Redstone Lofts, a 403 bed student apartment building located on the University of Vermont (UVM) campus, resulted from an RFP published by UVM in 2010. After Redstone Commercial Group, a Burlington-based real estate development company, was selected to develop the project, MSK worked with Redstone, UVM and related stakeholders over the course of twelve months to negotiate a development agreement that established development parameters and further defined the project, and to negotiate a ground lease for the project property. Project construction was financed using conventional bank financing. MSK worked with Redstone to prepare a membership offering to raise project capital, to negotiate contracts with the project architect and general contractor, to negotiate loan documents with the project lender and close the construction loan, and to prepare form leases and rules and regulations that govern the project’s use and operation. Since its construction, MSK has worked with Redstone to install rooftop photo-voltaic solar panels that generate electricity for use by the project and which take advantage of available state and federal tax credits for net-metered renewable energy projects.
Attorneys: Jeremy Farkas, Liam Murphy
Photography: Mike Worthington, Jr.