Phase Two of Cherry Lofts Transformation Project
Transformation Includes New Charter School
Last year we reported on how our Government Finance and Real Estate practices were instrumental in the transformation of a blighted industrial property in Bridgeport into multifamily housing.
In the first phase of the transformation, which the firm assisted with in a financing that closed in 2016, rehabilitation and construction on 157 residential apartments has begun. At the end of 2017, the firm supported the development team with the next two phases of the project, including acquisition of additional properties for the development of the Great Oaks Charter School, housing for the school’s tutors and an additional 150 residential units.
For three years, our attorneys worked with the developer to assemble the additional property for the project and to close a financing transaction necessary to acquire the site. The property assembly included parcels owned by different entities, including the City of Bridgeport, as well as numerous easements, street abandonments and permits. We worked with the city and the developer to implement a favorable property tax incentive for the initial residential and charter school phases of the project.
We also negotiated two long-term leases with the charter school for the school facility and tutor housing. These leases will serve as security for the permanent federal and state historic tax credit financing expected to close in 2018.