This is a summary of the Cypress Terrace deal, as Ada, the lawyer who runs it, sees it this morning: what needs her today, one workstream in full, and the synopsis.
These screens are for reading where the deal stands. The work itself — chasing, drafting, signing off — happens with Claude.
Move around freely with the tabs and the left column. Leave a comment on any screen in the right column.
Target closing Nov 20 · 35 days. 4 of 6 workstreams still open.
Financing · owed by Halvorsen Community Bank (via counsel) · 4 days late. Gates the HDC bond pricing.
| # | Item | Owner | Due | Status | Document |
|---|---|---|---|---|---|
| Financing · 1 blocker | |||||
| 4.2 | Senior lender consent to HPD subordinate mortgage | A. Okafor → Halvorsen | Oct 12 | Late 4 d | Consent form v2 |
| 4.5 | Tax credit equity commitment letter | Meridian | Oct 23 | Waiting | Term sheet (signed) |
| 4.1 | HDC bond term sheet — final | A. Okafor | Oct 2 | Done | Term sheet v3 |
| Land use · 2 open | |||||
| 2.4 | Comments on HPD regulatory agreement | A. Okafor | Today | Needs you | Reg. agreement — JL mark-up |
| 2.6 | Zoning compliance letter | Architect | Oct 26 | Waiting | — |
| Title · 3 open | |||||
| 3.3 | Title objection letter | A. Okafor | Today | Needs you | Objection letter draft |
| 3.1 | Updated title report | Keystone Title | Oct 21 | Waiting | Report of Sep 18 |
| 3.4 | Survey certification | R. Mendes | Oct 30 | Open | — |
| Organization · 1 open | |||||
| 6.2 | Org chart and authority documents | Sponsor | Oct 27 | Waiting | Org chart v4 |
| 6.1 | Partnership agreement — amended | A. Okafor | Oct 9 | Done | LPA A&R v5 |
Acquisition and Budget gates cleared — 17 items done, hidden. Show
Needs: lender consent, equity commitment, HDC final term sheet.
Loan agreement §7.4(b) — Halvorsen must consent to any subordinate mortgage.
12 days. Consent must be in hand by Oct 23 to keep it.
| Document | Version | From | Updated | Linked to |
|---|---|---|---|---|
| Lender consent form | v2 | Okafor Lane | Oct 2 | 4.2 |
| Senior loan agreement | exec. | Pryor Whitcombe | Jun 14 | 4.2 |
| HDC bond term sheet | v3 | HDC | Oct 2 | 4.1 |
| HPD commitment letter | signed | HPD | Sep 30 | 4.3 |
| Equity term sheet | signed | Meridian | Sep 26 | 4.5 |
| Bond counsel opinion | draft 1 | Bond counsel | Oct 14 | 4.6 |
New construction of a 214-unit affordable rental building at Cypress Terrace in the Bronx, 100% at or below 80% AMI, with 64 units set aside for formerly homeless households. Financed with HDC tax-exempt bonds, an HPD subordinate loan and 4% LIHTC equity. Sponsor: Brookline Hart Development. Our firm represents the borrower.