Real Estate Strategies Update - October 2010 < Articles < News

Real Estate Strategies Update – October 2010

Kaufman & Canoles’ Real Estate Strategies Group is composed of attorneys and other professionals who focus on transactional, development and land use matters as well as attorneys who focus on specialized related areas such as environmental law and tax planning. In many instances our attorneys work closely with members of our Corporate & Public Finance Practice Group in structuring and implementing public/private partnerships.

Our team members possess a wealth of talent and experience and have a proven track record in handling a wide variety of both routine and complex real estate matters. Over the past few months, K&C’s Real Estate Strategies Group has had the privilege of assisting clients in numerous real estate matters. Below is a summary of several recent transactions.

Kaufman & Canoles recently represented Bank of America, N.A. in connection with the issuance of its $80,918,562 Letter of Credit to support the Variable Rate Demand University Facilities Revenue Bonds (Provident Group-Marshall Properties L.L.C.-Marshall University Project), Series 2010A issued by Cabell County, West Virginia to finance student housing facilities having approximately 812 beds and a recreation and wellness center containing approximately 123,850 sq. ft.
Kaufman & Canoles also represented Bank of America, N.A. in connection with the issuance of its $21,650,637 Letter of Credit to support the Taxable Variable Rate Demand Revenue Bonds (Norfolk Housing, LLC – The District at ODU Project), Series 2009 issued by the Norfolk Redevelopment and Housing Authority to finance the acquisition, construction and equipping of student housing facilities having approximately 908 beds and a five level parking garage having approximately 742 spaces.
According to Mark Tanis, Senior Vice President for Bank of America, ‘Kaufman & Canoles did a fantastic job of helping us manage a closing process that included a number of challenges. With your help, we closed our transactions in a timely manner, resulting in very satisfied clients. Keep up the good work.’ For questions regarding these transactions, please contact Barry W. Hunter.
Kaufman & Canoles recently assisted in the issuance of $230,000,000 of First Mortgage Revenue Notes by GWR Operating Partnership, L.L.L.P. (GWR) and Great Wolf Finance Corp (Great Wolf Finance). GWR and Great Wolf Finance are subsidiaries of Great Wolf Resorts, Inc. With 2009 revenues in excess of a quarter billion dollars, Great Wolf Resorts and its affiliates comprise the largest owner, operator and developer of ‘drive-to’ family resorts in North America, operating and licensing amusement parks under the Great Wolf Resorts and Blue Harbor Resort brand names.
‘Great Wolf Resorts has worked with Dustin DeVore and Kaufman & Canoles since the earliest planning stages of our Williamsburg resort. They have always provided exceptional client service and value,’ according to J. Michael Schroeder, General Counsel for Great Wolf Resorts, Inc. For questions regarding this transaction, please contact Dustin H. DeVore.
Kaufman & Canoles represented Bonaventure Realty Group, LLC in the acquisition of a 5-acre waterfront property in Norfolk, Virginia. To accommodate 187 luxury apartments, the property needed to be rezoned. Although the rezoning was aggressively opposed by the adjacent civic league, the Norfolk City Council granted the rezoning. Thereafter, the civic league organized a referendum to seek to overturn the rezoning. The referendum was unsuccessful. The closing is contemplated for later this year. Over the next ten years, the property will generate in excess of $3.1 million in additional revenues for the City of Norfolk, create hundreds of jobs and provide an upscale and vibrant living experience for its residents. The K&C team included Vincent J. Mastracco Jr., Amy L. Harman, and Katie G. Davenport.
Kaufman & Canoles recently represented membersTrust Credit Union as it sought to acquire land and develop their new corporate headquarters. The acquisition required action and approval by the Virginia Beach City Council so that the restrictive covenants could be modified. Architectural standards needed to be approved by the Virginia Beach Economic Development Authority. A joint venture development agreement was entered into for the development of the balance of the site, and while the new branch and headquarters facility was being developed, a purchaser was obtained for the existing building. The property sold with seller take back financing and a short-term lease. This successful operation was concluded with a recent grand opening and ribbon cutting. The K&C team included Ann K. Crenshaw, Amy L. Harman, Alison M. McKee, and Terence Murphy.
Kaufman & Canoles represented Bank of America, N.A. in connection with the issuance of its $34,999,497 Letter of Credit to support the Taxable Variable Rate Demand Revenue Bonds (Student Housing College Park, L.L.L.P. The Varsity at College Park Project), Series 2010 issued by the Maryland Economic Development Corporation to finance privately owned student housing facilities having approximately 901 beds, approximately 20,100 sq. ft. of retail space and a parking garage containing approximately 245 total parking spaces for resident and retail parking. The K&C team included Otto W. Konrad and Hazel C. Uhlenhopp.
Kaufman & Canoles recently represented GPM Investments, LLC (d/b/a Fas Mart and Shore Stop) in connection with the refinance of certain credit facilities in the aggregate principal amount of $46,000,000 to finance general corporate purposes of the company, including among others, funding working capital for the operation of the Fas Mart convenience stores. The K&C team included Otto W. Konrad, Saundra R. Hirth, and Hazel C. Uhlenhopp.
Kaufman & Canoles represented a national restaurant franchisee in the purchase, subdivision and development of property for a restaurant in Hampton, Virginia. For questions regarding this transaction, please contact Mark A. Short.