Williams Mullen’s real estate group is a leader in assisting developers, lenders and investors with all forms of Tax Credit transactions, including those involving historic rehabilitation tax credits, new markets tax credits, enterprise zones, conservation easements, and other state and local incentives. We have represented numerous developers and lenders on transactions involving historic tax credits in connection with the rehabilitation of historic buildings for apartment, office, retail and other uses throughout Virginia and North Carolina.

Williams Mullen's real estate group is a leader in assisting developers, lenders and investors with all forms of Tax Credit transactions, including those involving historic rehabilitation tax credits, new markets tax credits, enterprise zones, conservation easements, and other state and local incentives. We have represented numerous developers and lenders on transactions involving historic tax credits in connection with the rehabilitation of historic buildings for apartment, office, retail and other uses throughout Virginia and North Carolina.

On new markets tax credits, we have represented developers and lenders in both straight loan transactions, and leveraged loan transactions that increase the benefit of the new markets tax credits, and have represented investors in connection with their use of new markets tax credit allocations. Our representations involve all aspects of the transactions, including purchase agreements, rezoning, financing, compliance with tax credit regulations, and the structuring of the partnership or limited liability company documentation to bring in investors to use the Federal and state tax credits. These transactions have involved work with national investors and lenders that are acquiring the benefits of the tax credits, and often involve tax-exempt entities and compliance with the particular issues that arise in their tax credit transactions. We also represent investment funds, including by the delivery of the required tax opinion.

Representative Experience includes:

  • Represented developer in pioneering the first transaction in the nation to use a tax-exempt bond issue to leverage new markets tax credits. The 2006 deal involved the issuance of $11.365 million of new empowerment zone facility revenue bonds and the allocation of $14 million of new markets tax credits, and resulted in the construction of a SpringHill Suites Hotel on a ground leased parcel on the campus of Old Dominion University, in Norfolk, Va.
  • Represented development partnership in connection with the $60 million rehabilitation and renovation of an historic hotel in the Hampton Roads, Va. region into an apartment project. The transaction involved federal historic rehabilitation tax credits and Virginia state historic rehabilitation tax credits.
  • Represented development partnership in connection with the $25 million rehabilitation and renovation of a Hampton Roads, Va. region high school into a regional cultural arts center. The transaction involved federal historic rehabilitation tax credits, Virginia state historic rehabilitation tax credits and new markets tax credits.
  • Represented the developer of a $25 million rehabilitation of a former warehouse and factory located in downtown Richmond, Va. into apartment, office and retail space. The transaction involved the use of federal historic rehabilitation tax credits and Virginia state historic rehabilitation tax credits.
  • Represented developer in connection with acquisition of historic buildings in Richmond, Va.'s Shockoe Slip, complete historic renovation of property for retail and office rental, achievement and brokering of state historic tax credits, leasing of all rental space, condominiumization of building and financing of project.
  • Represented the developer in connection with the $12 million renovation of an office tower in downtown Suffolk, Va. into office and retail space, involving the use of federal and Virginia state historic rehabilitation tax credits.