Justin L. Fitzgerald

My focus

I work with equity investors, syndicators, developers, and community development entities to negotiate and structure transactions that qualify for tax credits and other tax benefits throughout the country. These transactions help finance the construction or rehabilitation of affordable housing, hospitals, and schools to historically underserved communities. As part of my practice, I identify and work with clients to develop creative solutions to potential concerns involving real estate issues, partnership tax issues, and financing.

Representative experience

• Commercial and affordable residential units in Detroit, Michigan: represented a CDFI who provided senior directing financing to an NMTC project for the new construction of a mixed-use building.
• Health and wellness center in Houston, Texas: represented a CDFI in providing $25MM of source and bridge loan financing for the new construction facility providing primary and specialty care services.
• Early childhood education and economic center in Fort Worth, Texas: represented a CDE who provided $10MM allocation of NMTC to finance the construction for the education and economic center.
• Historic neighborhood in Washington DC: represented a CDE providing NMTC allocation for NMTC/HTC project. The project was the second phase of a combined $80MM development, which included the adaptive reuse of two historic structures and the new construction of an office building in a historic neighborhood.
• Health Center in San Diego, California: represented a CDE providing NMTC allocation in connection with a $50MM NMTC project for the new development of a 44,000-square-foot health center and PACE facility.
• Childcare facility in Wyoming: represented a CDE in connection with their NMTC allocation for the new construction of a childcare facility serving low-income families.
• Healthcare facility in Idaho: represented a CDE in NMTC project for the construction of a new healthcare facility that created jobs and expanded healthcare services for low-income individuals.
• Food bank in Arizona: represented a national bank as the investor in an NMTC transaction to finance the expansion of one of the world’s first recognized foodbanks. The project leveraged $35MM in NMTC allocation, which helped fund the improvements used to distribute food to hundreds of nonprofit partners, provide children’s feeding programs, and training programs to assist with employment in the food service, warehouse, and logistics industries.
• New laboratory bioscience incubator in Fort Collins, Colorado: represented an investor in an NMTC transaction, which funded the construction of a new laboratory bioscience incubator that accelerated the business success of startups and emerging growth companies with specialized office and laboratory facilities and provided access to seed stage venture capital funds.
• Innovation district in Fort Wayne, Indiana: represented the investor in the adaptive reuse mixed-use development at the former GE Corporation campus. The project leveraged new market and historic tax credits as part of the $280 million capital stack to repurpose the historic building into an innovation district, which included new office space, educational and retail uses, a food hall and public market, and public event space.
• Boutique hotel in Boise, Idaho: represented the CDE in connection with a $14MM rehabilitation and redevelopment of a historic building. The project leveraged NMTC and HTC to renovate the building into a new boutique hotel with two restaurants.
• Timber product manufacturing facility in Caldwell, Idaho: represented the CDE with their NMTC allocation for a project involving the land acquisition and new construction of a 40,000-square-foot timber product manufacturing facility.
• LIHTC portfolio acquisition: represented the buyer with their acquisition of an $86MM LIHTC portfolio.

Looking ahead

The positive impact that tax incentive financing can provide to communities is dependent on LIHTC and NMTC and understanding the best ways to utilize these programs. As tax credit transactions become more complex due to new IRS rulings and decisions and unexpected economic developments, I follow the latest developments and growing trends in the tax credit industry and work with clients to adapt to the ever-changing landscape and explore ways to best utilize these programs.

Insights

• “The Basics of New Markets Tax Credits Workshop,” Novogradac 23rd Annual New Markets Tax Credit Conference, January 18, 2023
• “Portfolio Assessment and Strategies: Evaluating the Market for Property Dispositions at Year 15,” IPED’s 2022 Tax Credit Property Dispositions Conference, Philadelphia, PA, July 28, 2022
• “Understanding the Numbers: Sources, Uses, and More,” IPED’s Learn the Basics: Housing Tax Credits 101, March 24, 2022