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Catherine M. (Cumming) Riihiluoma

I love the tangible aspect of my work, pointing to a building and knowing we helped make it happen.

Contact: P /612.604.6590E /[email protected]

Education

University of Minnesota Law School, J.D., 2016

University of Colorado Boulder, B.A., Philosophy, 2012

Bar Admissions

Minnesota, 2016

My Approach

What I enjoy most about my practice is that it is proactive and tangible. While I primarily work with for-profit and non-profit real estate developers, I also help lenders and investors navigate complex transactions. In a typical transaction, I help clients move from initial due diligence through closing, and any post-closing matters including tax credit allocation. When construction is complete and the doors open, there is something tangible that benefits real people and their community. However, once the deal closes our work is not done as we assist our clients with post-closing matters such as future developments, sales, refinances, resyndications, and corporate restructuring. No matter where we are in the process, I am always looking ahead to foresee and prevent potential issues or find better alternatives related to the project, financing, and corporate structure.

Practice Areas

Practicing Tax Credit Financing & Syndication

My Experience

I represent for-profit and non-profit real estate developers in all facets of commercial real estate financing and development, with an emphasis on tax credit financing. I have experience with low-income housing tax credits, historic tax credits, and energy tax credits. I work with developers to navigate complicated capital stacks and have extensive experience with Fannie Mae, Freddie Mac and HUD debt layered with mezzanine financing, soft debt, governmental grants, and equity financing. Whether it is reviewing term sheets at the beginning of the transaction to negotiating the partnership agreement and financing documents as we approach closing to helping clients navigate post-closing matters and beyond, I help developers navigate nearly every aspect of a project’s lifespan. I also work with developers on general real estate matters, construction and architect agreements, and leases. I am interested in tracking all the moving pieces (and personalities) of a transaction and energized by finding solutions to get transactions closed.

 

Representative Matters

Developer Representation

• Represented developer in the acquisition and development of a $265 million multi-site and multi-phase development in Minneapolis, Minnesota. This project utilized equity investment, a construction loan, mezzanine financing, tax increment financing, and environmental clean-up grants.
• Represented developer in connection with the acquisition and development of a new construction project with total development costs of $32 million in Minneapolis, Minnesota. This project utilized tax-exempt bonds, 4% tax credits, opportunity zone credits, a forward Fannie Mae MTEB loan, tax increment financing, and environmental clean-up funds.
• Represented the Red Lake Band of Chippewa Indians in the development and financing of a $42 million development in Minnesota offering deep affordability, culturally sensitive design, and an on-site wellness center. This development utilized 15 sources of financing, including numerous forms of public debt, and required the replatting of multiple real estate parcels.
• Represented developer in connection with the land acquisition, entitlements, and construction of a $124 million joint venture development in Minnesota. This project utilized construction and mezzanine financing, tax-exempt bonds, 4% tax credits, and a forward Freddie Mac TEL loan.
• Represented developer in the acquisition and development of a $60 million joint venture development in Colorado. This project utilized construction and mezzanine financing, subordinate debt, tax-exempt bonds, 4% tax credits, and a forward Freddie Mac TEL loan.
• Represented developer in the acquisition and development of a $32 million joint venture development in Houston, Texas. This project utilized construction and mezzanine financing, subordinate debt, tax-exempt bonds, 4% tax credits, and a forward Fannie Mae MTEB loan.
• Lead counsel to borrowers in over 30 Fannie Mae refinances, totaling over $600 million.
• Lead counsel to developer in the acquisition and rehabilitation of a $16 million, 144-unit affordable senior development in Brooklyn Park, Minnesota.
• Lead counsel to developer in connection with the acquisition, construction and development of assisted living facilities in Minnesota, totaling over 400 units and $200 million in development costs.
• Lead counsel to developer in connection with acquisition and development a 120-unit apartment building in Cottage Grove, Minnesota with total development costs of $24 million, which utilized construction financing, tax increment financing, and grant funding.
• Represented borrowers in numerous HUD 221(d)(4) construction loans, totaling over $400 million, including the first Pilot Program loan closing in the country. These projects utilized joint venture financing, mezzanine debt, low-income housing tax credits, and various forms of public debt and grants.
• Lead counsel to developers in joint venture exits and limited partner buyouts.

Investor & Lender Representation

• Represented federal tax credit investors in connection with over $450 million in historic rehabilitations in Virginia, North Carolina, Kansas, Missouri, Iowa, Wisconsin, Minnesota, and Washington.
• Represented investor in $50 million of preservation equity financing for the acquisition of affordable housing developments in Ohio.
• Represented investor in connection with 2200 kW DC of solar power in Wilmington, Massachusetts.
• Representation of leverage lender in connection with a $12 million new market tax credit transaction in East Moline, Illinois. Responsible for drafting loan documents, reviewing title and survey, reviewing financing documents, and reviewing due diligence.
• Represented lender in connection with a construction loan, state bridge loan, and federal bridge loan for a historic tax credit developments in Illinois and Iowa.

Miscellaneous

• Represented developers in the drafting and negotiation of construction contracts and architect agreements totaling over $400 million.
• Represented for-profit developer in forming a 501(c)(3) employee relief fund, which received tax-exempt status to provide relief and assistance to Hurricane Harvey and Hurricane Irma victims.
• Represented client in formation of 501(c)(3) affordable housing developer.
• Represented non-profit client in the drafting and negotiation of a women’s shelter lease with the Red Cross.
• Represented landlords in the drafting and negotiation of commercial leases.

Awards

The Best Lawyers in America© Ones to Watch

Tax Law, 2021-2025

Practicing Real Estate Development & Transactions

My Experience

I represent nonprofit and for-profit developers in highly structured commercial real estate transactions. My practice involves the acquisition, construction, rehabilitation, refinancing, and disposition of market rate and affordable multifamily developments. I advise developers on a wide variety of financing structures and transactions which often utilize tax credits, bonds, governmental and private funding sources. I help developers navigate the various stages of a real estate transaction from the initial acquisition through disposition, partner buyouts, and/or resyndication and everything that happens in between.

Non-Profit Experience

In addition to real estate development and finance, I represent clients in non-profit law matters. I assist non-profit and tax exempt clients with their creation, ongoing operations, corporate structure, governance, fiduciary duties, conflicts of interests, and compliance with the Internal Revenue Code. Our non-profit clients range from pro bono clients who want to bring a cause to life as well as corporate entities that want to give back to their employees and communities.

Honors & Awards

Rising Stars

Minnesota Super Lawyers®, 2024

The Best Lawyers in America© Ones to Watch

Tax Law, 2021-2025
Real Estate Law, 2023-2025

MSBA North Star Lawyer

Pro Bono Service, 2017-2018, 2022

Associations & Memberships

Minnesota Commercial Real Estate Women

(MNCREW)

Minnesota Women Lawyers

MyTeamTriumph

Volunteer

Seize Your Joy

Volunteer

Fly Fishing Women of Minnesota

Member

Habitat for Humanity of Minnesota

Board of Directors
Chair, Loan Committee