LRC served as co-counsel with Day Pitney LLP to the Connecticut Housing Finance Authority (the “CHFA”) in the chapter 11 bankruptcy cases of Newbury Common Associates, LLC, et al. (“Newbury”). Newbury owned a diverse portfolio of commercial, hospitality and residential real estate assets located primarily in Stamford, Connecticut. The CHFA is a political subdivision of the State of Connecticut that was established to provide financing to assist alleviating the shortage of housing for low and moderate income persons in Connecticut. The CHFA provided first lien secured financing in excess of $26 million in connection with one of Newbury’s residential housing complexes that contains 143 rental units. LRC has advised the CHFA on all aspects of the Newbury cases, including among other things, the Debtors’ cash collateral motion, debtor in possession financing proposals and sale of the property securing the CHFA’s loan.
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