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Elizabeth Friedgut represents developers, lenders, investors, contractors, and property managers in the acquisition, financing, leasing, and management of affordable and market-rate multiple and single unit residential properties and health care facilities, as well as commercial and retail real estate projects, across the United States. Elizabeth advises clients on a range of federal, state, and local government real estate finance programs for the construction, financing, and restructuring of multifamily rental housing, including transactions involving HUD, Fannie Mae, Freddie Mac, and various conventional financial institutions using such financing vehicles as tax-exempt and taxable bonds, mortgage-backed securities, whole loan and contingent interest participations, loan modifications, workouts, partial payments of claim, mortgage insurance claims, and foreclosures.

Elizabeth counsels clients on transactions involving the acquisition and disposition of individual and pooled multifamily properties and mortgage loan portfolios, Section 8 multifamily and voucher rental assistance, public housing mixed finance rental and homeownership developments, and public housing Rental Assistance Demonstration (“RAD”) conversions as well as equity investments in, and restructurings of, ownership entities, and low income housing, historic rehabilitation, new markets and donation tax credit syndications.

Elizabeth’s practice includes the representation of clients in the resolution of adverse findings resulting from audits performed by the HUD Office of the Inspector General as well as other HUD investigations and disputes.

Previously, Elizabeth was employed as an attorney with the U.S. Department of Housing and Urban Development (“HUD”) in Washington, D.C., where she served as a senior transactional attorney in the HUD D.C. Field Office and as legislative and regulatory counsel to HUD before Congress and the Office of Management and Budget regarding numerous matters involving HUD multifamily and single financing programs and Section 8 and public housing rental subsidy programs.


  • Real estate finance programs
  • Public housing and Section 8 rental assistance programs
  • Tax credit syndications
  • Governmental investigations and disputes
  • Acquisitions and dispositions
  • Property management



  • Lead development and financing counsel to a development team in connection with the acquisition, substantial historic rehabilitation, and equity financing of a mixed-use project in Chicago, Illinois (the “City”), consisting of 239 units of mixed income residential rental housing, 50,000 square feet of commercial and retail space and certain ancillary facilities, known as Rosenwald Courts. Financing for the project included more than $65 million in tax-exempt bonds issued by the City, $25 million in TIF funds from the City, $8.5 million in Neighborhood Stabilization Program funds from the City, $17.6 million in capital funds from the Chicago Housing Authority, and approximately $63 million in proceeds from the sale of federal low-income housing and historic rehabilitation tax credits and Illinois state donation tax credits.°
  • Counsel to a low-income housing tax credit syndicator in connection with the restructuring of multiple limited partnerships and limited liability companies, including the litigation of claims against general partners, dispute resolutions, and debt restructurings with various lenders and governmental entities, and the stabilization of the real estate assets involved to facilitate their ultimate disposition.°
  • Counsel to numerous borrowers and lenders in connection with the construction financing, refinancing, and debt restructuring of multifamily and health care projects utilizing HUD, Fannie Mae, Freddie Mac, and conventional financing vehicles.°
  • Counsel to a major multifamily REIT in connection with its merger with a multinational real estate company, the procurement of various required approvals with lenders and governmental entities, including Fannie Mae and Freddie Mac, and the refinancing and equity syndication of its existing debt and equity.°
  • Counsel to project owners in connection with the Mark-to-Market, Mark Up to Market, Opt-Out, transfer and preservation of Section 8 Housing Assistance Payments Contracts and the utilization of Section 8 project-based and housing choice vouchers.
  • Counsel to multiple developers in connection with the Section 8 Rental Assistance Demonstration (“RAD”) conversion of public housing projects utilizing both new construction and rehabilitation models, as well as the development and financing of public housing projects using HOPE VI and capital funds.°
  • Counsel to clients around the country in connection with the negotiation and resolution with federal, state and local governmental entities of a variety of regulatory and other legal enforcement matters.°
  • Private counsel to Ginnie Mae through its master subservicers in the development and implementation of Ginnie Mae’s procedures for the modification, restructure, and ultimate disposition of its multifamily loan portfolio, including both current and defaulted loans, as well as the closing of a variety of permanent loan transactions around the country using such tools as tax-exempt and taxable financings, loan modifications, partial payments of claims, and reassignments in order to avert approximately $400 million in claims against HUD’s mortgage insurance fund.°
  • Private counsel to HUD as a subcontractor to its primary contractor in connection with the formation and documentation of a structure to effectuate the sale of a pool of approximately $880 million of HUD-held multifamily mortgage loans secured by apartment projects around the country subject to Section 8 Housing Assistance Payments Contracts through the issuance of bonds by a special purpose Delaware business trust and the sale of equity interests in the trust, including the preparation of various disclosure documents regarding the HUD Multifamily Mortgage Insurance and Section 8 Housing Assistance Payments programs.°
  • Counsel to a lender and servicer in the formation, documentation, and implementation of conduit loan pool programs in excess of $500 million for multifamily, nursing home, and assisted living residential facilities around the country with “take-out” provided by the issuance and sale of Fannie Mae mortgage backed securities, and the creation of a corresponding REMIC.°

°The above representations were handled by Ms. Friedgut prior to her joining Greenberg Traurig, LLP.

  • U.S. Department of Housing and Urban Development
    • Senior Transactional Attorney, HUD Washington, D.C., Field Office
    • Legislative and Regulatory Counsel, HUD Washington, D.C., Headquarters

Recognition & Leadership

  • Listed, Leading Lawyers Network, 2006-2021
    • Top 100 Real Estate-Related Lawyers in Illinois, 2015, 2017-2020
    • Top 100 Women Real Estate-Related Lawyers in Illinois, 2009-2020
    • Top 10 Women Real Estate-Related Lawyers in Illinois, 2019
  • Rated, AV Preeminent® 5.0 out of 5.0

°AV®, AV Preeminent®, Martindale-Hubbell DistinguishedSM and Martindale-Hubbell NotableSM are certification marks used under license in accordance with the Martindale-Hubbell® certification procedures, standards and policies.

  • Member, District of Columbia Bar Association
  • Member, Chicago Bar Association
  • Member, American Bar Association Forum of Affordable Housing and Community Development Law


  • J.D., Washington University in St. Louis School of Law
  • B.A., cum laude, Middlebury College
  • Illinois
  • District of Columbia