The Real Estate practice of Thelen LLP is national in scope, covering the entire spectrum of real estate and real estate financing. We represent clients in all sectors of the industry, and have extensive experience in all fields of real estate practice.
Real Estate Finance
Thelen is nationally recognized for its representation of Wall Street investment banks and institutional lenders in complex structured finance transactions, including construction, conduit, interim and permanent financings, forward loan commitments, lines of credit, mezzanine loans, low-income housing tax credit transactions, loan participations and mortgage-backed bond credit enhancement, and mortgage-backed securities transactions.
Over the past several years, Thelen has closed in excess of $25 billion of loans for financial institutions, including investment banks, commercial banks, insurance companies, and pension funds. Many of the loans with which we have been involved recently were originated with a view to subsequent securitization, and we are well versed with rating agency requirements for such loans.
Thelen has significant expertise in the representation of lenders providing financing for low and moderate income housing and related community development transactions. We are involved in structuring affordable housing transactions utilizing federal, state, and local subsidy and incentive programs, and maintain strong working relationships with governmental housing authorities nationwide. Thelen attorneys are committed to helping clients meet their affordable housing lending objectives and fulfill their obligations under the Community Reinvestment Act (CRA).
Institutional Practice
Thelen represents domestic and foreign institutional investors and investment bankers in connection with the acquisition, sale, development, rehabilitation, and construction of all types of commercial, industrial, residential, retail, and hotel properties. We also represent financial institutions and operating companies in sale-leaseback transactions and lease-financing arrangements. We have counseled investors, banks, investment banking clients, and domestic and foreign governmental entities in the creation of and participation in syndications, joint ventures, partnerships, and limited liability companies and REITS. Thelen attorneys have also handled initial and subsequent public offerings for both mortgage and equity REITS, and have organized and handled private offerings and syndications.
Land Use and Development
We regularly advise owners of undeveloped and developed properties in land use and development matters, and assist in obtaining federal, state, and local land use approvals required for the development of a wide variety of commercial projects.
Commercial Leasing
Thelen is nationally recognized as one of the premier law firms in commercial leasing transactions. We regularly represent both landlords and tenants in complex leasing transactions of commercial space nationwide. Our expertise includes the unique office and retail markets in New York City, San Francisco, Los Angeles, and Washington, DC, and each of the metropolitan areas surrounding those cities.
We have handled the leasing of buildings and space in buildings in urban and suburban markets, including high-tech buildings, regional and local shopping centers and other retail facilities, sports arenas, industrial and warehouse facilities in a variety of arrangements, including ground leasing, subleasing, multi-tiered arrangements, umbrella leasing, and equity and cash-flow participation leases. We also specialize in structuring and implementing commercial leasing programs for office buildings and shopping centers, and in representing major "anchor" and chain tenants, and other high profile tenants on a national basis.
In addition, Thelen has extensive experience with a myriad of real estate brokerage issues and has regularly served as counsel to real estate brokerage companies.
Hotel, Resort, Convention, and Leisure Industry Property
Thelen's Hotels and Hospitality practice is international in scope and focuses on all aspects of the development, construction, acquisition, leasing, management, financing, operation, franchising and disposition of hotels, motels, conference-convention centers, and marinas. Our clientele includes foreign and domestic owners and operators, both publicly held and privately owned, and foreign and domestic financial institutions in the full range of their business activities related to this industry. Our areas of expertise enable us to address concerns, as needed, well beyond the initial concerns of real estate-related issues and to provide services in the allied areas of construction and engineering, labor, environmental services, litigation, intellectual property, mergers and acquisitions, taxation, corporate finance, bank lending, government affairs, and corporate law.
Foreign Investment
Several Thelen attorneys specialize in representing foreign institutional and entrepreneurial investors in connection with the acquisition, management, and disposition of real estate and related investments in the United States. With close relationships with professionals in Europe, the Middle East, the Pacific Rim, the Far East, Canada, Mexico, and South America, we assist U.S. investors in the acquisition, management, development, marketing, and disposition of real estate located in other countries.
Tax Counseling
Thelen assists investors and investment groups in structuring their real estate transactions, investment vehicles and financings, including partnership participations, joint ventures, syndications and like-kind exchange transactions (including large scale national multi-exchange transactions) in order to maximize tax benefits and to achieve various other tax and regulatory objectives. In this effort, we work closely with our Taxation practice, several of whose members specialize in real estate taxation with subspecialties in state and local tax matters, including real estate transfer taxes and mortgage recording taxes. Thelen's Taxation practice is also adept in dealing with taxation of foreign investors and foreign lenders making loans secured by U.S. realty.
Real Estate Litigation
Thelen attorneys have handled a wide range of matters, including foreclosure, judicial and non-judicial realization of real estate security, and security governed by the Uniform Commercial Code, enforcement of contractual obligations, notes, guaranties, letters of credit and other matters arising out of troubled properties, landmarking, construction and design defects, criminal and civil environmental disputes, brokerage-related disputes, bankruptcy matters, real estate tax litigation, arbitrations, and alternative dispute resolution proceedings.
Construction Practice
Thelen has one of the nation's premier construction law practices and regularly counsels domestic and international owners, developers, financing entities, and a wide range of construction managers, contractors, and design professionals in connection with commercial construction matters. These matters include risk allocation, negotiation of general contractor and construction management agreements, subcontracts, trade contracts, owner/developer agreements, design/build agreements, and architect and engineering agreements. We provide advice regarding workouts of troubled projects under construction, bankruptcy and bankruptcy court matters to lenders, developers, and contractors. Thelen handles all phases of complex construction litigation in federal and state courts, domestic and international arbitrations, and alternative dispute resolution methods.
Real Estate Regulatory Matters
We assist clients in complying with federal, state, and local governmental statutes and regulatory requirements, and reporting obligations. Some examples include, Hart-Scott-Rodino Act compliance filings, Department of Commerce filings, Bureau of Economic Affairs and Treasury Department filings, FIRPTA matters, AFIDA filings, and HUD matters.
Entrepreneurial Transactions
Thelen represents entrepreneurial clients, both individual and institutional, in the acquisition, financing, development, management, leasing, operation, and sale of a full range of major commercial properties. We have assisted clients in structuring a wide variety of investment vehicles, including partnerships, joint ventures, limited liability companies, syndications, sale-leaseback arrangements, tiered estate arrangements, REMICS, and hybrids. Our work on behalf of these entrepreneurial clients has involved high-rise office buildings, office parks, condominium and cooperative buildings, residential buildings, hotels, marinas and resort properties, mixed-use complexes, convention centers, sports arenas, facilities and complexes, industrial properties, warehouses, retail facilities, shopping centers, tract developments, phased developments, and planned unit developments. Our broad range of contacts in the financial community often enables us to assist our clients to obtain financing for their projects.
Workouts
Thelen has been engaged by major financial institutions in connection with restructures and workouts of all types of financings.
We have extensive experience representing private, institutional, and governmental clients in dealing with troubled real estate projects. Wes have worked with our Bankruptcy and Creditors' Rights practice in representing lenders in connection with loans secured by all types of real estate, where the borrowers on those loans are in financial difficulty and are threatening to file for bankruptcy protection, or have actually filed. We have counseled commercial landlords in connection with bankruptcy petitions filed by tenants. We also have advised general contractors and construction managers on construction projects where the bankruptcy of a subcontractor raises real estate as well as bankruptcy issues.
Typical solutions that we provide on behalf of our clients include acquisitions, dispositions (including sealed-bid auctions), restructurings, recoupments, and other realization on all types of real estate and related collateral. Additionally, we have worked with all types of security instruments, as well as creditors' arrangements and receiverships, both as part of and outside bankruptcy, insolvency and asset realization and recovery proceedings.
Loan Portfolio Purchases and Sales
Our attorneys have extensive experience with respect to purchases and sales of portfolios of performing, sub-performing, and non-performing mortgage loans, and owned real estate (ORE). We have represented both the selling and purchasing parties, including governmental entities such as the FDIC.
Environmental Matters
Thelen attorneys advise owners, investors, lenders, landlords, and tenants in dealing with federal, state, and local environmental laws, regulations, and contractual obligations, including the investigation, compliance, remediation, and litigation of environmental problems. We represent environmental testing and engineering companies in their formation, licensing, and operations. We counsel clients in environmental risk management and in negotiated risk allocations.
Miscellaneous
Thelen has represented clients in connection with co-ownership agreements, hotel operating agreements, time-share plans, reciprocal easement and operating agreements, air rights acquisitions and financings, and other matters relating to transferable development rights, water appropriations, riparian rights, and waterfront development. We have counseled clients in the creation, financing, and marketing of development rights. We have also been involved in a variety of real estate matters relating to transportation systems and transmission systems.
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