Jeffrey J. Koerselman

To date, I have been fortunate to act as lead counsel to for-profit and non-profit developers and investors in connection with over 100 low-income housing tax credit transactions across the country. Among those transactions are the following:

• Represented non-profit developer in connection with the adaptive reuse of historic buildings located at Fort Snelling, Minnesota to be rehabilitated for use as 58 units of housing for homeless veterans. Financing included two separate issues of tax exempt bonds, 4% low income tax credits, federal and state historic tax credits, and a variety of other subordinate loan and grant funds. Project also involved the negotiation of a long-term Enhanced Use Lease Agreement with the United States Department of Veterans Affairs and the first ever project-based use of Veterans Assisted Supportive Housing rental subsidies in the country.
• Represented joint venture of non-profit developers in connection with the $100 million rehabilitation of a 640-unit Section 8 high rise project located in Minneapolis. Financing included tax-exempt bond financing, 4% tax credits, HUD 221(d)(4) first mortgage loan, HOME and CDBG Program fund loans, and other loan/grant funds provided by other federal, state, and local governmental agencies.
• Represented developer in connection with a mixed-use multifamily/commercial project located in Iowa financed with 9% low-income housing tax credits, federal and Iowa state historic tax credits, Iowa brownfields tax credits, and over a dozen other debt and grant financing sources. Project also required the use of a condominium structure in order to separate residential/commercial use portions of the building.
• Represented developer in connection with the acquisition and rehabilitation of a 108-unit affordable housing located in Rochester, Minnesota. Project financing included tax-exempt bonds issued by the Minnesota Housing Finance Agency, a separate issuance of Minnesota housing infrastructure bonds also issued by MHFA; 4% low-income housing tax credits. Project also required our assistance in connection with the assignment, assumption, and extension of a HAP Contract and the mark up to market of the rental rates.

My representative experience as lead counsel on historic rehabilitation tax credit projects include:

• Tax counsel to several national tax credit investors in connection with historic tax credit projects in 25+ states across the country. To date, such projects have involved more than $300 million of equity invested by clients having total project costs of over $2 billion.
• Closed the first project that utilized the Minnesota state historic tax credits (first enacted in 2010) while representing a nonprofit housing developer on a project that was financed with federal historic tax credits, Minnesota state historic tax credits, low-income housing tax credits, and several other affordable housing soft debt financing sources.
• Represented historic tax credit investor in connection with the conversion of a historic hotel located in Kansas City into a 215-unit market rate residential/commercial mixed use project. Total development costs of approximately $70 million.
• Represented developer in connection with a mixed use project with 120-unit market rate unit apartment units and commercial space located in the North Loop neighborhood of Minneapolis with a total development costs of over $25 million.
• Represented developer in connection with a mixed-use multifamily/commercial project located in Iowa financed with federal historic tax credits, Iowa state historic tax credits, low-income housing tax credits, Iowa brownfields tax credits, and over a dozen other debt and grant financing sources.
• Represented federal and state historic tax credit investors in connection with the rehabilitation of a historic cigar factory located in Detroit, Michigan for adaptive reuse as commercial office space. Project was financed with federal historic tax credits, Michigan state historic tax credits, Michigan brownfields credits, federal new markets credits, and numerous debt financing sources.