Sean B. Frederick is the Chair of the firm’s municipal finance practice, as well as a member of the Business Practice and Senior Living Industry Group, where he assists financial institutions, governmental entities and other clients in the areas of commercial finance, public finance, tax, securities law and general business.
Sean provides counsel, guidance and advice to clients on a wide variety of financing transactions including those involving new markets tax credits, low-income housing tax credits and historic tax credits as both investor counsel, tax counsel and developer counsel. Additionally, as Chair of Barley’s municipal finance group, he has particular experience in both governmental bonds, conduit financings and related tax issues involving manufacturing entities and 501(c)(3) corporations. Sean serves as bond counsel, underwriter’s counsel, issuer’s counsel, letter of credit and liquidity provider’s counsel and also works closely with other lawyers as co-counsel, local and regional counsel. Sean also has extensive experience within the Commonwealth of Pennsylvania working with PIDA, Pennvest, PennWorks, MELF and other loan programs.
Representative examples of Sean’s experience include:
- Representing regional and national commercial lending institutions on financing transactions ranging in size from $200,000 to $50,000,000 involving industries such as manufacturing, professional services, agri-business, hospitality, entertainment, food and beverage, and real estate, housing and construction.
- Counseling municipal clients regarding the issuance of tax-exempt bonds with an aggregate principal amount of over $200 million for such diverse purposes as water and sewer facilities, parking garages, fire departments, schools and other educational facilities.
- Representing manufacturing and not-for profit clients regarding the issuance of tax-exempt, small issue bonds, 501(c)(3) bonds and taxable bonds, including extensive experience in structuring transactions within the confines of the Internal Revenue Code in order to maximize the tax benefit to clients.
- Represented Fulton Bank, N.A., as construction lender and equity investor, in connection with the multifamily rental housing developments located at 4203 Chamberlayne Avenue and 4210 Old Brook Road in Richmond, Virginia known as Bellevue Apartments (the “Project”) and related construction loan in the original principal amount of $10,000,000 purchased by Fulton, subject to a forward purchase commitment of Bellwether Enterprise Real Estate Capital, LLC at conversion pursuant to a Freddie Mac Multifamily purchase commitment.
- Represented Fulton Bank, N.A., as construction lender and equity investor, in connection with the multifamily rental housing development located at 617-621 Adams Drive and 698 Dresden Drive, Newport News, VA known as Ivy Farms Apartments (the “Project”) and related construction loan issued by the Newport News Redevelopment and Housing Authority in the original principal amount of $16,000,000 purchased by Fulton, subject to a forward purchase commitment of Cedar Rapids Bank and Trust Company.
- Represented Fulton Bank, N.A., as initial purchaser of the $6,255,000 Reading Housing Authority (Pennsylvania) GNMA Collateralized Multi-Family Housing Mortgage Revenue Bonds (Goggle Works Apartments Project).
- Counsel to Boys and Girls Club of Philadelphia with respect to its $9,760,000 New Markets Tax Credit Qualified Low-Income Community Investment Transaction completed in February 2020
As a member of the Senor Living Industry Group, Sean has been part of numerous financings of senior living facilities.
A graduate of the University of Pennsylvania Law School and the University of Florida, magna cum laude, Sean is currently serving as president of the Literacy Council of Lancaster-Lebanon, vice president of Lancaster Housing Opportunities Partnership which is focused on providing affordable housing opportunities in the county of Lancaster, and is active with the Pennsylvania and the National Associations of Bond Lawyers.
Sean writes on a variety of topics. Some recent articles include:
- A Summary of Tax Changes from the Emergency Economic Stabilization Act of 2008
- Variable Rate Demand Bonds – Liquidity Issues
- Why Even Perfect Terms May Not Guarantee a Legal Victory in Battle of the Forms