Adam S. Verstandig

Adam represented:

• Wells Fargo Bank as credit enhancer for the approximately US$298 million construction financing for a mixed use building located in Inwood, Manhattan containing 611 residential units (which includes 180 units to be rented to moderate income tenants, 52 units to be rented to low income tenants and 277 units to be rented to very low income tenant), approximately 62,000 square feet of commercial space, and approximately 120 parking spaces.
• Wells Fargo in its approximately US$418 million construction loan for the development of a mixed-use project in Long Island City, consisting of 811 residential rental units (245 of which will be affordable), community facility space, retail space, and an enclosed parking garage.
• PNC Bank in its US$307 million construction loan for the development of a mixed-use project in Long Island City, which will consist of approximately 575 residential rental units (173 of which will be affordable), community facility space, retail space, and an enclosed parking garage.
• Wells Fargo in its approximately US$162 million construction loan for the construction of a two-building mixed-use project in the Lower East Side, to contain 373 rental units (95 of which will be affordable), retail space, and community facility space.
• Wells Fargo in its approximately US$212 million construction loan for the construction of a mixed-use residential tower in Hell’s Kitchen, to contain 453 rental units (137 of which will be reserved for moderate- or middle-income tenants).
• Wells Fargo in its approximately US$88 million construction loan for the construction of a 171-unit building on the Upper West Side (83 of which will be micro units).
• Major financial institution as issuer of a letter of credit to credit enhance approximately US$67 million of tax-exempt bonds issued by the New York City Housing Development Corporation to construct a 10-story building in Coney Island, Brooklyn, that will contain approximately 376 affordable housing units and approximately 20,000 square feet for commercial and community facility use.
• Major financial institution as issuer of a letter of credit to credit enhance approximately US$67 million of tax-exempt bonds issued by the New York City Housing Development Corporation to construct a 10-story building in Coney Island, Brooklyn, that will contain approximately 376 affordable housing units and approximately 20,000 square feet for commercial and community facility use.
• Major financial institution as issuer of a letter of credit to credit enhance approximately US$100 million of tax-exempt bonds issued by the New York State Housing Finance Agency to construct approximately 270 affordable housing units (138 of which will be reserved for formerly unhoused seniors) in Staten Island, New York.
• Goldman Sachs as investor and lender in connection with the construction of 26-story tower in downtown New Rochelle, NY, which will contain approximately 477 units, approximately 25 percent of which shall be affordable.
• TD Bank as issuer of a letter of credit to credit enhance approximately US$43 million of tax-exempt bonds issued by the New York City Housing Development Corporation to construct approximately 174 deeply affordable units, a two-story library, a state-of-the-art STEM learning center, universal Pre-K space and an Activities, Culture, and Training space in Inwood, New York.
• KeyBank in its construction loan for the construction of 51 units that will be reserved for unhoused LGBTQ youth between the ages of 18 and 25 in East Harlem, New York.
• Merchants Capital Corp. in its arrangement of financing of a New York City Housing Development Corporation Fannie Mae Risk Share loan for Mannie Wilson Towers, in Harlem, that was the site of a former hospital and that now contains 102 affordable housing units for seniors.
• Major financial institution as issuer of a letter of credit to credit enhance approximately US$88 million of tax-exempt bonds issued by the New York City Housing Development Corporation to construct approximately 374 affordable housing units and approximately 7,600 square feet for retail use at Greenpoint Landing, Brooklyn, New York.
• Wells Fargo in its financing of Bronx Point, a 22-story building that will contain 542 affordable housing units, public open space, early childhood space, outdoor science programming, and the Universal Hip Hop Museum.
• Arctaris Impact Investors opportunity zone funds in its redevelopment project in Erie, PA, which will include space comprised of a grocery store and food hall and 28 residential units.
• Represented a major financial institution as Fannie Mae’s seller/servicer in its credit enhancement of US$289,065,000 financing provided by the New York City Housing Development Corporation to a public-private partnership that ground leased 16 properties containing 1,718 units in New York, New York, from the New York City Housing Authority to renovate and modernize such units.
• Major financial institution in its construction loan for an 88-unit building in Bushwick, Brooklyn, which will also contain a supermarket.
• Merchants Capital Corp. as Freddie Mac’s seller/servicer in its credit enhancement of a portion of the US$236 million financing provided by the New York City Housing Development Corporation to a public-private partnership that ground leased Harlem River Houses from the New York City Housing Authority to renovate and modernize over 690 apartments in eight buildings.
• LifePoint Health in its acquisition of Kindred Healthcare.
• Athene Holding Ltd. in connection with its acquisition of the business of Donlen Corporation from Hertz Global Holdings, Inc.
• LifePoint Health, Inc. in its agreement with Medical Properties Trust, Inc. with respect to a pending sale-leaseback of 10 acute care hospitals in six markets for US$700 million.

• Adam serves as a board member to LIFT-NY, an organization whose mission is to break the cycle of poverty by investing in parents.