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Joint Venture Re-development of Industrial Warehouse into Creative-use Office

Case Title: Joint Venture Re-development of Industrial Warehouse into Creative-use Office
Practice Area: Real Estate, Construction and Environmental Law 
Case Desc:

Tannenbaum Helpern’s Real Estate group represented a prominent New York City property owner in connection with the re-development, through a recapitalization with joint venture equity provided by a national real estate fund and institutional construction loan financing, of a light industrial warehouse in Long Island City, New York into creative-use office building.

Through the joint venture, Tannenbaum Helpern’s real estate team structured the transaction to allow for the disposition of a portion of the ownership interest partially through a 1031 tax-deferred exchange and partially through a tax-deferred debt financed distribution. Our work included structuring the transaction that involved significant tax attributes, and drafting and negotiating the membership sale agreement, the joint venture agreement and the mortgage loan financing documents, and closing the transaction.

Attorney(s): Ari Davis, Eric S. Schoenfeld 
Industry: Real Estate 
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