Miles & Stockbridge Transaction Named Revenue Deal of the Year by Washington D.C. Economic Partnership
A deal in which Miles & Stockbridge served as underwriters’ counsel has been honored by the Washington D.C. Economic Partnership (WDCEP) with the 2017 Michael Vincent Hodge D.C. Revenue Deal of the Year.
The Ingleside at Rock Creek retirement community earned the award, which is named for the former director of the D.C. Revenue Bond Program in the Office of Planning and Economic Development. It recognizes the year’s top deal that made a significant contribution to D.C.’s economic landscape. The deal was selected because of its complicated and creative structure.
The District of Columbia issued $190 million in tax-exempt bonds to finance the expansion and renovation of the Ingleside at Rock Creek retirement community. The bonds included publicly-offered senior and subordinate series with three different banks in draw-down mode and a restructuring of outstanding tax-exempt and taxable bonds, all secured under a new Master Trust Indenture.
Michael Vincent Hodge expanded the city’s program to issue bonds that helped finance construction projects and other development efforts. The award is a way for the D.C. Revenue Bond Program and the City to honor him and further his pursuit of economic development in the District.
“We congratulate Ingleside and all who played a role in this significant deal for the Rock Creek community’s residents and our city,” said John A. Stalfort, managing principal of Miles & Stockbridge’s Washington, D.C. office.
About Ingleside at Rock Creek
Ingleside at Rock Creek is a senior living community located in Washington, D.C., and is a member of the Ingleside family of communities. The not-for-profit continuing care retirement community provides residents independent living, assisted living, skilled nursing, memory care and rehabilitation services. Residents can engage in a wide variety of wellness and lifelong learning opportunities and access a broad range of services and amenities.
Ingleside at Rock Creek is known for its support of local arts initiatives and resident life enrichment programs. For more information, visit www.ircdc.org.
About Miles & Stockbridge
Miles & Stockbridge is a leading law firm with offices in Washington D.C., Northern Virginia and Maryland. Its lawyers help global, national, local and emerging business clients preserve and create value by helping them solve their most important problems.
The firm is home to one of the leading public finance practices in the mid-Atlantic region. Its public finance representation includes roles as bond counsel, special tax counsel and counsel to issuers, underwriters, borrowers, lenders, credit enhancers, purchasers and trustees, involving all types of municipal bond transactions.
Miles & Stockbridge has more than 70 lawyers in the Greater Washington area. Most of the firm’s work in this area focuses on the financial services, public finance, real estate development, construction, tax, environmental, nonprofit, government contracts, intellectual property, and manufacturing industries. Additionally, specific lawyer strengths in international family law and international child abduction matters, energy, education, and consumer product safety have been a good fit in the region.
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