Acquisition of a controlling interest in a joint venture formed to acquire and develop multifamily housing units and a church
Tannenbaum Helpern's real estate, corporate and tax practices represented a New York City developer in connection with its acquisition of a controlling interest in a joint venture (with a church who owned the development site) formed to acquire and develop multifamily housing as well as a church located on the Upper West Side of Manhattan. Tannenbaum Helpern's work included drafting and negotiating the membership interest purchase agreement, negotiating the joint venture and financing documents, and closing on the transaction. Tannenbaum Helpern assisted the developer in circumventing and reducing the risk of potential roadblocks to development, such as antiquated restrictive covenants, landmark district restrictions, and strict New York State Attorney General requirements relating to the acquisition of church property. In connection with the transaction, Tannenbaum Helpern drafted and negotiated an operating agreement with a preferred equity provider.