University of Minnesota Law School, J.D., cum laude, 1996
Hillsdale College, B.A., honors, magna cum laude, 1992
In the tax credit world, there’s a way to get the most value out of your credits, and there are also ways to flush giant quantities of value down the drain. I work with clients to make sure they get the maximum benefit out of federal tax credits, whether they be Low Income Housing Tax Credits (LIHTC), Historic Tax Credits (HTC), Energy Tax Credits or New Markets Tax Credits.
My clients include developers and investors in the solar industry, affordable housing industry, and assisted living business. Some have been working these types of transactions for years. For others this is their first time dealing with tax credits and they can’t afford to get it wrong the first time. Our job is to provide first-time clients a quick working education first and then a continuing expansion of their knowledge and capabilities over time.
I believe deals succeed or not based largely on two things: (1) having the right pro forma, and (2) choosing the right transaction partners. I am lucky to have relationships with great people in the industry, and enjoy the days when I connect developers, lenders, investors to find the right fit for the deal. I also love putting my finance and tax background to use in helping develop or improve the pro forma. The numbers tell me whether the project works or needs tax or other help, and guides the next steps to introduce the right partners to the transaction.
A Groundbreaking Moment in My Career
When I first planned on law school, my goal was to become a judge and right the world's wrongs. But after seeing what we do in our tax credit finance group, I know that I'm in the right place. All we do is find money to build things that improve our neighborhoods and country. I may not be righting the world's wrongs in the same sense I thought I would, but, for example, I have helped keep more than 10,000 apartments affordable, and in 2017 helped double the number of Minnesota residents on solar power. I guess project finance lawyers can change things too.
Practicing Tax Credit Financing & Syndication
I represent institutional investors and developers in working with federal and state tax credits of all kinds, including Low Income Housing Tax Credits, Historic Tax Credits, and Energy tax credits.
Historic Tax Credits:
Closed approximately 400 federal and state historic tax credit transactions.
Act as investor counsel for multiple federal historic investors.
Create national and state historic multi-investor and single-investor funds, including drafting of fund level operating agreements and offering documents.
Act as fund counsel for national and state credit funds, including in Virginia, Ohio, New York, North Carolina, South Carolina, Texas, Louisiana and Indiana.
Connect developers with lenders of construction and permanent debt.
Represent several active historic bridge lenders, bridging state and federal historic equity.
Pioneered new state credit fund structures in response to the Virginia Historic state credit case.
Guide investors through recently evolving legal landscape, including the Virginia Historic case, the Boardwalk case, the IRS HTC Safe Harbor, and Tax Reform.
Low Income Housing Tax Credits:
Closed approximately 250 LIHC transactions.
Adapt finance strategy to suit the project: whether the project is a large urban core redevelopment involving multiple sources of financing and multiple state and federal credits, or a small strong project in a rural area trying to overcome a scarcity of LIHC investors.
Closed many tax-exempt bond transactions using 4 percent LIHC.
Represent developers in mixed-income projects, senior projects and assisted living projects.
Conduct work-outs of LIHTC investments, which may involve debt restructuring, resyndication or acquisition of general partner interests.
Formulate year 15 strategy and accomplish investor exit.
700MW+ of renewables closed.
Represent solar and wind developers on real estate and permitting issues, PPA negotiations, equity and debt financing arrangements and equipment purchases.
Arrange and close debt and tax equity financing for utility scale projects, community solar gardens and rooftop portfolio projects.
Assist several solar developers, lenders and tax equity investors in the upper Midwest.
Creative use of capital leases, operating leases and alternative ownership arrangements to satisfy state requirements and local utility programs.
Advise on municipal and utility participation in connection with ITC eligible projects.
New Markets Tax Credits
Closed approximately 90 NMTC financings.
Financed projects of every type: agribusiness, renewables, commercial, retail, hospitality, warehouse, theater, museum, convention, small loan pools, and more.
Creative use of leverage loan sources.
Plans for and insists on efficiency and lower cost transactions.
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