Attorneys at law
16 Market Square 6th Floor
1400 16th Street
Denver CO 80202-1486
Colorado tel 303 292 2900
North Dakota tel 701 264 3005
fax 303 292 4510

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Moye White
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Moye White
June 18, 2018

Keely C. Downs


Keely’s specialty includes representing owners, borrowers and developers with the acquisition, sales, development and financing of multifamily properties, as well as obtaining government subsidies for energy efficient and green multifamily buildings.

Keely’s practice also includes commercial real estate acquisition, sales, development, financing, and leasing of retail, industrial, and mixed-use properties. Keely also routinely advises real estate brokers and agents regarding regulatory compliance issues.

As a HUD specialist, Keely has significant experience guiding borrowers through the HUD financing process including new construction, acquisition financing and refinancing, as well as the HUD loan assumption (TPA) process.

Counsel on a HUD transaction typically includes the following tasks: (i) negotiation of the lender LOIs, rate lock agreements, and financing commitments; (ii) structure of borrower equity investment and entity to be in compliance with HUD guidelines but also to ensure best vehicle for working with a HUD project; (iii) review of title and survey issues to be in compliance with HUD, and on 221(d)(4) projects for special issues such as ensuring all necessary property is covered by title insurance and thus able to avoid double-escrow for off-site improvements; (iv) special issues related to HUD applications such as SHPO Rule 106 referrals; (v) negotiation and structuring of owner-contractor agreements (AIA A-201 and BSPRA agreements) and owner-architect agreements (AIA B-108) in 221(d)(4) transactions; (vi) review and analysis of firm commitments; (vii) submission of all required documents for initial submission package; (viii) preparation for and attendance at HUD closing and issuance of HUD opinion; (ix) other HUD-related issues including subordination of secondary financing on affordable properties.

Obtaining HUD-insured financing can be a complicated, expensive and lengthy process. Keely uses her depth in the HUD financing field to help her clients avoid costly delays, strategically time their steps, and move through the process as quickly as possible.

Experience counts: The right answer on a HUD lending question may not necessarily be the answer found in the published administrative regulations and guidelines. The solution often involves knowing how a field office typically reacts to a given issue. In this arena, advanced planning can save time and money. Knowing the regulatory landscape up front will help to structure your ownership entity, and structure your project, to create the best asset possible.

Keely’s practice includes market-rate properties, as well as affordable/subsidized properties, and senior projects. Keely helps her clients to navigating the sale, acquisition and refinancing process for affordable properties with multiple layers of subsidies.

Notable affordable housing experience
  • Representation of borrower in de-subsidizing property (from affordable to market rate)
  • Acquisition of LIHTC properties, project-based HAP contract properties, and properties with multiple-layers of subsidy
  • Advising clients regarding Fair Housing Act compliance on age-restricted properties


Real estate

Areas of concentration

Commercial leasing
Multifamily housing finance
Real estate
Real estate finance
  and development

Education and credentials

University of Denver, J.D.,
  Scholastic Excellence Awards:
  Administrative Law;
  Constitutional Law

Tulane University, B.A.,
  cum laude, Distinguished
  Scholars Award


American Bar Association,
  Forum on Affordable Housing
Downtown Denver Partnership
  Leadership Program, 2014
NAIOP, Commercial Real Estate
  Development Association


U.S. District Court,
  District of Colorado