Todd B. Urness
I like to see a deal coalesce around an idea, connect the right people and get it done.
Contact: P /612.604.6657E /[email protected]
Administrative Contact: Kara Heidgerken P /612.604.6495E /[email protected]
Education
University of Minnesota Law School, J.D., 1982
Gustavus Adolphus College, B.A., summa cum laude, 1979
Bar Admissions
Minnesota, 1982
My Approach
When working with my clients, what I really try to do is help them find opportunities that they might not see otherwise, or advise on an overall strategy for their company or for a particular transaction. Sometimes, that means discrete questions about a particular tax credit transaction we’re working on, other times, it can be discussing the financing markets in general and where the industry is going. In general, I act as an outside member of their team as they work around the nation creating affordable or market rate housing through Low Income Housing Tax Credits tax exempt or conventional financing. When I formed the Tax Credit group, ages ago, it was because I saw an opportunity that could create real change for our market and community, and a new and potentially lucrative area for our client.
In addition to representing clients on the legal side, I have been the person on the other side of the desk – I’ve signed guarantees, developed property, and currently own an interest in a significant number of multifamily housing units as well as other business interests. Because I have experience as both a lawyer and a principal I understand the challenges a client goes through, what it means to lie awake at night wondering about the risk, and what it feels like to close on a deal. Using that knowledge, I try to steer my clients through the process and focus their attention and interest in the most meaningful aspects of the process to make it as easy and successful as possible.
Outside of work, I am maniacal about football, like weight-lifting and I will read anything on Bill Gates’ reading list while spending time with my family at the cabin.
Practice Areas
Practicing Tax Credit Financing & Syndication
My Experience
I represent business and real estate owners, developers and investors as well as banks, syndicators and other financial or lending institutions throughout the upper Midwest in tax credit financing and real estate transactions. I advise on complex development and finance related issues, including the use of tax exempt bonds, tax increment financing, tax credits, joint venture and partnership matters, city, county and other governmental subsidies. I have specific and substantial expertise in multifamily housing development and finance including the development and financing of rental and for-sale housing, as well as commercial and mixed use facilities. I advise clients in all aspects of real estate development, from land acquisition and assembly, joint venture relationships, construction, mezzanine and permanent financing matters as well as the negotiation, documentation and monetization of subsidies such as tax increment financing and tax credits.
In connection with my real estate development and finance practice, I have significant expertise in the negotiation, documentation and monetization of tax increment financing, including having negotiated TIF agreements with most cities in the greater metropolitan area. I also have experience in the area of monetization of TIF streams and in the use of TIF as security for debt financings.
In addition to my legal career, I have developed, acquired and own a significant number of multifamily housing rental projects and other business interests. These developments have been financed utilizing a combination of a number of public subsidies and private financing sources and are located in various areas of the Twin Cities.
Representative Matters
- Represented Dominium Development and Acquisition, LLC in the development of and participation in a Freddie Mac TEBS structure involving the pooling of approximately 330,000,000 in mortgage loans from affiliates into three (3) separate pools with an A-B structure under Dominium that would ultimately purchase and retain the subordinate B piece.
- Represented Dominium Development and Acquisition, LLC in connection with the acquisition, financing and rehabilitation of the Pillsbury A Mill in Downtown Minneapolis, MN ($120,000,000), the Schmidt Brewery in St. Paul, MN ($80,000,000) and the Arcade project in St. Louis, MO ($100,000,000). All projects included a combination of state and federal historic tax credits, LIHTC credit and tax exempt bonds to successfully rehabilitate these iconic buildings into affordable housing and/ or market rate housing for artists and other qualified residents.
- On behalf of many clients negotiated the acquisition of the investor limited partnership interest in existing and expiring LIHTC projects to allow for the sale, conversion and/or sole resyndication of these projects by the general partner / sponsor.
- Represented Bader Development in connection with the acquisition and financing of units of multi-family housing in Dallas Texas in a single transaction, including over $85,000,000 in FNMA financing and $35 Million in equity from third party investors.
- Represented Bader Development in connection with the acquisition of the Calhoun Towers project near Lake Calhoun in Minneapolis, MN and the related entitlement of over 700 multi-family housing units on the adjacent 4+ acre land, including the rehabilitation of the existing 22 floor tower. The new development includes the acquisition of property from Hennepin County and the entitlement of 750 new housing units on six (6) acres immediately adjacent to a southwest light rail stop.
Awards
Best Lawyers in America©
Tax Law, 2013-2025
Real Estate Law, 2018-2025
Recommended in Real Estate
Chambers USA: America’s Leading Lawyers For Business, 2016-2023
Leaders in their Field
Real Estate
Chambers USA
Also experienced in
Real Estate Development & Transactions
Tax
Honors & Awards
Best Lawyers in America©
Tax Law, 2013-2025
Real Estate Law, 2018-2025
Minnesota Super Lawyers®
2004-2024
Recommended in Real Estate
Chambers USA: America’s Leading Lawyers For Business, 2016-2023
Outstanding Director
Twin Cities Business and the National Association of Corporate Directors, 2018
Leaders in their Field
Real Estate
Chambers USA
AV Preeminent
LexisNexis Martindale-Hubbell, Peer review ratings
Minnesota Icon
Minnesota Lawyer/Finance & Commerce, 2024