Mike Moriarty, Lenny LaBarbiera, Jeanine Margiano and Chris Dean Secure $35 Million in Tax-Exempt Bonds for Construction of Assisted Living Facility
Mike Moriarty (Partner, New York), Lenny LaBarbiera (Special Counsel, New Brunswick), Jeanine Margiano and Chris Dean (Associates, New York) represented an organization that builds, owns and operates senior housing and healthcare facilities and its affiliate, a for-profit developer, in connection with the issuance by The Orange County Funding Corporation of its tax-exempt bonds in the amount of $35,515,000. The proceeds of the bonds will be used by the developer to construct and develop of a 130-unit, 200 bed, assisted living facility located in Wallkill, New York, to be licensed by the Department of Health. The transaction involved the negotiation with the local Industrial Development Agency of a Payment-In-Lieu of Taxes agreement, which affords the project a real estate property abatement. The transaction also involved the successful raise of equity in the amount of $10,000,000, through various investors.
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