Applegate & Thorne-Thomsen

What Applegate & Thorne-Thomsen does

Applegate & Thorne-Thomsen, P.C. is a Chicago-based, privately held professional services law firm founded in 1998 that provides legal counsel exclusively in affordable housing and community development. The firm serves a national client base of for-profit and non-profit real estate developers, tax credit syndicators, institutional investors, commercial and CDFI lenders, public housing authorities, and charitable non-profit organizations. Engagements span the full lifecycle of community development transactions, from entity formation and zoning/entitlements through multi-layered financing, syndication, and ongoing regulatory compliance.

The firm operates five integrated practice areas: Tax Credit Finance & Syndication (LIHTC, NMTC, HTC, energy tax credits, state credits, Opportunity Zones), Government Finance (HUD programs, FHA-insured loans, Section 8, RAD, HOME, CDBG, tax-exempt bonds), Zoning & Entitlements, Charitable Non-Profit Representation (501(c)(3) formation, tax-exempt status, joint ventures), and Commercial Real Estate (acquisition, disposition, mixed-use development). Its underlying technology stack is that of a traditional legal practice; no proprietary technology platform, AI products, or software products are disclosed. The firm invests in thought leadership through publications in the Novogradac Journal of Tax Credits and ABA journals, and recurring educational events such as the LIHTC Seminar – Extra (Tax) Credit and Capital Accounts Training.

The business model is professional services billing, with revenue generated on an hourly/matter basis against complex, multi-layered transaction work. The firm has grown from five attorneys at founding to 42-43 attorneys supported by 16-19 paralegals as of recent reporting, with Debbie Kleban serving as Managing Partner since April 2021. All partners retain ownership; no external institutional investment, parent company, or subsidiary structure is identified. Go-to-market relies on long-term client relationships, board/committee participation by attorneys in industry organizations, and recurring educational events rather than sales-led outbound motion.

Name

Applegate & Thorne-Thomsen

Legal name

Applegate & Thorne-Thomsen, P.C.

Website

https://att-law.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

Applegate & Thorne-Thomsen is a Chicago-based, privately held law firm founded in 1998 that provides legal counsel exclusively in affordable housing and community development, serving developers, syndicators, investors, lenders, public housing authorities, and non-profits nationwide across five integrated practice areas.

Ownership category

akta.pro rank

Product category

Legal Services

NAICS

Offices of Lawyers (541110), Offices of Lawyers (54111), Legal Services (5411)

SIC

Services-Legal Services (8111), Real Estate (6500)

akta.pro primary industry

Real Estate & Construction Law (BPAHAAAE)

Keywords

• Affordable housing law
• Community development law
• Tax credit finance
• Real estate law
• Nonprofit legal representation

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Legal Services: The firm provides legal representation and counsel to clients in affordable housing and community development transactions. Services include transaction structuring, financing, syndication, entity formation, zoning, entitlements, and compliance matters.

Go-to-market motion3 records

Distribution channels1 record

Marketing channels5 records

Core offering

Applegate & Thorne-Thomsen is a national law firm that provides legal counsel in affordable housing and community development matters. The firm represents developers, syndicators, lenders, nonprofit organizations, and public agencies in transactions involving Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), and Historic Tax Credits (HTC), as well as zoning, entitlements, government finance, and commercial real estate matters.

Product overview

Applegate & Thorne-Thomsen is a law firm providing specialized legal services in affordable housing and community development. The firm offers five integrated practice areas: Tax Credit Finance & Syndication (handling LIHTC, NMTC, HTC, and energy tax credits), Government Finance (covering HUD programs, bond financing, and RAD), Zoning & Entitlements (land use and entitlements), Charitable Non-Profit Representation (501(c) tax-exempt organizations), and Commercial Real Estate (acquisitions, dispositions, and development). These practice areas work collaboratively on complex multi-layered financing transactions for community development projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Tax Credit Finance & Syndication Legal counsel for Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), and Historic Tax Credit (HTC) transactions, including syndication, partnerships, and investor structuring.
• Government Finance Legal services for governmental and quasi-governmental entities on financing structures for community and economic development projects.
• Zoning & Entitlements Legal representation on zoning, land use, and entitlement matters for affordable housing and community development projects.
• Charitable Non-Profit Representation Legal counsel for charitable, nonprofit, and community-based organizations, including formation, governance, and tax-exempt matters.
• Commercial Real Estate Legal representation for commercial real estate acquisitions, dispositions, leasing, and development.

Quantifiable outcome

• Projects close and get built as quickly as possible

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered minor and core.

• New Markets Tax Credit CoalitionminorStrategic or Co-development Partner · 1 January 2021Industry coalition where Debbie Kleban holds membership, participating in advocacy and policy development for NMTC programs.
• Economic Growth CorporationcoreStrategic or Co-development PartnerLong-term client relationship where the firm provides comprehensive legal counsel as Economic Growth Corporation has grown from a small local non-profit to a nationally competitive, multi-faceted organization.
• Florida Community Loan FundcoreStrategic or Co-development PartnerCommunity Development Entity (CDE) providing $15 million in federal NMTCs for the Overtown Youth Center Expansion project. The firm handled all legal aspects of the NMTC financing.
• Central States Development PartnerscoreStrategic or Co-development PartnerCDE providing $4 million in NMTC financing for the Overtown Youth Center Expansion, working in collaboration with the firm and other partners.
• Cabrini Green LAC Community Development CorporationcoreStrategic or Co-development PartnerJoint venture partner in the Parkside redevelopment of Cabrini Green. The CDC has an ownership interest and development control per the Cabrini Consent Decree.
• Chicago Housing AuthoritycoreStrategic or Co-development PartnerPartner in multiple redevelopment projects including Parkside. CHA's Plan Forward and HOPE VI Revitalization Plan guide mixed-income housing development.
• Care Resource Community Health CenterscoreStrategic or Co-development PartnerNon-profit health center client for which the firm handled NMTC financing for the Midtown Miami Health Center renovation and expansion project.
• Novogradac New Markets Tax Credit Working GroupminorStrategic or Co-development PartnerIndustry working group where firm attorneys participate in shaping NMTC policy and best practices.
• Community Investment CorporationminorStrategic or Co-development PartnerChicago-based CDFI lender where Nick Brunick serves as General Counsel and Board Secretary.
• United Power for Action and JusticeminorStrategic or Co-development PartnerCommunity organizing coalition where Nick Brunick serves on the Executive Board, working on affordable housing advocacy in Chicago.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Nixon Peabody LLP: Nixon Peabody's Affordable Housing & Real Estate practice serves developers, syndicators, lenders, and PHAs nationwide on LIHTC, tax-exempt bonds, RAD, and mixed-finance transactions—substantially overlapping Apple's client profile and practice areas.
• Polsinelli PC: Polsinelli's Real Estate & Affordable Housing practice serves developers, lenders, and tax credit investors in LIHTC, HTC, and mixed-finance developments. Substantial practice overlap with Applegate's developer/lender client segments.
• Venable LLP: Venable's Community Development Finance group handles LIHTC, NMTC, HTC, and tax-exempt bond financing for developers, syndicators, and CDFIs. Direct overlap with Applegate & Thorne-Thomsen in client type, financing tools, and national scope.
• Ballard Spahr LLP: Ballard Spahr's Affordable Housing and Community Development practice represents developers, investors, and PHAs on LIHTC, RAD, and HUD programs. Its client mix and specialty depth make it a direct peer to Applegate.
• Kutak Rock LLP: Kutak Rock is one of the largest U.S. law firms dedicated to affordable housing and community development finance, with deep LIHTC, NMTC, and HTC practices. It is the closest direct peer to Applegate & Thorne-Thomsen in practice mix, client base, and geographic reach.
• Holland & Knight LLP: Holland & Knight operates a sizable Affordable Housing practice representing developers, lenders, and investors in LIHTC/HTC transactions and mixed-income projects. Comparable in serving developer/lender/syndicator clients on multi-layered tax credit deals.
• Womble Bond Dickinson: Womble Bond Dickinson's Affordable Housing practice represents developers, lenders, and investors in LIHTC and community development transactions. Comparable in serving similar national clients across complex multi-layered financing structures.

Others

• Novogradac & Company LLP: Novogradac is the dominant accounting/advisory firm serving the LIHTC, HTC, and NMTC industries — not a direct legal competitor but a closely adjacent ecosystem participant whose journal and working groups shape the same client conversations Applegate operates in.

Regional players

• Ice Miller LLP: Ice Miller is a Midwest-based full-service firm with a notable Affordable Housing and Community Development practice headquartered in Chicago, competing with Applegate for regional developer and PHA clients in the Midwest market.

Broad incumbents

• Eversheds Sutherland: Eversheds Sutherland is a global full-service law firm with a substantial U.S. Affordable Housing and Tax Credit practice handling LIHTC, HTC, and bonds for developers and syndicators — a broader, incumbent peer overlapping Apple's specialty.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/applegate-&-thorne-thomsen-p-c-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Applegate & Thorne-Thomsen