Matthew V. Carrigg

My focus

I focus my practice on all aspects of commercial real estate matters. I have assisted lenders, borrowers, and business clients in connection with commercial real estate transactions. I have experience in drafting buy-sell agreements, and reviewing and negotiating commercial leases, commercial real estate titles, surveys, and traditional and special-purpose entity formations.

Bond/Tax Credit Transactions

I have substantial experience with complex financings of affordable housing developments that include tax-exempt bonds, Low-Income Housing Tax Credits, and often other federal, state, and local government subsidies. I regularly represent purchasers, developers, and borrowers on developments with multiple layers of financing.

Acquisition/Disposition/Leasing/M&A

I have substantial experience in all facets of acquisition, disposition, leasing, and mergers and acquisitions. I regularly assemble and lead real estate teams to undertake sophisticated due diligence projects.

Real Property Tax

On real property tax matters, I advise various taxpayers and not-for-profits on real estate tax appeals and other real property tax matters, including payments in lieu of tax (PILOT) agreements for commercial and industrial property owners, and real estate tax exemptions and tax abatements for not-for-profits and housing companies, including the assessment of affordable housing projects under Real Property Tax Law 581-a.

Representative experience

• A developer in connection with the acquisition and financing of multiple market-rate apartment complexes in Greensboro, North Carolina
• A developer in a transaction to develop an affordable housing and supportive housing property for low-income seniors and homeless adults in Queens, New York
• A developer in connection with the financing and rehabilitation of a 100% affordable residential development in Queens that preserved 100 units of studio and one-bedroom apartments for low-income seniors, including formerly homeless individuals, in the Jamaica neighborhood
• A developer in connection with a 9% new construction and 9% rehab with USDA rural housing debt and Section 811 and Section 521 rental subsidy
• The borrower in connection with a term loan with respect to certain property in Aurora, New York
• The borrower in connection with its refinance of 90 residential multifamily apartment units in Amherst, New York
• The owner in the $26 million redevelopment of Flower City Apartments in the City of Rochester, NY, which consists of 149 units spread across four separate buildings
• The developer in connection with its acquisition, development, and financing of the rehabilitation of a former mill in Hornell, New York, into 23 units of market-rate housing
• The developer—a faith-based provider of affordable housing—in connection with the ground lease, development, and financing for the construction of a 135-unit affordable housing project for low-income seniors with supportive services in Brooklyn, New York
• A developer in connection with its acquisition, rehabilitation, and financing of a 144-unit affordable housing facility in Front Royal, Virginia
• An affordable housing rehabilitation company in connection with its acquisition, development, and financing of the rehabilitation of a 137-unit affordable housing facility in Potsdam, New York
• The developer in connection with its acquisition, development, and financing of the rehabilitation of five separate affordable housing and facilities in three counties around the greater Pittsburgh, Pennsylvania, metro area
• A developer in connection with its development and financing of the rehabilitation of a 376-unit affordable housing facility known as Southeast Towers in Rochester, New York
• A hospital in connection with its acquisition of an urgent care facility in Clifton Park, New York
• A property management company in connection with its financing of the acquisition of an 84-unit, market-rate multifamily facility in Amherst, New York
• A developer in the acquisition, renovation, and rehabilitation of 70 late-19th-century row houses containing more than 200 units, with 40 supportive housing units, in Albany, NY
• The developer in connection with its acquisition, development, and financing of a new affordable housing facility in Penn Yan, New York
• A development, construction, and property management company in connection with its acquisition, development, and financing of the rehabilitation of a 63-unit affordable housing facility known as Thurston & Chili Apartments in Rochester, New York
• A development, construction,and property management company in connection with its acquisition, development, and financing of the construction of a 114-unit affordable housing facility known as Penfield Square Apartments in Penfield, New York
• A developer in the acquisition, renovation, and rehabilitation of an old school plus new construction in Schenectady, New York, for a project comprising 25 units in the school renovation and 30 new construction units
• A developer in connection with its acquisition, development, and financing of the construction and rehabilitation of a 54-unit affordable housing facility in Syracuse, New York
• A developer in connection with its acquisition and financing of the construction of a 72-unit affordable housing facility in Rochester, New York
• A state-sponsored investment fund in the closing of a revolving construction facility (including the closing of various individual project loans with respect to said facility) in connection with the construction of various solar projects in New York
• The seller in connection with its sale of an office complex in Henrietta, New York
• A developer in connection with its development and financing of the rehabilitation of a 129-unit affordable housing development in White Plains, New York

Looking ahead

Despite persistent economic uncertainty, I have seen growth in the commercial lending markets, and I expect that trend to continue.

Insights

• “Topics on Small Project Preservation,” Annual Upstate New York State Affordable Housing Conference, September 14, 2023
• “Getting Started: Assessing the Market and working with your tax credit agency and developers,” IPED’s Learn the Basics: Housing Tax Credits 101, Boston, MA, March 24, 2022