Elizabeth is of counsel located in Chicago, Illinois and a member of the finance, energy and real estate group. She has decades of experience in real estate finance law. Elizabeth advises clients on a range of federal, state, and local government real estate finance programs for the construction, financing, and restructuring of multifamily rental housing, including transactions involving HUD, Fannie Mae, Freddie Mac, and various conventional financial institutions using such financing vehicles as tax-exempt and taxable bonds, mortgage-backed securities, whole loan and contingent interest participations, loan modifications, workouts, partial payments of claim, mortgage insurance claims, and foreclosures. She has helped developers, lenders, investors, contractors, and property managers in the acquisition, financing, leasing, and management of affordable and market-rate multifamily and single family residential properties and health care facilities, as well as commercial and retail real estate projects, across the United States.
Elizabeth also counsels clients on transactions involving the acquisition and disposition of individual and pooled multifamily properties and mortgage loan portfolios, Section 8 multifamily and voucher rental assistance, public housing mixed finance rental and homeownership developments, and public housing Rental Assistance Demonstration (RAD) conversions as well as equity investments in, and restructurings of, ownership entities, and low income housing, historic rehabilitation, new markets and donation tax credit syndications. In addition, she has represented clients in the resolution of adverse findings resulting from audits performed by the U.S. Department of Housing and Urban Development (HUD) Office of the Inspector General as well as other HUD investigations and disputes.
- Serving as lead development and financing counsel to a development team in connection with the acquisition, substantial historic rehabilitation, and debt, tax credit equity and TIF financing of a $134 million mixed-use project in Chicago, Illinois consisting of 239 units of mixed income residential rental housing, 50,000 square feet of commercial and retail space and certain ancillary facilities, known as Rosenwald Courts.
- Serving as counsel to multiple project owners in connection with the Mark-to-Market, Mark Up to Market, Opt-Out, transfer and preservation of Section 8 Housing Assistance Payments Contracts and the utilization of Section 8 project-based and housing choice vouchers.
- Servicing as counsel to multiple developers in connection with the Section 8 RAD conversion of public housing projects utilizing both new construction and rehabilitation models, as well as the development and financing of public housing projects using HOPE VI and capital funds.
- Serving as counsel to a low-income housing tax credit syndicator in connection with the restructuring of multiple limited partnerships and limited liability companies, including the litigation of claims against general partners, dispute resolutions, and debt restructurings with various lenders and governmental entities, and the stabilization of the real estate assets involved to facilitate their ultimate disposition.
- Serving as counsel to a major multifamily real estate investment trust (REIT) in connection with its merger with a multinational real estate company, the procurement of various required approvals with lenders and governmental entities, including Fannie Mae and Freddie Mac, and the refinancing and equity syndication of its existing debt and equity.
- Serving as outside counsel to Ginnie Mae through its master subservicers in the development and implementation of Ginnie Mae’s procedures for the modification, restructure, and ultimate disposition of its multifamily loan portfolio, including both current and defaulted loans, as well as the closing of a variety of permanent loan transactions around the country using such tools as tax-exempt and taxable financings, loan modifications, partial payments of claims, and reassignments in order to avert approximately $400 million in claims against HUD’s mortgage insurance fund.
- Serving as counsel to a lender and servicer in the formation, documentation, and implementation of conduit loan pool programs in excess of $500 million for multifamily, nursing home, and assisted living residential facilities around the country with “take-out” provided by the issuance and sale of Fannie Mae mortgage backed securities, and the creation of a corresponding real estate mortgage investment conduit (REMIC).
Before becoming a private practitioner, Elizabeth served as a senior transactional attorney in the HUD Washington, D.C. field office. She also served as legislative and regulatory counsel to HUD before Congress and the Office of Management and Budget regarding numerous matters involving HUD multifamily and single family financing programs and Section 8 and public housing rental subsidy programs.
Elizabeth is a member of the District of Columbia Bar Association, the Chicago Bar Association and the American Bar Association Forum of Affordable Housing and Community Development Law.
Elizabeth received her J.D. from Washington University School of Law and her B.S. cum laude from Middlebury College as a college scholar.
Honors & Recognitions
Listed, Leading Lawyers Network, 2006-2022; Top 100 Real Estate-Related Lawyers in Illinois, 2015, 2017-2020; Top 100 Women Real Estate-Related Lawyers in Illinois, 2009-2020; Top 10 Women Real Estate-Related Lawyers in Illinois, 2019
Rated, AV Preeminent® 5.0 out of 5.0 by Martindale-Hubbell