Rick Vance (right), one of the team from Stites & Harbison which provided legal support to New Directions, was joined at the Kentucky Broad Street announcement by Melissa Barry, Director of Louisville Metro Housing, a division of Louisville/Jefferson County Metro Government, and Kitty McKune (left). The firm's Jim Seiffert and Greg Ehrhard also assisted in the $13.8 million transaction.

Through a unique aspect of the M2M process, New Directions, as a tenant-endorsed community-based qualified non-profit organization, and as the entity controlling the purchasers of the projects, was able to receive an assignment of the second and third mortgages from HUD. These second and third mortgages were then assigned to Louisville/Jefferson County Metro Government ("LJCM") for a purchase price of $1.6 million. This aspect provided one of the key elements to the success of the transaction and the funds necessary to purchase the existing management contracts from the Seller. Finally, the properties had to be transferred from the Seller to new entities controlled by New Directions and were, therefore, subject to the approval of HUD through a Transfer of Physical Assets ("TPA") process.

The entire transaction involved the execution of over 750 documents and an exceedingly high level of organization and coordination by Stites & Harbison in a closing process that involved intensive interaction with the Seller, OMHAR, HUD, Red Mortgage Capital, Inc., and LJCM in order to consummate the transaction.