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Over the past 15 years, Steven Schultz assembled several contiguous parcels of property just south of Chicago’s Wrigley Field, along Clark and Addison Streets. Approximately eight years ago, the firm began working with Mr. Schultz on a redevelopment of the property. The project involved defending at least two foreclosure proceedings and working on several refinancings to keep it alive.
Finally, Mr. Schultz entered into a contract to sell the property to a joint venture that is planning to develop it with a parking garage, high-end retail and an apartment building. However, before the matter could close, accommodations needed to be reached with several tenants to terminate their leases and with the City of Chicago to vacate an alley. In addition, a complex cell tower easement needed to be restructured. Finally, the client, who owned the properties through several separate entities that all traded into these parcels, needed to structure the sale by means of several Section 1031 like-kind exchanges.
Opposing counsel during this transaction included Dentons; Neal, Gerber & Eisenberg; and Mayer Brown.
After numerous starts and stops, the complex transaction closed on March 21, 2016.
The team was led by Partner and Chair of the firm’s Real Estate Practice, Donald I. Resnick. Working closely with Mr. Resnick and spearheading the closing team was Partner Kristen M. Boike. Also contributing significantly were Partner Michelle M. McAtee; Associates Penelope P. Campbell and Angela G. Williams; Staff Attorney Fellow Lynn S. Fradkin; Paralegals Monica Segura and Jon C. Sims; and Legal Secretaries Timothy J. Driscoll and Norma L. Duran. and Timothy J. Driscoll.