Jeffrey S. Drennan

Continuous communication helps the deal roll off without a hitch.

Contact: P /612.604.6730E /[email protected]

Administrative Contact: Miranda Wenndt P /612.604.6751E /[email protected]

Education

University of St. Thomas School of Law, J.D., cum laude, 2010

University of St. Thomas School of Business, M.B.A., 2006

Wartburg College, B.A., Finance/Economics, 2000

Bar Admissions

Minnesota, 2010

My Approach

I see my role as being the hub of the wheel in affordable housing tax credit projects. There are so many spokes of each deal – government financing, banks, title matters, surveys, the seller, tax credit investors – that communication and industry knowledge are key to getting deals done. I talk my clients all the way through the process, and make sure they know what to expect, from the initial purchase agreement to acquisition and syndication of tax credits, through the construction or rehabilitation process, until the time when the credits are issued.

In my previous life as an accountant at a Fortune 500 corporation, I always felt like I was cleaning up the mess after the party. While working with tax credits, I get the opportunity to work with great real estate developers and investors on the upfront creation projects and providing a unique service for low-income individuals who wouldn’t otherwise have an affordable place to live.

Groundbreaking Moment in my Career

The first time I was really involved in an affordable housing deal, we had been working on the project for 18 months, steadily moving towards closing, coordinating all the moving pieces. But then, when we got to about two weeks out from closing, suddenly, everything began happening very quickly and all at once, but rather than being overwhelmed, I was able to channel that adrenaline rush to a successful closing. I think I slept for the entire weekend following the closing of that transaction. It was those two weeks of adrenaline and excitement that keep me coming back for more.

Practice Areas

Practicing Tax Credit Financing & Syndication

My Experience

I represent clients relating to real estate debt and equity investments, including syndication of tax credits involving low income housing tax credits, historic tax credits and new market tax credits. My involvement runs from start to finish, from negotiating a purchase agreement through acquisition and syndication of tax credits through the construction or rehabilitation process, up to the time when clients receive their credits. I prepare and close on any and all financing related to the project, and advise clients directly with interactions with tax credit authorities, governmental authorities and lenders.

Representative Matters

Affordable Housing Transactions (representing the developer)

Buzza Artist Lofts – Minneapolis, MN (also involved Historic credits)
Schmidt Brewery – St. Paul, MN (also involved Historic credits)
Pillsbury A-Mill Lofts – Minneapolis, MN (also involved Historic credits)
Arcade – St. Louis, MO (also involved Historic credits)
The Cambric, St. Paul, MN
Fontaine Towers, Rochester, MN

Affordable Housing Transactions (representing the equity investor)

Residences of Solms Village – New Braunfels, TX
Croft Place Apartments – New Richmond, WI
Mission Village of Greeley – Greeley, CO
Mission Village of Florence – Florence, SC
Grand Harmony – Cheyenne, WY
Grand Mesa – Cheyenne, WY
Fox Pointe Townhomes – Austin, MN

Historic Transactions

Coffelt (representing the federal historic investor) – Phoenix, AZ
Parker and Putnam Buildings – Davenport, IA
Hotel St. Louis – St. Louis, MO

Mixed-Use Projects

2700 University – St. Paul, MN (80% affordable / 20% commercial)

Also experienced in

Real Estate Development & Transactions

Honors & Awards

Real Estate Law, 2023-2025

Top Lawyers in Minnesota

Minnesota Monthly, 2024