Karen Sherman has represented the Greyston Foundation on a number of highly complex transactions over the past decade. She has been a highly competent and professional advocate for us in all of these deals, and her understanding and insight into our needs has been exceedingly helpful. To balance out her professional skills, Karen is a joy to work with, with as strong commitment to our ideals and mission.
Steve Brown
Executive Director of Greyston Foundation

Case Study

Stakeholders Revitalize Over 1200 Affordable Rental Apartments in the South Bronx


Photo Credit:  Design Trust for Public Space

When the Diego Beekmans Affordable Housing Project faced HUD foreclosure and failure of its mission due to physical deterioration and lack of basic services, the Diego Beekmans Mutual Housing Association Housing Development Fund Corporation (HDFC) engaged ShermanLaw to help plan a revitalization strategy. Diego Beekmans consists of 38-buildings and 1,238 affordable rental apartments in the South Bronx and is a key component in this low-to-moderate income neighborhood. Developing the revitalization strategy for the Project, in a context of increased joblessness, failed businesses, and economic destabilization, required ShermanLaw’s experience, creativity and hands-on skills dealing with stakeholders.

Working with Diego Beekmans stakeholders, including tenants, managers and HUD, ShermanLaw formed a tenant-inspired mutual housing association (MHA) to acquire and renovate the buildings and to provide tenant services. ShermanLaw represented the MHA in general corporate matters and in securing financing, including the negotiations with HUD and local officials for more than three-years to purchase the 38-buildings and to obtain funding from multiple sources for acquisition, renovation and operation of the Project including Section 8A subsidies, private institutional investors and the NYC Department of Housing Preservation and Development.

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