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Sullivan’s lawyers have earned a reputation for steering complicated projects through the development process.

We draw upon our extensive experience working with large and small developers, government agencies and financing sources in coordinating and completing complex, multi-party projects.

Representative Client Work

  • Representation of a joint venture between a national development company and a real estate private equity fund to acquire, finance and redevelop a warehouse building in Brooklyn, NY for “creative office” use
  • Representation of a public REIT in development of a hotel in Florida, including engagement of a local developer
  • Representation of a scientific institution in rezoning and entitlements for expansion of its headquarters research facility in Cambridge, MA
  • Representation of a real estate private equity fund in acquisitions of redevelopment sites in Boston, MA and a joint venture acquisition of a large redevelopment site on Route 128 with an operating partner
  • Representation of a developer of proposed 124-unit waterfront condominium project in Boston, MA, including rezoning and other permitting issues
  • Representation of a developer in zoning, permitting and other development work for a 100-unit multifamily project in Cambridge, MA
  • Representation of a public real estate development company in all aspects of development of a 2.7 million square foot mixed-use project on 29 acres in Cambridge, MA ground leased from an educational institution, and in a large number of related transactions
  • Representation of a public REIT in a development deal for a new research building to expand headquarters for a scientific institution on a legally and physically complicated site in Cambridge, MA
  • Representation of a real estate private equity fund in development of an office and lab building in Kendall Square, Cambridge, MA
  • Representation of several educational and cultural institutions in development and expansion projects
  • Representation of a commercial condominium as an abutter accommodating adjacent super-tall development project
  • Representation of a real estate private equity fund in the acquisition and development of a condominium project in Brighton, MA
  • Representation of a public REIT in land assembly and swap, permitting, infrastructure and negotiations for a new T station as part of a major redevelopment project in Somerville, MA
  • Representation of the developer of a residential project at a former naval shipyard
  • Acquisition and development of a 16-acre, multi-use phased retail, office and theater urban redevelopment project, including counsel on tax benefits for developing a blighted urban area and coordinating the public/private aspects of the project with the city government
  • The development of a 2,300-space underground Boston garage structured as three separate projects, each with its own owner and financing source
  • Acquisition, development and conversion to a condominium of a mixed use project in western Massachusetts, including hotel, office and retail uses
  • Acquisition, development and tax-exempt bond financing for 15-plus assisted living facilities in the Northeast
  • Development of sites for regional supermarket chain stores in Maine and Massachusetts
  • Development, construction and financing of government assisted low- and moderate-income housing projects in the Northeast
  • Development and financing of 80-megawatt alternate energy power projects in Texas, Utah and Pennsylvania
Viewpoints
All Viewpoints
HUD Opens FHA-Insured Financing to Build-to-Rent Communities
On October 14, 2026, the U.S. Department of Housing and Urban Development (HUD) announced that qualifying build-to-rent communities may now access FHA-insured multifamily financing.[1]  Build-to-rent single-family communities have become a significant and increasingly popular housing product throughout many regions of the United States, including the Sun Belt and high-growth markets in the West.  However, the product type has not yet gained comparable traction in Massachusetts and other areas in New England due in part to zoning restrictions and other development constraints.  Effective immediately, the policy extends HUD financing eligibility to rental developments consisting of detached single-family homes, duplexes, or triplexes, subject to project-specific requirements.  For developers and lenders, the change creates a new financing opportunity which may help to spur the development of this type of housing in the New England region.  At the same time, there are important limits on project configuration, underwriting, and future sales. What Projects Qualify? Mortgagee Letter 2026-12 issued by HUD on October 14, 2026 (Mortgagee Letter) makes two financing programs available to qualifying build-to-rent projects: Section 221(d)(4) new construction: In general, Section 221(d)(4) loans are available for new multifamily construction or substantial rehabilitation projects.  However, the Mortgagee Letter limits the availability of this type of loan for build-to-rent projects to only new construction projects. Section 223(f) acquisition or refinancing: Section 223(f) loans are generally available for the acquisition or refinancing of existing multifamily properties, including qualifying recently constructed or substantially rehabilitated properties.  For build-to-rent communities, however, the Mortgagee Letter limits eligibility to recently developed rental housing with a certificate of occupancy dated less than three years before the loan application. In order to be eligible for either HUD program, build-to-rent projects must, among other things, contain at least five dwelling units, be developed for long-term rental housing, and operate as one cohesive rental property on a contiguous site.  Although interspersed privately owned parcels or residences are not acceptable for the program, mixed developments combining build-to-rent homes with traditional multifamily buildings may qualify.  Manufactured and modular construction are generally acceptable, although construction financing issues (in particular, those relating to advances for offsite materials) must be addressed early. Key Considerations for Developers and Lenders The financing is not designed for individual home sales.  HUD will not approve sales of individual parcels or buildings (i.e., sales of less than all of the community) or partial releases of collateral during the term of the loan (often 40 years following the construction period for Section 221(d)(4) loans and 35 years for Section 223(f) loans).[2]  Developers considering a future sell-off of individual homes should weigh that restriction when evaluating this financing option. Underwriting must reflect the economics of build-to-rent housing.  HUD calls for conservative lease-up assumptions and recognizes that lower-density communities may have higher operating expenses and replacement reserve needs compared to conventional apartment properties. Management and governing documents matter.  Professional management is required.  Any homeowners’ association or masterplan community governance structure must preserve the borrower’s full management control and must not interfere with HUD’s requirements. Eligibility does not eliminate accessibility obligations.  Although certain federal accessibility design requirements do not apply to detached homes, duplexes, and triplexes, some accessibility requirements continue to apply (including with respect to common areas).  Other federal, state, or local accessibility requirements may also apply, and the more stringent applicable requirements control. Practical Takeaway HUD’s policy change creates a new financing option for new construction and recently constructed build-to-rent communities intended to remain long-term rental properties, but developers and FHA participating lenders should assess program fit early rather than assume that eligibility alone makes a project financeable.  Early coordination among the developer, lender, and project team to work through any structuring and project governance matters and any modular or manufactured construction issues at HUD’s concept meeting can help identify necessary changes before substantial design and financing costs are incurred.  The availability of HUD financing does not remove other barriers to build-to-rent single-family housing developments found in New England. [1] See: U.S. Department of Housing and Urban Development, “HUD Expands FHA Financing for Build-to-Rent Housing” (Oct. 14, 2026). [2] Although these HUD loans have long terms compared to many other CRE financing products, they typically may be prepaid without penalty after an initial period during which a prepayment fee may apply (e.g., after the 10th year of amortization) and are generally assumable by a purchaser of the project subject to certain conditions and approvals.
Housing Bill Becomes Law, But It’s Not Just About Housing
On Tuesday, August 6th, Governor Healey signed into law House Bill 4977, “An Act relative to the Affordable Homes Act.” The 181-page Bill provides for $5.1 billion in capital funding to support housing production and preservation in the Commonwealth which is almost triple the amount in prior authorizations. In addition to providing significant increases in funding for many existing affordable housing programs such as the Affordable Housing Trust ($800 million), the Housing Innovations Fund ($200 million) and the Housing Stabilization Fund ($425 million), the Act allocates over $150 million to programs that support and encourage mixed and middle-income housing development and innovation, and $275 million for climate related sustainability or “Green Housing” initiatives. The Act also creates new tax credit programs and increases funding for several existing credit programs. The lack of affordable housing at all income levels has been identified as a major factor affecting economic growth in the Commonwealth. A coalition of business leaders and housing advocates posits that 200,000 new housing units need to come online by 2030 to keep up with demand.[1] The new law represents a major step toward meeting this challenge. The new law also includes several important legislative initiatives that are not necessarily only about affordable housing. These include changes to the administration of registered land in the Commonwealth, changes to eviction processes and amendments to zoning and homestead laws. One important aspect of the legislation involves new procedures for withdrawing real estate from the operation of the Massachusetts Land Registration Act. Massachusetts has two separate land title systems— (1) unregistered land, whereby deeds, mortgages and other instruments affecting real estate title are recorded and indexed in a county registry of deeds, similar to the recording systems in most other states, and (2) registered land under the Massachusetts Land Registration Act, whereby the Land Court certifies ownership of the real estate on a “certificate of title.” Although land registration carries with it certain benefits for the owners of registered land, unregistered land can often be more desirable to avoid cumbersome and time-consuming administrative processes that are involved in transferring title or otherwise dealing with registered land. And, although neighboring parcels of real estate can be a mix of registered and unregistered land, it can often be beneficial (or even necessary) for development and/or re-subdivision for the adjacent parcels to either be all registered or all unregistered.  Under the old system, moving property from the land registration system into the unregistered system was only permitted under certain limited circumstances and often took many months, or even years, to accomplish. The new Act, however, provides for a streamlined process to de-register land without the need to satisfy one of the old statute’s limited conditions. Under the new system, the owner of registered real estate would simply file a Complaint and a Notice of Voluntary Withdrawal with the Land Court. The landowner would also either need to include a written assent from any mortgage lender and certain other parties with record interests in the property. Alternatively, the landowner could serve a copy of the Notice of Withdrawal on those parties, who would then have 30 days to object. Unless the Court receives an objection that is grounded in “good cause” or determines that it is necessary to appoint a title examiner to look into the property’s title in more detail, the Court must approve the de-registration within 30 days after it receives all necessary information (unless the Court determines “for good cause” that more time is needed).  The Act also makes a change to existing law to allow the state’s chief title examiner (or one of her deputies) to authorize corrections of clerical errors on certificates of title. Such corrections previously required filing a Complaint with the Land Court and obtaining a Court order. The Act also provides for a number of other changes to Massachusetts law that may be of interest to owners of real estate, including: An amendment to zoning law allowing owners of property zoned for single-family homes to construct an “accessory dwelling unit” (i.e., a separate apartment) on the property provided it is 900 square feet or less and satisfies certain other requirements; An amendment to the Homestead Act allowing homeowners in most circumstances to increase their “declared homestead exemption” from $500,000 to $1,000,000; and A new provision in landlord-tenant law, allowing evicted tenants to seal their eviction records, either immediately (in the case of what the Act calls a “no-fault eviction”) or after waiting 4 or 7 years after the eviction proceeding, depending on the circumstances. The Act was passed with an emergency preamble, meaning it took effect as soon as the Governor signed. However, many sections of the Act do not go into effect right away, and we expect that many aspects of the law may take some time to implement, particularly those requiring changes in Land Court forms and procedures. [1] See, e.g., Future of Work Commission, Final Report, March 2022, page 26 (“Executive Office of Housing and Economic Development Secretary Michael Kennealy testified that there will be an estimated shortage of 125,000-200,000 housing units by 2030”).
John Gahan Honored as One of the National Housing & Rehabilitation Association's Inaugural Directors Emeriti
John W. Gahan III, a partner in Sullivan’s Real Estate Department, has been recognized as one of the National Housing & Rehabilitation Association's (NH&RA) inaugural Directors Emeriti. He and fellow honoree John B. Rucker III of Stifel Financial Corporation were celebrated at the NH&RA’s 2025 Annual Meeting last week in Miami, Florida, where they received distinguished career awards. The NH&RA is a professional association dedicated to affordable housing and multifamily development, fostering business relationships and advocating for key industry issues. Before receiving this honor, Gahan served on the association’s Board of Directors since 2010.
Emily Brewer Recognized as an Up & Coming Lawyer by Massachusetts Lawyers Weekly
Boston, MA - Sullivan & Worcester is pleased to announce that Emily Brewer has been named a 2025 “Up & Coming Lawyer" by Massachusetts Lawyers Weekly (MLW) as part of its annual Excellence in the Law Awards. The award recognizes local attorneys who have been practicing for 10 years or less and have distinguished themselves professionally and in the community as rising stars in the legal industry. An associate in the Real Estate group, Emily focuses her practice on transactional aspects of commercial real estate law, including acquisitions, dispositions, leasing, debt and equity financing. Emily’s experience includes representing both lenders and borrowers in loan transactions, and developers, REITs, and private and public companies in multiple asset classes throughout the United States. Emily graduated summa cum laude from the University of Pennsylvania and received her law degree from Columbia Law School. About Sullivan Sullivan & Worcester (Sullivan) is a global, mid-sized law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best‑in‑class client service.

Development