Dan concentrates his practice in the affordable housing and casino gaming industries; navigating profit-driven businesses through regulations based on public policy.
Dan represents developers, investors, lenders, owners and property managers of affordable housing projects. He has participated in the acquisition, financing and sale of more than 6,000 multifamily units nationwide, as well as compliance and other operating issues with respect to over 100 existing projects.
Dan’s affordable housing experience includes:
- Low-income housing tax credit (LIHTC) and other affordable housing projects, including rehabilitation and preservation of affordability.
- Structure and implementation of LIHTC equity investments, as well as public- and private-source debt.
- Negotiation of regulatory issues and rent subsidy, interest subsidy and other credit-enhancements with HUD, state agencies, local housing authorities and public and private lenders, often in combination as part of layered subsidy transactions.
- Management agreements, together with ongoing counsel to owners and property managers regarding project compliance and performance issues.
- Disputes and other issues arising between general partners and limited partner investors, including operating deficit and other guaranties, general partner removals, transfers of partnership interests and capital contribution obligations.
- Housing projects financed through HUD Section 202 (Senior Housing) and HUD Section 811 (Disabled Housing), along with supplemental state agency financing.
- Refinancings, exit strategies and recapture avoidance, including both voluntary and involuntary transfers.
A sample of Dan’s affordable housing transactions includes:
- Purchase of portfolio of general partner interests in 35 separate affordable multifamily housing projects throughout New York State, including negotiations with limited partners, co-general partners, government and private lenders, HUD and state housing regulators. Subsequent refinancings and sales of individual portfolio properties.
- Sale of 206-unit multifamily apartment complex in New Brunswick, New Jersey, with Rent Supplement Contract, including HUD consent to transfer, state agency financing and negotiations for release of restricted funds and reserves by state agency.
- Purchase of 141-unit high rise affordable housing project in Plainfield, New Jersey, using de-coupling of HUD interest reduction payments, municipal PILOT agreement, HAP contract based on municipal housing authority vouchers, low income housing tax credits and state housing agency bond financing.
- Purchase, financing and development of 104-unit multifamily residential complex in Wilmington, North Carolina, using low income housing tax credits, subsidized financing from State housing agency, private construction financing and Fannie Mae permanent financing, including use of ground lease to implement novel transaction structure.
- Development and acquisition of group homes for the developmentally disabled throughout New Jersey.
Dan also uses his corporate and real estate skills to help his clients in the casino gaming industry navigate regulatory structures that are as complex as the business and legal issues involved, in order to complete their desired transactions.
Dan’s transactions in the casino gaming industry include:
- $31 million sale of a casino hotel, spa and golf course in Nevada for publicly traded seller, with water rights and golf course lease issues.
- Purchase of 800-room Casino Hotel and Spa in Mesquite, Nevada, and 18-hole golf course in Mohave County, Arizona, including private well and water rights, residential development rights and timeshare interests; $80 million combined bank financing for all client affiliates.
- Multi-party development agreement among clients, State of Louisiana and Parish Government, for exchange of land to allow development of private parking facilities by relocating public park and developing new/relocated state police facility; negotiation of all design and construction agreements.
- $190 million corporate recapitalization for private gaming operator, including senior secured notes and senior subordinated notes issued in Section 144A private placement, equity contribution and secured credit facility.
- Local counsel to investors, underwriters, lenders and casino licensee/borrowers in connection with issuance of privately placed and publicly traded securities, including counsel opinions regarding gaming regulation and New Jersey enforceability issues.
- Negotiation of restaurant and wagering facility leases for Pennsylvania racetrack and casino licensee.
Dan also represents businesses and nonprofits, both local and national, on a broad variety of other corporate and real estate transactions, including:
- $6 million stock purchase acquisition of mechanical contracting business, including severance and non-compete agreements, bank- and seller-financing and environmental issues.
- Bankruptcy Sales of Assets by Chapter 7 Trustees: medical device business; internet and data-transport business; online information service business; FCC-authorized microwave paths; multi-state dollar store business.
- Development of ambulatory surgery center as part of multi-use healthcare complex, including structuring ownership by health system and physicians.
- $42.5 million purchase of 170-room Conference Center Hotel in Basking Ridge, New Jersey, including ownership structure, hotel management and liquor license issues.
- Negotiation of agreements for design, marine construction, fit-out and placement of $20 million entertainment barge for Louisiana riverboat casino facility.
Beyond Fox Rothschild
Dan’s principal interest outside of work and family is singing - a passion since 9th grade. Dan now stays in tune as a soloist with MastersingersUSA, a male chorus that periodically tours in the United States, Great Britain and Europe, and more regularly as a tenor with the Mendelssohn Club of Philadelphia.
Dan previously served as Managing Partner of the firm’s Atlantic City Office, and as a member of the firm’s Executive Committee. He has also served his community as president of the Inlet Public/Private Association of Atlantic City, president of the Board of Jewish Education of Atlantic County, vice-chair of the Delaware Valley Chapter of the National Multiple Sclerosis Society and vice-president of Congregation Beth Judah, Ventnor, New Jersey.