Ballard Spahr lawyers were part of a team that was honored yesterday with the Deal of the Year Award from the Washington, D.C., Economic Partnership (WDCEP) for its work on the bond financing for a project for Ingleside at Rock Creek retirement community.

Ballard Spahr served as bond counsel to the District of Columbia in the $190 million financing, issued through the D.C. Revenue Bond Program to expand and renovate the Ingleside at Rock Creek campus, including 105 new apartments. The firm's team was led by Joyce J. Gorman and included Kimberly C. Betterton, Stephanie S. Kim, Andrew E. Brod, and Thomas G. Havener.

"We selected this deal because of its complicated and creative structure," said William A. Liggins, Director of the D.C. Revenue Bond Program. "And we also considered the significant contribution this project makes to the city."

The District of Columbia issued the tax-exempt bonds in August in multiple series: publicly offered senior and subordinate series, in addition to six series with three different banks, including several draw-down series and a restructuring of outstanding tax-exempt and taxable Series 2014 bonds. The deal also included a new Master Trust Indenture structure for purposes of master covenants and security for all of the creditors.

The Michael V. Hodge D.C. Revenue Bond Program Deal of the Year recognizes the year’s top deal that made a significant contribution to D.C.’s economic landscape. The D.C. Revenue Bond Program has awarded billions of dollars in economic development assistance since its inception. The award is named after the former director of the D.C. Revenue Bond Program in the Office of Planning & Economic Development, who later joined Ballard Spahr as a public finance lawyer.

Ingleside at Rock Creek offers housing, health care, and other health and wellness services to residents. It is located on 14 acres in Washington, D.C., alongside Rock Creek Park.

In addition to the 105 independent living residences, the construction and redevelopment will provide a new Health Services Center with 20 assisted living apartments, 32 memory care apartments, 34 skilled nursing suites, and rehabilitation and medical services.



Related Area