Our Client’s Challenge
Our client, a not-for-profit provider of housing and clinical treatment for disabled people over the age of 50, owned real property, on which a small three-bedroom family residence burned down. They also owned three small lots that needed to be consolidated in order to support a larger, more efficient and productive facility. Complicating the rebuilding process, the fire insurance proceeds on the aging small house were insufficient to fund the intended new structures.
Our attorneys first approached the county to address consolidation of all three parcels into a single lot. Removing multiple side-lot setbacks provided a much larger building envelope adequate for both residential units and a clinic. Our finance industry team worked with a national bank, state agencies, and the county to assemble a package through a subsidized bond program. State funding and county support helped assemble a substantial fund for construction. A 14-unit apartment building and a two-story clinic were successfully constructed on the lot and continue to provide critical services.
Tags: Real Estate and Land Use, Financial Services