- SFO*Media - SFO*Media publishes popular daily web magazines for travelers of all kinds, including HotelChatter.com and Jaunted.com. Their hip, pop culture-oriented take on travel subjects made them attractive to CondeNet--owner of Wired.com-- who sought to acquire them. Our M&A Group represented SFO*Media in the transaction, which involved complex intellectual property issues, as well as the negotiation of employment and bonus arrangements for its principal. New travel sites are in the works, including the soon-to-be-launched vegaschatter.com.
- Caleb Foundation - Michael assisted the Caleb Foundation in obtaining financing through historic tax credits to revitalize the Olde Woolen Mill in North Berwick, Maine. The mill was merely gathering cobwebs when the Caleb Foundation saw an opportunity to create housing for low-income seniors. To help finance it, Michael and a team of tax attorneys were instrumental in structuring one of the very first syndications under Maine's recently expanded historic tax credit program and synchronizing the requirements of the state credit investor with the federal historic tax credit and housing tax credit investors. We successfully obtained favorable financing necessary to green-light renovations to 40 apartments for senior residents.
- Saco Island - Michael was actively involved in representing Harper's Development, one of Maine's leading real estate development companies, with the revitalization of the Saco Island mill. Preti Flaherty represented Harper's in its $5.9 million acquisition of Saco Island, an island in the Saco River with textile mills dating from the 19th Century. To revitalize the property and create a vibrant mixed-use community, we cleared title for the purchase, which required untangling a complex 100-year-old web of ownership, easements and other rights to property and industrial assets. We created three separate condominium associations to serve as ownership vehicles for the restored properties. Our Environmental Group performed environmental due diligence and developed a voluntary remedial action plan (VRAP). To help finance renovations, we negotiated a $35 million Tax Increment Financing Program, the largest nonindustrial TIF ever approved in Maine. To close the deal, we assisted with permitting, construction and zoning approvals for more than 370,000 s.f. of properties, which will be used as townhomes, condos, offices, a restaurant and microbrewery and a 62-slip marina.