Clients seek out Holland & Knight’s Condominium Development and Conversion Team for help navigating the issues associated with condominium development and management. We understand that transactions for condominium, co-op, condop, and mixed-use and leasehold condominium projects involve numerous demands arising from differing project components, the varying interests of the multiple parties in each transaction, and a number of complex and interrelated agreements. We have the experience required to meet these challenges.
Our clients include developers, owners, management companies, equity investors, sponsors of condominium conversions, REITs, mezzanine lenders, loan participants, loan servicers, receivers and asset managers across the United States.
Developers acquiring condominium projects rely on our team for advice regarding registration requirements and due diligence considerations, including warranties and construction defects, association operation issues and budget structuring. Our experience includes the following:
The complexities of condominium development are amplified when other uses – such as retail, offices and shared parking facilities – are on or adjacent to the site. Holland & Knight's condominium attorneys provide guidance on agreements governing interrelationships among the different uses, including cost sharing and allocation expenses, in developments that include resort, office, retail, hotel and residential components. Our experience includes the following:
The Holland & Knight team is seasoned in advising developers and owners in the formation and operation of commercial condominiums, including the conversion of existing buildings to commercial condominium space and the creation of a commercial condominium as a component of a complicated mixed-use development. Our attorneys work with developers in the creation, financing and sale of commercial condominiums throughout the United States, including commercial condominiums created under the California Commercial and Industrial Common Interest Development Act, (effective on Jan. 1, 2014) and the Florida Condominium Act (which was first adopted in 1976 and then amended many times, including most recently in 2014).
Developers looking to acquire distressed condominium projects rely on Holland & Knight to handle all aspects of successor developer liability, including structuring transactions, restructuring the condominium regime to satisfy new operational needs, and terminating a condominium regime to decrease tax implications and enhance marketability of a bulk property sale.
In good economic times and bad, our team advises clients on how to most effectively position themselves to manage the risks and liabilities associated with ownership of inventory within a condominium regime, reposition project components to achieve the best use for the current market, and address operational setbacks and liquidity constraints facing condominium owners and associations.
We also have significant experience representing the spectrum of participants in fractured condominium deals, including original developers, successor developers, REITs, buyers and sellers of distressed assets, equity investors, commercial lenders, mezzanine lenders, loan participants and loan servicers, receivers and asset managers.
Developers increasingly encounter federal and state lawsuits and judicial decisions spawned by individual unit purchasers attempting to cancel their real estate purchase contracts. Holland & Knight’s Condominium Development and Conversion Team provides counsel in many of these cases throughout the country, working with developers to strategize, take proactive measures and aggressively defend against these suits. In doing so, we analyze potential claims and rescission rights under applicable state condominium law, state securities law, the Interstate Land Sales Full Disclosure Act and federal securities laws.
Our team regularly advises developers in connection with construction defects related to their condominium projects. Working in collaboration with Holland & Knight construction lawyers, we have prosecuted numerous defect claims. We have also defended developers and sponsors in claims made by associations, tenants and purchasers.
As condominium associations face budgeting, assessment and collection challenges, management companies must protect themselves from direct liability to unit owners. We routinely advise clients on potential fiduciary duty obligations and potential liability arising from the relationship between the management company and the association board of directors.
Our team offers guidance on a broad array of operational issues to ensure that clients understand the legal rights and obligations of various parties under operative agreements. This is especially critical when condominium and co-op boards are made up of volunteers who may not have had experience dealing with the problems that can arise. We lead clients through the technical requirements of structuring and operating condominium regimes and associations. This includes reviewing existing condominium documentation to identify issues relating to developer rights and obligations; analyzing deficit and reserve funding status; and developing strategic plans for preparation and adoption of budgets as well as assessment collection.
In addition to bringing a breadth of knowledge to each project or transaction, members of Holland & Knight’s Condominium Development and Conversion Team are very active in the industry in a variety of ways. Our lawyers have helped draft legislation on condominium law, and have served in such positions as chairman of the National Cooperative Bank and chairman of the Council of New York Cooperatives and Condominiums.
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