Scott is a partner in the Public and Private Infrastructure and Real Estate Department in the New York office of McGuireWoods where he is a key member of a nationally recognized practice at the intersection of real estate finance and affordable housing. With deep experience across the full spectrum of government-sponsored enterprise lending programs, Scott counsels institutional lenders, portfolio lenders, and insurance companies in connection with the origination, structuring, and closing of mortgage loans secured by multifamily properties located throughout the United States.
Scott’s practice centers on the representation of lenders in financing transactions executed through the Fannie Mae Delegated Underwriting & Servicing (DUS) and Freddie Mac Seller-Servicer loan programs, with a particular emphasis on affordable housing transactions originated under the Fannie Mae Multifamily Affordable Housing (MAH) and Freddie Mac Targeted Affordable Housing (TAH) guidelines. He is widely regarded by clients and colleagues as a trusted authority on the regulatory and programmatic complexities inherent in agency-financed affordable housing transactions.
Scott routinely structures and closes sophisticated multifamily mortgage transactions involving a broad array of affordable housing incentives and regulatory overlays, including low-income housing tax credits – both 4% and 9%, project-based and tenant-based Section 8 rental subsidies and other rental assistance contract programs, subordinate debt from housing finance agencies, real property tax exemptions, abatements, and payment-in-lieu-of-tax arrangements, historic tax credits, and regulatory, extended use, and other land use restriction agreements, as well as a wide variety of federal, state, and local affordable housing and community development programs. His ability to navigate the layered regulatory and documentary requirements that characterize these transactions — often involving multiple governmental and quasi-governmental counterparties — distinguishes his practice and provides significant value to the lending institutions he represents.
In addition to his agency lending practice, Scott represents portfolio lenders and insurance companies in the origination of bridge loans to finance the acquisition, renovation, and stabilization of multifamily properties that have not yet achieved the occupancy, income, or other programmatic benchmarks required for permanent agency financing. His familiarity with both interim and permanent capital structures enables him to guide clients through the full lifecycle of a multifamily asset, from initial capitalization through long-term agency execution.
Scott’s practice frequently involves the origination of loans secured by properties with complex ownership, structural, or asset-type characteristics, including transactions involving preferred equity arrangements, Section 1031 tax-deferred exchanges, tenancy-in-common structures, ground lease structures, manufactured housing communities, cooperative housing, and fractured condominium regimes. Drawing on this breadth of experience, Scott is well positioned to identify and resolve title, lien priority, and structuring challenges that are critical to the successful closing of financings involving nontraditional collateral and complex asset profiles.
Scott serves as a senior contact for the firm’s Affordable Housing team and is a member of the firm’s Real Estate Finance team. In these roles, he works collaboratively across practice groups to deliver integrated counsel to clients navigating the legal, regulatory, and financial dimensions of affordable and workforce housing development and finance. His practice reflects a sustained commitment to expanding access to quality affordable housing through the innovative and disciplined application of real estate finance principles.
Affordable Housing Finance Transactions
- Represented a Fannie Mae DUS lender in connection with the origination of a $17,396,000 mortgage loan involving interest reduction payments pursuant to a HUD Section 236 loan, a Section 236(e)(2) use agreement, a Rental Housing Assistance Payments (RAP) Contract, a long-term tax abatement, and subordinate debt.
- Represented a Fannie Mae DUS lender in connection with the origination of a $60,000,000 mortgage loan involving prior bond and tax credit allocations and associated regulatory agreements, a housing assistance payments contract, and a property tax exemption.
- Represented a Freddie Mac seller/servicer in connection with the issuance of a $1.8 million unfunded forward Freddie Mac loan commitment for a transaction involving low-income house tax credits, a HAP Contract, three subordinate loans, a long-term tax exemption, and several land use restriction agreements/deed-restricted affordable housing agreements.
- Represented a Fannie Mae DUS lender in connection with the issuance of a $7,335,000 Fannie Mae MTEB Forward Commitment for a transaction involving bond financing, low-income housing tax credits, a tax exemption, four subordinate loans, and eleven regulatory agreements.
- Represented a Freddie Mac seller/servicer in connection with the origination of a $4.72 million mortgage loan involving an HDFC nominee structure, low-income housing tax credits, multiple tax exemptions, a HAP Contract, two subordinate loans, and affordable housing regulatory agreements.
- Represented a nonprofit affordable housing and community revitalization finance company in connection with the origination of a $19.5 million bridge loan secured by five affordable housing properties located in Texas and New Mexico, each allocated low-income housing tax credits and each encumbered by separate land use restriction agreements, and subsequently represented a Fannie Mae DUS lender in connection with the origination of a portfolio of Fannie Mae loans to refinance and satisfy the short-term bridge financing.
- Represented a Freddie Mac seller/servicer in connection with the origination of a $10,506,000 mortgage loan involving a ground sublease structure, several regulatory agreements, a long-term tax abatement, a HAP Contract, low-income housing tax credits, and two subordinate loans.
- Represented a Freddie Mac seller/servicer in connection with the issuance of a $6,701,000 unfunded forward Freddie Mac loan commitment for a transaction involving a ground leasehold condominium structure, an HDFC nominee structure, low-income housing tax credits, a land use restriction agreement, brownfield tax credits, a HAP Contract, and three subordinate loans.
Conventional Real Estate Finance Transactions
- Represented a Freddie Mac seller/servicer in connection with the origination of a $42 million mortgage loan involving preferred equity, a reverse 1031-exchange, tenant-in-common borrower structure and a fractured condominium regime.
- Represented a Freddie Mac seller/servicer in connection with the origination of, and later additions and expansions to, a $100 million revolving Freddie Mac credit facility.
- Represented a Fannie Mae DUS lender in connection with the origination of a $500 million mortgage loan secured by an apartment complex comprised of highrise, midrise and duplex style apartments spanning 156 acres in Queens, New York.
- Represented an insurance company in connection with the origination of a three property $60 million moderate rehabilitation bridge loan.
- Represented a Freddie Mac seller/servicer in connection with the origination of a $100 million portfolio of supplemental loans.
- Represented a Fannie Mae DUS lender in connection with the origination of a $210 million portfolio of several cross-defaulted and cross-collateralized loans.
- Represented a Freddie Mac seller/servicer in connection with the origination of a $20 million lease-up loan.
Insights
- Author, Fannie Mae Launches New Sponsor-Dedicated Workforce Housing Loan Product, McGuireWoods Legal Alert, November 28, 2023
- Author, Freddie Mac Announces COVID-19 Forbearance Terms, McGuireWoods Legal Alert, March 26, 2020
- Selected for inclusion in Best Lawyers: Ones to Watch, Land Use and Zoning Law, 2021-2025; Real Estate Law, 2021-2024
- Recipient, “2023 Emerging Leaders Award,” The M&A Advisor, 2023