, and preservation funds
• Conventional predevelopment, construction and permanent financing
• Federal, state and local loan and subsidy programs (including HOME, CDBG, NSP, SAIL, ELI, SHIP, AHP, and numerous other programs)
• Year 15 dispositions of LIHTC properties (including property sales and equity investor exits)
• Portfolio sales of LIHTC and other affordable housing properties
• Loan defaults and workouts

Representative transactions include:

• Represented a national real estate and management company in the $315 million HUD financing for the company’s Florida apartment portfolio.
• Representated a nonprofit organization that provides safe and affordable housing for individuals with special needs, involving 9% low income housing tax credits, tax credit equity, a conventional construction loan, SAIL and SAIL ELI loan and grant funds, and AHP funds.
• Represented an organization dedicated to preserving and improving existing affordable housing properties in its largest ever multi-state acquisition of more than 20 properties valued at over $800 million. The financing structure included debt and equity modification, regulatory approvals, permanent financing for fee simple transactions, and joint venture negotiation.
• Served as counsel to a privately held real estate investment and asset management company in acquiring over 80 property deal portfolios in the Mid‑Atlantic valued at over $800 million, including the assets of a property management company.
• Represented a privately held real estate investment and asset management company specializing in the acquisition, preservation and repositioning of affordable housing for a project in Florida, including negotiation and closing of $12.8 million in bridge loan financing to ensure long term affordability for the tenants
• Represented an investment company providing platforms with growth capital, investing in restructuring transactions and offering companies structured financing, with a focus on the acquisition of workforce and affordable housing on the $4.651 million acquisition and financing of a project in Missouri.
• Represented a private equity real estate investment firm in the $22.81 million bond redemption and LP interest acquisition for a 300-unit affordable housing project in Florida, a significant repositioning and rehabilitation initiative preserving long term affordability.
• Represented a privately held real estate investment and asset management company specializing in the acquisition, preservation, and repositioning of affordable housing in an- affordable housing project in Florida, with total project costs around $65 million, including bridge acquisition financing in 2021, low income housing tax credit syndication in 2023, along with Freddie Mac and taxable loan and other bridge financing.
• Represented an investment company focused on providing growth capital, restructuring investments, and structured financing in the nearly $13 million acquisition and financing of anaffordable housing portfolio in Georgia, intended for rental to low- and moderate-income households.
• Represented an organization dedicated to preserving and improving existing affordable housing in a near $300 million acquisition of a multi-state portfolio across the Midwest and Northeast, including structuring joint venture equity, numerous purchase agreements, due diligence, structured credit facility, subordinate debt, and handling all closing aspects.
• Represented privately held real estate investment and asset management company specializing in the acquisition, preservation, and repositioning of affordable housing, in a nearly $69 million acquisition of anaffordable housing community in Florida serving low- and moderate-income residents.
• Represented an affordable housing organization in a near $23 million acquisition and rehabilitation of a multi-buildingcommunity in Illinois, where 100% of units serve LIHTC‑eligible residents.
• Represented an organization dedicated to preserving and improving existing affordable housing properties by acquiring, maintaining and extending affordability programs in a nearly $62 million purchase of anaffordable housing community in New Jersey.
• Represented one of the largest diversified real estate management and development firms in the county as lead counsel in a disposition of over 50 of its affordable housing properties in over 20 states, and several of its market rate properties, the most recent involving the sale of a market rate property in Florida and a sale of an affordable asset in Texas.
• Served as lead counsel for a development consultant in the financing and development of a mixed-use tower in Miami, featuring nearly 600 apartment units serving elderly low-income tenants, more than half with project‑based vouchers, over 250,000 square feet of major tenant retail, and a public parking garage valued around $340 million. The financing structure included tax exempt bonds, a taxable corporate note, LIHTC equity, a municipal loan, additional equity and grants, a separate tax-exempt bond issuance for the garage, along with complex real estate structuring such as vertically subdividing and a condominium regime.
• Lead counsel for an affordable housing preservation developer in the purchase of multiple Section 8 properties in New York and New Jersey valued at $157 million. The transaction was structured where the client utilized its preservation private equity fund to leverage co-investments from two different fund members, negotiated all agreements and the master credit facility used to finance all assets, and coordination with local counsel on regulatory approvals.
• Represented an affordable housing preservation developer as lead counsel in the acquisition of an affordable multifamily property in Texas, including structuring the transaction for the client, utilizing its equity along with a structured loan to purchase the distressed assets and quickly bringing units back online to expand availability of affordable housing.