Commercial Real Estate Development & Finance
Commercial/Real Estate Finance
Hurwitz & Fine, P.C. has extensive experience representing lenders and borrowers in connection with commercial finance transactions. The firm has handled numerous construction and permanent real estate mortgage loans, related bond transactions and all types of business credit transactions, including lines of credit, term loans, revolving credit, letters of credit and multi-bank credit facilities. We have decades of experience working with commercial lenders such as KeyBank, M&T Bank, First Niagara Bank and HSBC Bank USA. We have also served as local counsel to non-bank and other national lenders financing significant projects in Western New York.
Commercial Real Estate Transactions
The firm has extensive experience in representing purchasers, sellers, developers and lenders in all types of commercial and residential real estate. We handle all aspects of a transaction from start to finish, including negotiation, document drafting, due diligence, including review of leases, environmental and engineering reports, and assistance with potential development grants, subsidies and tax abatement programs. We are agents for two title companies and handle all aspects of title examination, issuance of certificates of title, preparation of conveyance documents and all ancillary tasks required to close the deal. The firm also has considerable experience in representing commercial lessors and lessees of retail, office, industrial and multi-family residential space.
Real Estate Development
Hurwitz & Fine, P.C. provides turnkey legal services to developers, owners, builders, contractors, lenders, brokers and other real estate development stakeholders in all aspects of real estate development projects. We assist with pre-development planning, site selection and acquisition, municipal zoning and permit approvals, SEQRA compliance, project financing and funding mechanisms, design and construction arrangements, project sales and leasing, and project governance and management. Our attorneys routinely handle multiple facets of significant real estate development transactions and have the requisite skill sets and expertise to proactively guide clients through the entire “life cycle” of a real estate development transaction.
For decades, the firm has been involved in transactions in which governmental incentives played a vital role in assisting companies with bridging the “financing gap” for a particular project. We are well positioned to help clients navigate the complexity of various governmental incentive programs in order to maximize available incentives for real estate development projects. Our attorneys have significant experience in transactions involving industrial development agency (IDA) incentives, including sophisticated payment-in-lieu-of-tax (PILOT) and PILOT increment financing (PIF) arrangements, and are well-versed in the requirements of many federal and state grant, loan and tax abatement programs.
Economic Development & Incentives
The attorneys of Hurwitz & Fine, P.C. have many years of experience in handling economic development projects involving tax incentives and a variety of financing and funding structures.
Hurwitz & Fine, P.C. is general counsel to the Buffalo Urban Development Corporation (“BUDC”) and has participated in various BUDC development projects by negotiating and documenting property acquisitions, land dispositions, leases and development agreements, as well as developing construction bid and contract documents. In addition, as general counsel, we regularly advise BUDC on regulatory compliance and corporate matters and assist in the preparation of appropriate policies and procedures.
Hurwitz & Fine, P.C. served as general counsel and taxable bond counsel to the Erie County Industrial Development Agency (“ECIDA”), one of New York State’s most active IDAs, from 1990 to 2009. During that period, the firm, acting as IDA counsel, closed hundreds of taxable and tax exempt bond and lease transactions. As counsel to the ECIDA, we were involved in structuring innovative PILOT increment financing (PIF) transactions and provided advice on a range of statutory and regulatory compliance issues. We are also fully familiar with the various state pass through programs, having closed a number of infrastructure grants and loans through the New York State Department of Transportation, as well as REDPP grant and loan transactions through the Empire State Development Corporation and New York State Environmental Management Investment Grants.
In addition, our attorneys represented the affiliated not-for-profit local development corporations of ECIDA, the Buffalo and Erie County Regional Development Corporation (“RDC”) and the Buffalo and Erie County Industrial Land Development Corporation (“ILDC”), on over 100 loan transactions, which were advanced through various federally funded revolving loan funds. In this regard, we are fully familiar with the applicable regulations of the United States Department of Commerce, Economic Development and Administration, and the United States Department of Housing and Urban Development. We have also participated in other lending transactions utilizing other governmental incentives, including the Small Business Administration and the Export-Import Bank of the United States.
We are currently counsel to The Orleans County Local Development Corporation (“OCLDC”) and have represented the OCLDC in federally-funded loan transactions, government and corporate funded pass-through loans and grants, including grants through the New York Main Street Grant Program, funding for special development and business initiatives and general corporate matters. We are also counsel to the Lackawanna Community Development Corporation and the Lackawanna Housing Development Corporation and assist in the funding and development of affordable housing and other revitalization efforts in the City of Lackawanna.
Hurwitz & Fine, P.C. is listed in the prestigious The Bond Buyer’s Municipal Marketplace (commonly known as the “Red Book”) and is a member of the New York State Economic Development Council.
Our Commercial Real Estate, Development & Finance Practice Group is attuned to the unique opportunities and challenges attendant to green building development throughout the entire lifecycle, beginning with project planning, to project delivery, and thereafter.
We are comfortable representing stakeholders from any background and can help all associated with the project to understand the impact of green and sustainable building opportunities and requirements. Our team of attorneys work together to help steer a client’s “green/sustainable” development project to successful completion. For example, we are knowledgeable about the U.S. Green Building Council (“USGBC”) LEED® rating system, as well as the multitude of project and financial incentives made available to these sustainable projects. Our team is conversant with the Energy Star® and Energy $mart Programs and the wide range of incentives available to projects qualifying for these programs under New York State Energy Research and Development Authority (“NYSERDA”).
Sustainable projects, such as LEED® registered projects, present novel and complex contract issues for owners, developers, architects, and contractors, alike. Our team is uniquely attuned to identifying and addressing these issues. Our approach is to incorporate sustainable objectives and requirements, anticipate warranty or delivery issues, define roles and assumptions of risk, and include practical remedies to issues that arise in green projects, including project certification and contracting matters, risk allocation and management, insurance coverage, and professional liability counsel.
Another common set of concerns for clients involved in commercial development, particularly of a sustainable nature, are those involving environment, zoning, local ordinances, and SEQRA compliance issues. We work with clients in early development stages to define and implement sustainability initiatives by evaluating the viability of construction/renovation projects in light of green or local ordinances, and seek to expand Smart Growth or urban renewal community planning as part of their development project. We are also prepared to assist clients in permitting issues and zoning related to wind, hydro-electric and solar renewable energy projects.