Daily Report
September 27, 2007
GMH MILITARY HOUSING continues to keep McKenna Long & Aldridge partner G. Scott Rafshoon busy on all matters of legal work.
Rafshoon recently completed a bond restructuring assignment for GMH Military Housing and continues to work on another GMH project to construct housing at military bases across the Southeast.
On the completed project, Rafshoon led an effort to restructure $518 million in bonds used to finance housing at eight Navy bases in five Northeastern states. The restructuring was prompted by the 2005 Base Realignment and Closure (BRAC) shuttering of a naval base in Brunswick, Maine. Work on the transaction included a special redemption of the old bonds and the reissuance of new bonds
With the ongoing project, Rafshoon is advising GMH on a $700 million contract to design and provide construction management and maintenance for military family housing at 11 bases in the southeastern U.S., including the Naval Submarine Base at Kings Bay and the Naval Air Stations in Jacksonville, Key West and Pensacola, Fla. GMH described the $700 million deal as one of the largest public-private venture housing contracts in history.
Other McKenna lawyers who have worked or are working with Rafshoon on the two projects are partners Thomas P. Lauth, John N. Ingram and Katherine M. Lewis and associate Matthew D. Royko. Kutak Rock represented outside consultants affiliated with the Navy on the projects, Rafshoon said. Winstead Sechrest & Minick advised Goldman Sachs Group and Raymond James Financial, the underwriters on the bond restructuring.
GMH Military Housing is a unit of GMH Communities Trust, headquartered in Newtown Square, Pa.