Andrew L. Kramer

Partner

  • Overview

    Biography

    Andrew Kramer, chair of the firm's Real Estate + Development Group, concentrates his practice on real estate finance and affordable housing finance.

    Commercial Real Estate Lending

    Mr. Kramer’s extensive experience includes all types of commercial transactions, with an emphasis on the representation of institutional lenders in complex structured financing transactions on a nationwide basis, including construction, conduit, interim, and permanent financings; forward loan commitments; revolving credit facilities; mezzanine loans; and loan participations and syndications.

    Mr. Kramer has represented national banks and lenders in connection with several multi-million dollar projects around the United States, such as a $119 million construction loan for a mixed use tower in New York City, and a $111.2 million multi-source financing for the redevelopment of a historic department store in Newark, New Jersey into commercial, retail, and residential space.

    Affordable Housing and Finance

    Mortgage financings for affordable housing transactions are an important aspect of Mr. Kramer’s business practice and include tax-exempt bond transactions, bond credit enhancement, Fannie Mae and Freddie Mac executions, and government-subsidized mortgage lending programs.

    Mr. Kramer has assisted lenders with financing transactions for affordable housing projects throughout the country, including for a $27 million redevelopment of a former public housing project site in Washington, D.C., a $65 million mixed-income project in New York City, a $100 million transit-oriented development in Miami, Florida, and the $66 million rehabilitation of Hawaii’s largest public housing project.

    Mr. Kramer is listed in the Legal 500 for his representation of lenders in real estate capital markets.

  • Experience
    • Experience

      Experience

      • Represented national bank in connection with a $119 million construction loan for a mixed-use tower in New York City, including for-sale condominium units, affordable rental apartments, and religious facilities.

      • Represented lead lender in connection with a $55 million revolving credit loan facility involving religious, governmental, and private lending participants for the financing and development of a 587-unit modular housing community in East Brooklyn, New York. *
      • Represented lead lender in connection with a $125 million loan to a 12,000-unit, low- and middle-income family condominium for the complete renovation of the building systems in each of the condominium's 171 buildings, including representation of lender in the sale of participation interests to a consortium of financial institutions. *
      • Represented institutional lender as the purchaser of $95 million of privately placed tax-exempt bonds to finance a major renovation of the Angelus Towers, an 1,100-unit, low-income senior housing facility in Los Angeles, California. 

      • Represented Fannie Mae DUS Lenders and Freddie Mac seller/servicers in connection with the annual origination of over $1 billion of taxable and tax-exempt bond financings, forward loan commitments, and conventional cash transactions.

      • Represented a national bank in the purchase of a portfolio of 32 CRA-qualifying mortgage loans.
      • Represented national bank as the purchaser of tax-exempt bonds to finance the Sheridan Station Apartments, a $27 million redevelopment of a former public housing project site in Washington, D.C., into mixed-income housing. The development was financed with tax-exempt bonds issued by the District of Columbia Housing Finance Agency, federal low income tax credits, American Recovery and Redevelopment Act stimulus funds, and HOPE VI funds provided through the District of Columbia Housing Authority, a subsidy loan from the District of Columbia Office of the Deputy Mayor for Planning and Economic Development, and a U.S. Department of Energy grant.

      • Representation of a national bank in the purchase from a government-sponsored enterprise of approximately $200 million of Community Reinvestment Act–eligible multifamily loans in New York, California, and the District of Columbia. In connection with the transaction, negotiated consents to the assignment's Housing Assistance Payment Contracts with the U.S. Department of Housing and Urban Development and negotiated and documented the transition of multiple loan servicing contracts for the portfolio.

      • Representation of a national bank as construction lender and Freddie Mac seller/servicer for the financing of the Elliott Chelsea Apartments in New York City, a $65 million mixed-income project developed on excess property formerly owned by the New York City Housing Authority. Financing was provided by tax-exempt bonds issued by the New York City Housing Development Corporation and subsidy loans provided by the New York City Housing Development Corporation, the City of New York Department of Housing Preservation and Development, and the New York City Housing Authority. The project also benefits from a tax exemption pursuant to Section 421a of the New York Real Property Tax Law.

      • Representation of a national bank as construction lender and Freddie Mac seller/servicer concerning the $66 million financing of the rehabilitation of Kuhio Park Terrace Towers in Honolulu, Hawaii, Hawaii's largest public housing project. This redevelopment was financed with tax-exempt bonds issued by the Hawaii Housing Finance and Development Corporation, federal and state low-income tax credits, and subsidy financing from the Hawaii Public Housing Authority. Rent support for the project is provided through an Annual Contributions Contract and a Housing Assistance Payment Contract from the U.S. Department of Housing and Urban Development.
      • Representation of a national bank as construction and permanent lender regarding the Brownsville Station and Everett Stewart Jr. Village, a $100 million development of a transit-oriented affordable housing project on a former commuter parking lot in Miami, Florida. The development was financed with conventional loan proceeds, Federal Low Income Tax Credits, American Recovery and Redevelopment Act stimulus funds provided through the Florida Housing Finance Corporation, and a subsidy loan from Miami-Dade County.
      • Representation of a national bank as construction lender for Marshall Commons, a 50-unit affordable housing multifamily project in Stamford, Connecticut, sponsored by New Neighborhoods Inc., a nonprofit developer. This $32 million financing included a $4 million conventional bank loan, Federal Low Income Tax Credits syndicated through the National Equity Fund, two subsidy loans from the City of Stamford, a subordinate construction loan from the Connecticut Department of Economic Development, a third party guaranty from Local Initiatives Support Corporation and permanent financing from the Connecticut Housing Finance Agency.

      • Representation of a national bank in the sale of a $65 million pool of performing and nonperforming mortgage loans and foreclosed real estate. 

      • Representation of national bank as construction lender for development of the Coney Island Commons, a 195-unit mixed use project in Brooklyn, New York. Financing totaled $110 million, which includes a $39.5 million construction loan, and involved tax exempt bonds from the New York City Housing Development Corporation under the U.S. Treasury’s New Issue Bond Program, Federal Low Income Tax Credits and subsidy loans provided by the New York City Housing Development Corporation under its LAMP program and by the City of New York Department of Housing Preservation and Development under its Capital Loan and Resolution A Loan Program. The project also benefits from a 30-year tax abatement under Section 420-c of New York State Real Property Tax Law.

      • Represented a national bank in the financing of the Cambridge (Massachusetts) Housing Authority's (CHA) first four Rental Assistance Demonstration (RAD) conversion transactions, encompassing 511 housing units under the HUD's RAD program. CHA restructured its HUD subsidies into long-term contracts that facilitate the private financing of improvements to preserve and improve public housing properties. These first four transactions are part of a long-term project to convert all 2,129 of CHA's public housing units to RAD. 

      • Represented a national bank in connection with financing and redevelopment of the Hahnes & Co. Department Store in Newark, New Jersey. The property, which is listed on the National Register of Historic Places, was redeveloped into a mixed use facility including 160 market rate and low income apartment units, a Whole Foods Supermarket with other commercial and retail space, and an educational facility being developed by Rutgers University for its performing arts programs. Financing was provided through a combination of $66.8 million of tax exempt bonds issued by the New Jersey Housing and Mortgage Finance Agency, $44.4 million of conventional debt, Federal Low Income Housing Tax Credits, Federal New Markets Tax Credits, Historic Rehabilitation Tax Credits and New Jersey State Economic Redevelopment and Growth Tax Credits.

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       * Atty. Kramer was counsel in these representative matters before joining Robinson+Cole

    • Professional Associations

      Professional Associations

      New York State Bar Association

      New York State Association for Affordable Housing

      Mortgage Bankers Association

      Fannie Mae Legal Issues Forum
  • NEWS + PRESS
    • Presentations

      Presentations

      "Year 15 and Beyond," at New York State Association for Affordable Housing Annual Conference, Moderator (5/12/2011)

    • News

      R+C in the News

      • June 5, 2015

        Robinson+Cole Is a Sponsor of NYSAFAH Conference

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      • April 17, 2015

        Robinson+Cole Represents National Bank in HUD Rental Assistance Demonstration Conversion Deals with Cambridge Housing Authority

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      • June 18, 2013

        Real Estate Practice Group Participates in NYSAFAH Conference

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      • May 25, 2011

        Real Estate Attorney Moderates Panel Discussion at New York State Association for Affordable Housing Annual Conference

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      • March 24, 2011

        Matter Handled By Andy Kramer and David Monassebian Reported in the News

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      • November 14, 2008

        Robinson & Cole Gains Over 30 Former Thelen Attorneys in Hartford, Connecticut and New York City

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      R+C News Releases

      • January 3, 2012

        Robinson & Cole Announces Mentor of the Year Award Recipients

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