New Markets Tax Credit financing for New York City non-profit entity
Tannenbaum Helpern successfully represented a large 501(c)(3) non-profit organization – serving 50,000 people a year -- in the organization's receipt of New Markets Tax Credit financing to facilitate an approximately $52 million capital improvement to the organizations 120 year old headquarters in Manhattan's Lower East Side. THSH acted as general counsel to the organization with a specific focus on real estate, construction and corporate law issues. This required the coordination and negotiations with five separate lenders, various real estate transactions, New York state administrative and judicial approvals of the transaction, and owner representation in connection with the construction of the capital improvements. The coordinated efforts and expertise of various THSH practice areas allowed for a successful closing enabling the client to continue its worthy mission.