In today’s world of complex real estate transactions, joint ventures are a common vehicle for blending development expertise and local knowledge with capital sources. These capital sources include institutional private equity funds, public funds, family offices, high-net worth individuals and tax-exempt investors, including retirement funds and sovereign funds. The lawyers at Sklar Kirsh have extensive experience in the formation of joint ventures, representing both sponsors/operators and capital sources in connection with the acquisition, development and financing of all types of real estate products, including multi-family, office, hospitality, medical, retail, mixed use, special venues and land development. Additionally, our extensive experience covers the formation of joint ventures as separate legal entities as well as the programmatic joint ventures and strategic alliances operated through complex contractual arrangements with multi-party strategic investments.
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- Represented RevOz Capital in their formation of a joint venture known as San Bernardino Medical Center, LLC. We assisted our client in forming a Qualified Opportunity Fund to invest in the new joint venture, a Qualified Opportunity Zone Business, in order to acquire real property located in San Bernardino, California in a Qualified Opportunity Zone, which the joint venture will develop into a brand new medical office building. The joint venture is managed by SB Medical Partner, LLC, who was represented by Buchanan Ingersoll & Rooney LLP.
- Represented 14305 SW Sexton Mountain ARE, LLC, an affiliate of Arrowroot Real Estate, in its acquisition of a multi-family project know as Terra Murrayhill Apartments located in Beaverton, Oregon. In order to finance this transaction, we assisted our client in obtaining a loan in an amount equal to $24,560,000 from California Bank & Trust. We also assisted our client in forming a joint venture with Thrive FP, a real estate investment firm based out of Austin, Texas, and we helped our client form a syndication to fund their portion of the equity. Lender was represented by Bryan Cave Leighton Paisner LLP and Thrive was represented by Metcalfe Wolff Stuart & Williams, LLP.
- Represented CityView’s affiliate entity, CV Wilshire Hobart, LLC, in connection with the sale of its interest in a joint venture entity which owned and operated “The Pearl on Wilshire,” a 346-unit multi-family property located in the Mid-Wilshire/Korea Town area of Los Angeles, California. The purchase price for the CityView’s interest was approximately $52,300,000.
- Represented Glencrest Waterscape, LLC, an affiliate of Glencrest Realty Capital, in connection with its acquisition of The Waterscape Apartments, a 180-units multi-family property located in Fairfield, California for a total purchase price of $48,200,000. The property was acquired by our client in a joint venture partnership with Angelo Gordon and our client also syndicated its equity contribution in connection with this acquisition. Angelo Gordon was represented by Sutton, Pakfar & Courtney LLP.
- Represented BCH 3001 LP, an affiliate of Turnstone Capital Management Group, in its acquisition of a multi-family residential project know as Bellum Manor Apartments located in Phoenix, Arizona for a total purchase price of $19,800,000. In order to fund the acquisition we assisted our client in forming a joint venture with Paravest Capital, represented by Andres & Barth, PC, and in obtaining a loan in the amount of $18,896,655 from The Bancorp Bank, represented by Sills Cummis & Gross, P.C. Our client’s portion of the equity in the joint venture was sourced through a syndication fund we also helped them form for this transaction.
- Represented Tides Equities, LLC in connection with the $72,500,000 joint venture acquisition of the Alvista Terrace Apartments, a 366-unit apartment community in Colton, California. Equity was provided by Drake Real Estate Partners, which was represented by Katten Muchin Rosenman LLP. Financing was provided by MF-1 Capital LLC, which was represented by Holland & Knight LLP.
- Represented Pembrook Capital Management in connection with a preferred equity investment in a joint venture with GZ Portfolio V, LLC. The joint venture formed a limited liability company to acquire a portfolio of four apartment buildings located in Los Angeles, CA and Panorama City, CA. CIT provided the senior loan for the acquisition of each of the properties, with the loan totaling $4,480,000. The borrower was represented by Friedman and Friedman. CIT was represented by Posinelli.
- Represented 222 West Sixth Street, LLC, an affiliate of Harbor Associates, LLC, in their acquisition of an office building located in San Pedro, California for a purchase price of $36,000,000, as well as in connection with a $33,670,000 loan from Pine River.
- Represented GFO Echo, LLC, an affiliate of Gupta Family Office (formerly Redbridge Capital, LLC) in connection with a joint venture with Arden Qualified Opportunity Zone, L.P. (an affiliate of the Arden Group) formed for the construction of a $66,000,000 student housing project near UNLV in Las Vegas, Nevada. Arden was represented by its in-house counsel as well as Baker & McKenzie.
- Represented Brasa Investments LLC (an affiliate of Brasa Capital, LLC) in connection with a joint venture with LO Exchange Miramar LLC (an affiliate of Lincoln Property Company) for the purpose of acquiring the Exchange at Miramar, a business park comprised of nine buildings and almost 190,000 square feet in San Diego, California. We also represented a subsidiary of the joint venture in connection with a $7,800,000 acquisition loan from Delaware Life Insurance Company of New York secured by the sub-leasehold interest in such property. Acquisition counsel was Tullius Law Group. Counsel for the JV partner was Powell Coleman & Arnold LLP. Lender’s counsel was Seyfarth Shaw LLP.