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Representative Cases: Real Estate Transactions

Representative Cases: Real Estate Transactions

Counsel for a K-12 charter school district in a $9.385 million Pima County Industrial Development Authority bond issue which included the acquisition of an 18,000 square foot facility for a middle school, a $1.2 million renovation to the middle school and $400,000 of infrastructure improvements to the elementary school campus. Represented the district in drafting the Offering Memorandum, Borrower's Counsel Opinion letter, Construction Contracts, Real Estate Closing and all other real estate matters.

As a real estate lawyer in Tucson, we obtained a discount of a first lien held by a national banking institution from $3.2 million to $2.2 million for a client who owned a real estate development.

Negotiated and documented the refinance of a nearly 300-foot lot upper-end subdivision.This involved the renegotiation of the first, second and third liens on the project and the advancement by the first lien holder of nearly $1million in additional capital to the project.

Successfully negotiated a $2.6 million securitized commercial real estate loan secured by a deed of trust on a retail shopping center with the special servicer. The payments on the project were reduced by 75 percent for several years with step-rate increases. The loan due date was also extended for several years. The special servicer did not obtain any participation in the building. Our real estate law firm in Tucson handled this transaction.

Counsel for successor trustee in the administration of a large estate which included handling the sale of two parcels of real property, with proceeds distributed to various charities and other beneficiaries. The property had to be divided under the Pima County Lot Split Ordinance. The split required the negotiation of a well share agreement and water capacity investigation. Easements for physical access and well access also had to be revised and old roadways had to be abandoned to facilitate use of both parcels.

Acquisition of an 840 acre (281 lot) subdivision in Cochise County, Arizona. We successfully resolved many development issues, including pre-purchase due diligence, renegotiation of a bank-owned first lien, resolution of a $3.5 million mechanic's lien to the unpaid general contractor, drafting new CC&Rs (covenants, conditions, and restrictions), formation and registration of entities allowing an international investor to acquire the property, formation of a water company, creation of purchase and sale contracts, and an Arizona Public Report which resulted in our client's successful acquisition of the property.

Business partnership dispute regarding three regional self-storage facilities. Our firm, acting as commercial real estate attorneys in Tucson for the majority partners, successfully acquired the minority partner's interest, and financing was successfully rearranged to accommodate the restructuring of the business.

High-end personal equestrian residence acquired by our client, for which we completed all aspects of due diligence, title review and closing.

Favorable interpretation of Pima County development regulations, allowing our client to split a parcel into two developable lots.

Loan documentation and closing of a $30 million loan to build infrastructure on an approximately 1,550 lot multi-subdivision project, which involved subordination of numerous purchase contracts and various lien priority issues.

Sale of state of Arizona Superfund site successfully handled for our client.

Acquisition and development of seven existing residential subdivisions comprising more than 1,500 residential building lots in the fastest developing area of Tucson. Purchase required foreclosure of tax liens on over 900 lots to acquire title, quiet title actions and probate proceedings to clear title to hundreds of lots. Development issues regarding subdivision infrastructure were resolved. Formation of seven residential homeowners associations, involving approximately 200 existing owners, issues related to the acquisition contracts, and negotiating financing agreements with private lenders and banks. In completing this acquisition, we negotiated contracts and completed due diligence with the U. S. Homes Corporation, Lennar, Richmond American, KB Homes and other major builders.

Sale/leaseback of a major furniture retail center involving negotiation of a conduit loan from a national insurance company. Due diligence, title review, commercial real estate sales contract, lease agreement and closing were all handled on behalf of our client.

Bank counsel for financing for a multimillion-dollar commercial manufacturing facility in southern Arizona by a Texas bank.

Sale of a 30-acre commercial shopping center site in Tucson for a Swiss investment group.

Workout of a $2.3 million loan on a vacant tract in a master planned community in Sierra Vista, Arizona, and subsequent development of four residential subdivisions comprising several hundred lots.

Annexation of a residential subdivision to a water district to fulfill development requirements.

Negotiation and documentation of financing of $6.7 million purchase of 6,800 acres in Southern Arizona. Successfully negotiated a settlement of several development issues.

Resolving water flow issues to make commercial property usable, including coordination to deconstruct and re-channel water flow and negotiation of an agreement with the city. Prepared the contracts and title work for subsequent sale of the property.

Sale of neighborhood shopping center, including preparation of the purchase contract for the seller, title review, loan documents, lease assignments and estoppel agreements.

Successfully represented K-12 charter school in two separate Pima County industrial development bond issues related to the acquisition of land and buildings for the high school and elementary school.

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Please call 520-623-4353 or complete an online form to schedule your first meeting. Located in Tucson, we serve clients throughout the surrounding Arizona communities.

Neff & Boyer, P.C., is based in Tucson, Arizona. Our attorneys handle cases across Arizona including Ajo, Willcox, Marana, Benson, Sierra Vista, Nogales and other surrounding areas, including Pima County, Cochise County, Pinal County, Santa Cruz County and beyond.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.