A selection of representative matters across bankruptcy, affordable housing finance, real estate development and appellate practice.
As Senior Counsel to CEDC, Incorporated, a nonprofit community housing organization in Hempstead, Long Island, Bruce Kaplan preserved the organization's $5 million headquarters building through a creative bankruptcy proceeding, and extinguished a $10 million liability under the United States Department of Housing and Urban Development's Section 108 Loan Guarantee Program in a confirmed Chapter 11 case.
The building was the base of operations for the organization's social empowerment programs, including Head Start. Saving it allowed that work to continue rather than close. CEDC, Incorporated remains in operation in Hempstead today — more than two decades later — still serving the community it was chartered to serve in 1982.
Represented a nonprofit special-needs school in a multi-million dollar bond closing with the New York State Dormitory Authority.
Took an active part in an affordable housing community on the East End of Long Island — negotiating permitting with the town, selecting the modular housing system, and handling the purchase, transport and construction of multiple units.
The units were built for ownership rather than rental, opening attainable purchase opportunities to seniors and growing families in a market that had priced both out.
Negotiated and arbitrated a $150 million long-term recreational lease on behalf of the Master Association of a 7,800-unit Florida condominium development.
Structured the transfer of development rights for construction of a 105,000-square-foot housing development situated above a separately owned facility, negotiating the transfer of bonus zoning floor area in return for the construction and maintenance of housing units. Administered the New York City 421-a partial tax exemption applications and worked with the developers and architects on design decisions so as to maximize the available tax incentives.
As principal of BK Development Group, LLC, developed a 17,500-square-foot condominium project in Manhattan, overseeing acquisition, development and financing. Negotiated and structured a joint venture with the general contractor, obtained interim and permanent financing along with a property tax incentive, and assisted on the drafting and approval of the offering plan with the New York State Attorney General. Negotiations with regulators added an additional floor to the project and more than $1 million in revenue.
Secured a seven-figure settlement as counsel in complex, multistate, multidefendant bankruptcy litigation alleging lender liability — brought in Delaware over a New York project, against multiple defendants. The matter arose out of a $35 million, 164-unit residential real estate development financed with tax-exempt private activity bonds and 4% Low-Income Housing Tax Credits. The outcome turned on deciphering the extreme complexity of the project's multi-layered financing. The same project produced one of the first applications brought under the New York State Brownfields program.
Implemented the bankruptcy reorganization of a single-asset limited partnership holding a multifamily affordable housing development, accomplished through the sale of 9% Low-Income Housing Tax Credits to an institutional investor in a $5.5 million transaction.
Secured a large settlement in a bankruptcy adversary proceeding brought against a mortgage servicer for violation of the automatic stay.
Litigated novel bankruptcy matters that resulted in published, precedent-setting decisions. Also represented a large real estate investment trust in bankruptcy matters.
Argued before the United States Court of Appeals for the Second Circuit and the New York State Supreme Court, Appellate Division, Second Department.
To discuss a project or a case, call (212) 639-9000 or email brucehkaplan@gmail.com.