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Transactions

Real Estate & Project Finance

Representing health care systems and health care facilities, we act as bond counsel for the issue of tax-exempt debt, as borrower’s counsel under master indenture and credit agreements and as lenders’ counsel in commercial real estate financing for construction loan and permanent loan transactions. Our clients value both our attention to detail in documenting the transaction as well as our innovative approach to obtaining much needed financing, whether for hospital expansions, off-campus medical offices, space lease arrangements or the sale of medical office building portfolios. We also assist clients in evaluating tax credits and incentives and complying with regulations related to the use of bond-financed assets and financial covenants in commercial loans.

Area of Focus Contact

  • James (Jim) A. Dietz

    Member

    Florence, KY

Experience Highlights

Tax-Exempt Bond Issues

Our attorneys have served as bond counsel, underwriter’s counsel, borrower’s counsel or purchaser’s counsel in the following recent tax-exempt bond issues:

  • $300 million 2012 financing for a major regional hospital’s new patient tower and parking garage and refunding of prior bonds.
  • $63,045,000 City of Middleburg Heights, Ohio (Southwest General Health Center Project) Hospital Facilities Revenue and Refunding Bonds, Series 2011.
  • $4,160,000 County of Putnam, Ohio Adjustable Rate Demand Health Care Facilities Revenue Refunding and Improvement Bonds, Series 2010 (Hilty Memorial Home Project).
  • $30,000,000 County of Franklin, Ohio Health Care Facilities Revenue Bonds, 2010 (Dominican Sisters of Peace Project).
  • $4,880,000 County of Cuyahoga, Ohio Health Care Facilities Revenue Bonds, Series 2010 (Koinonia Homes, Inc. Project).
  • $30,000,000 County of Darke, Ohio Adjustable Rate Demand Health Care Facilities Revenue Bonds, Series 2010 (Wayne Hospital Project).
  • $31,945,000 County of Lucas, Ohio Health Care Facilities Revenue Refunding and Improvement Bonds, Series 2010 (Lutheran Homes Society, Inc. Obligated Group Project).
  • $46,000,000 Cleveland-Cuyahoga County Port Authority Lease Revenue Bonds, Series 2010 (Cleveland Clinic Project) which was a taxable bond backed by a credit tenant lease to The Cleveland Clinic Foundation.
  • $20,000,000 County of Franklin, Ohio Health Care Revenue Bonds, Series 2010 (Methodist Eldercare Services) Hospital Facilities Bonds, Series A, B & C 2010.
  • $6,195,000 Greene County Port Authority Adult Service Facility Revenue Bonds, Series 2009 (Greene, Inc. Project)(Non-AMT).
  • $30,000,000 County of Montgomery, Ohio Health Care Facilities Revenue Bonds, Series 2009 (Community Blood Center).
  • $19,500,000 City of Middleburg Heights, Ohio (Southwest General Health Center) Hospital Facilities Refinancing Bonds, Series 2009.
  • $10,400,000 City of Middleburg Heights, Ohio (Southwest General Health Center) Hospital Facilities Bonds, Series 2009.
  • $17,000,000 Southwest General Health Center – 2009 Letter of Credit Renewal.
  • $46,865,000 County of Darke, Ohio Adjustable Rate Demand: Health Care Facilities Revenue Bonds, Series 2007 (Wayne Hospital Project).
  • $330,000,000 tax exempt bond issue in which insured auction-rate bonds were redeemed and replaced by new fixed-rate tax-exempt debt.
  • $146,000,000 tax exempt bond issue in which insured auction-rate bonds were redeemed and replaced by a mixture of new fixed-rate debt and variable rate letter-of-credit back debt.
  • $1.3 billion in 14 transactions for a regional health system.
  • $875 million in nine other transactions for other health care systems as borrowers’ counsel.

Site Acquisitions & Development

We have extensive experience in medical and hospital sites, including:

  • The approximate $500 million Atrium Medical Center hospital construction and tax-exempt bond financing, medical office buildings and related medical facilities project constructed at the hospital campus in Middletown, Ohio.
  • 14 Recent financings for two Cincinnati-based health care system.
  • Represented hospital chain on financing and real estate aspects of acquiring major suburban hospital in Cincinnati, an asset purchase involving substantial real estate.
  • Represented major hospital chain in financing and real estate work associated with closing 45 parcel assemblage for new hospital facility in Greater Cincinnati, including completion of due diligence, review of title and survey and assistance on development issues.
  • Tax-exempt bond financing of $30 million for retirement residences in Hamilton County, which included significant and complex issues in terms of construction “pre-start” and the review of construction costs and lien waivers.
  • Medical office buildings at four Ohio hospital campus sites and site reconfiguration for the approximate $25 million campus hospital tax exempt bond financing transactions.
  • Letter of credit-backed bond financing of approximately $24 million for the renovation/construction of a senior living facility in Cincinnati.
  • The assemblage for a proposed new $22 million hospital and medical campus land assemblage and acquisition project.