For over 40 years, our lawyers have represented homebuilders, converters and developers, by formulating development plans and drafting documentation for condominium and planned unit developments, including mixed-use developments, and advising lenders, investors and successor developers with respect to failed or stalled developments.
We develop and continually revise and update strategies and approaches which permit our clients to exercise maximum flexibility and control over their developments in thriving as well as challenging markets. With our extensive knowledge of secondary mortgage market requirements we can structure developments and draft documents that maximize the availability of end-loan financing for buyers.
In the current market many projects are changing owners and developers. Each development is unique and has its own set of issues and challenges. Through our representation of developers, investors, lenders and successor developers in the down markets of the 70s, 80s and 90s, we gained experience in analyzing documents and development plans and adjusting or restructuring development plans that respond to the specific needs of each unique development.
- Conceived and drafted the documentation in 1975 for the first phased, mixed residential product for sale housing development approved by Fannie Mae, known as Heather Ridge in Gurnee, Illinois.
- Formulated the plan and drafted the documentation in 1978 for the phased condo conversion of three large apartment projects in the Chicago suburbs that were in the process of being foreclosed on by FHA. FHA approved the plan and cooperated with the successful conversion of the projects to condominium ownership.
- Drafted adapted documentation for Del Webbs Sun City product for the first snow belt Sun City that Del Webb developed in Huntley, Illinois.
- Drafted the documentation for the mixed income housing development known as Parkside of Old Town, which is being built on the former site of the infamous Cabrini Green development near the Chicago loop and consists of a mix of market rate, affordable and subsidized ownership and rental units.
- Conceived a plan for splitting a 140 unit failed condominium consisting of two towers over a shared garage into an apartment building and a condominium building so that the condominium units could qualify for Fannie Mae and FHA mortgages and the apartment building could be conventionally financed. The plan required 100% approval of the owners of units in the condominium, which was obtained.
- Drafted documentation for multiple mixed-use buildings where ownership of commercial space is separated from the residential space and is governed by a flexible declaration, which is recorded against the entire building.
- Consult with lenders, investors and successor developers to facilitate the transfer of the balance of failed housing developments to successor developers, preserving, maintaining or recreating the developer rights needed to permit the successor developer to complete the development