Development

Overview

Mixed-use and multifamily real estate developments are flourishing throughout the nation in suburban and metropolitan areas alike. The successful long-term implementation of a real estate development includes many complex business and legal issues. Our team understands the issues that must be addressed in order to create a successful real estate development, which issues include:

  • Property Acquisition/Disposition
  • Entitlements
  • Debt and Equity Financing
  • Financing
  • Leasing (retail and office)
  • Master Property Associations
  • Reciprocal Easements and Cross Easements
  • Easements (air rights, subsurface rights, parking issues and maintenance issues)
  • Use Restrictions
  • Title Issues
  • Lender Issues

Our team is excited to be a leader in the field of real estate development and stands ready to assist clients in all areas necessary to create a successful development. We have been involved with transactions in a variety of locations across the country, including Atlanta, Georgia; Dallas, Texas, Charlotte, North Carolina; Nashville, Tennessee; Washington, D.C.; Birmingham, Alabama; and numerous other locations.

Additional Specialties

  • The successful long-term implementation of a mixed-use real estate development includes many complex and intertwined business and legal issues. Our multidisciplinary team is skilled in property acquisition/disposition, entitlements, debt/equity financing, leasing, master property declarations, easements, use restrictions, title issues and lender issues. We are a leader in the field of mixed-use development and are involved in a variety of transactions across the country.
  • Our attorneys have handled multifamily transactions representing tens of thousands of multifamily units and several billion in investments throughout the United States. We work with owners, developers and investors on all aspects of these transactions.

Experience

Mixed-Use Development

 

  • Represented client in the land acquisition and development of numerous residential projects, with retail components, including joint venture with equity fund investor.
  • Represented Jacoby Development in connection with the development of Aerotropolis, a mixed use project located on the 120-acre site of the former Ford Motors Assembly Plant adjacent to Hartsfield-Jackson International Airport. Phases included the sale of property acres to Porsche for the development of its North American headquarters, the sale of property to the City of Atlanta and the proposed construction of a parking facility covered by solar panels.
  • Representing owners and investors in connection with the syndication, financing, acquisition, leasing and disposition of neighborhood shopping centers. Clients include Equinox Group, Stafford Development Company, Alterman Properties, Goddard Development Company and Trammell Crow Company.
  • Represented owner/developer in the preparation and negotiation of two long-term sports-use anchor tenant leases for to be developed mixed-use project.
  • R+epresented owner/developer of Lake Point® project, a 1,200+ acre assemblage for a mixed-use development north of Atlanta, including joint venture transactions, land acquisitions, project financing, preparation of declaration of covenants, restrictions and easements on the project, parcel sales and on two long-term youth sports-use anchor tenant leases.
  • Represented developer/owner of mixed-use urban redevelopment project of over 80 acres in obtaining approximately $80 Million of NMTC- subsidized financing for multiple phases of the development, including approximately 900,000 square feet of office space. The transactions involved 11 different CDE lenders and acquisitions of participations in existing leverage loans to 11 different NMTC investment funds.
  • Represented the developer of a mixed use condominium and retail project in downtown Atlanta, financed in part with Tax Allocation District bonds and New Markets Tax Credits. Property structure included air rights, long term ground leases, assemblage of fee ownership and residential condominium.
  • Representing owner/developer in the preparation of declaration of covenants, operating and easement agreements, and air-rights sales contracts, for to-be-developed mixed-use urban redevelopment project.
  • Represented Lane Company in the development of apartment and condominium communities in the Atlantic Station project in Atlanta.
  • Represented a REIT in acquiring the dominant regional mall in Charlotte, North Carolina. After a period of permitting, we represented the REIT and subsequent owner in the redevelopment of the mall into one that would remain the dominant mall in the area. The representation included, negotiations with existing anchor tenants for approvals and for development of existing anchor stores, property exchanges, purchases of property from certain anchors, site plan approvals, reciprocal easement agreements, air rights agreements, sales of pads to anchors, ground leases to other anchors, shared parking agreements, agreements for the development of mixed use building with residences and others.
  • Representation in connection with $20-million, mixed-use development (including approximately 18,000 square feet of commercial space) located in Atlanta, Georgia, financed with both tax-exempt and taxable series of bonds, low income housing tax credits and CDBG funds.
  • Representation of developer in obtaining $52-million construction loan and related financing for mixed-use development in Atlanta’s Midtown to contain retail, office space and residential condominiums.
  • Representation in connection with mixed-use historic rehabilitation development located in South Carolina, financed with I.R.C.§ 47 historic rehabilitation tax credits and conventional debt financing.
  • Represented a developer in connection with multi-phased, mixed-use development comprised of multifamily and single family residential components, a new charter elementary school, a community center, a YMCA, a bank branch and other retail.
  • Represented a developer in connection with Caribbean-based development of luxury resort-anchored, mixed-use project, including negotiation of acquisition and concession documents with government.
  • Represented a real estate equity fund in connection with its investment in mixed-use urban development.
  • Represented a real estate investor in connection with equity investment in various retail, multifamily, office and mixed-use projects.
  • Represented a master developer in developing mixed-use project with hotel, retail and residential components.
  • Represented global hotel operator in the acquisition of a 400+ room hotel in a multi-parcel development in which the remaining sites were zoned for office buildings. In addition to negotiating the purchase and sale agreement and handling the acquisition, we renegotiated the declaration of covenants, easements and restrictions regarding the other parcels in the development to address parking, access and future development.

Multifamily Development

 

  • Representation of Atlanta, Georgia based apartment owner and manager in connection with the acquisition, disposition, and financing of 15,000+ apartment units located in Georgia, Florida, Alabama, South Carolina, North Carolina, Virginia, Maryland, Tennessee, Texas, and Colorado. These units were mostly class C apartments that were renovated after purchase, thereby creating value for the ownership group. The financing included traditional bank acquisition and renovation financing, and mini-perm refinancing in the CMBS and insurance company lending space. Though many of the transactions were single development deals, there were several portfolio acquisitions and dispositions.
  • Representation of Houston, Texas based investment builder in connection with the development, ownership, financing and, in several instances, disposition of seven luxury apartment developments in the greater Atlanta area containing over 2,000 class A luxury apartment units. These transactions including several multiple parcel land assemblages, construction and permanent financing, construction management activities, and sophisticated access and other easement rights with adjacent landowners. Many of these transactions were transit-oriented, which included direct negotiation and coordination with MARTA, the regional rapid transit authority.
  • National representation of developers, owners and lenders (conventional and mezzanine) in connection with the structuring, acquisition, development, financing and disposition of multi-family projects consisting of over 75,000 units in the aggregate.
  • Representation of a developer in obtaining a $130 million, multi-phase, mixed-use urban redevelopment project (including multi-family and single-family housing) located in Atlanta, Georgia, financed with HOPE VI funds, tax-exempt bonds, low income housing tax credits and Federal Home Loan Bank AHP funds.
  • Representation of multi-family developers in structuring joint ventures with institutional investors, private equity funds and high wealth individuals, including the negotiation of fund/joint venture/syndication documents.
  • Representation of multi-family developers in the restructuring and workout of distressed loan transactions.
  • Representation of a multi-family developer in the acquisition of a fractured condominium project and the repositioning of that project as a for rent apartment project.
  • Representation of a developer/owner in connection with the development and financing of a mixed-use, multifamily rental housing and retail project, including a joint venture with a faith-based organization, FHA 221(d)(4) loan, and low-income housing tax credits equity investment.
  • Representation of an owner/developer of affordable multifamily housing projects in connection with financing comprised of tax-exempt bonds, low-income housing tax credits equity investment, and various other government subsidized funding sources.
  • Representation of a purchaser of a portfolio of affordable multifamily projects through the acquisition of general partner or managing member ownership interests.
  • Representation of developers of multifamily developments in connection with the negotiation and implementation of environmental due diligence and assessment, remediation and Brownfields Limitation of Liability from the Georgia Environmental Protection Division.

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