Joseph P. McCarthy
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Development and Finance |
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Workouts and Restructuring |
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Condominium Law |
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Affordable Housing |
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ExperienceJoseph McCarthy is a partner in the Real Estate and Construction group. Joe represents owners, developers and investors with the development and finance of a wide range of commercial real estate projects. Joe's practice includes multifamily, retail, mixed-use and industrial projects as well as condominiums and planned communities. He has significant experience with complex transactions; ground leasing; negotiation of secured financing, including fixed and variable rate financing and interest rate caps and swaps; negotiation of mezzanine financing and equity investments; development permits; leasing; and management.
Joe was a founding partner of Kantor, Taylor & McCarthy (1998-2008) and an associate and partner at Reed McClure (1985-1998).
Representative Work
- Negotiation of purchase agreement and seller financing for land; negotiation of construction contract; negotiation of first and second position construction loans for 140-unit mid-rise, mixed-use project; and negotiation of shoring and air rights easements with neighboring land owners.
- Negotiation of master ground lease; creation of ground subleases; creation of reciprocal easement and development agreements; and negotiation of construction and permanent financing for multi-phase mixed-use project in New Mexico, containing multifamily, for-sale, office and retail uses.
- Negotiation of land purchase agreements, land exchange agreements and joint water system agreements with adjoining owners, and debt financing and equity investment for 92-acre project in Hawaii.
- Negotiation of purchase agreement, coordination of due diligence and negotiation of debt and equity financing for portfolio of 53 properties.
- Negotiation and documentation of numerous sales of cell tower site portfolios in various locations across the United States.
- Acquisition of existing shopping center; negotiation of remediation and monitoring agreements with land seller and state government; and development, construction, permitting, financing and leasing of new 53,000-square-foot regional retail center.
- Acquisitions of high rise office towers in downtown Seattle and Bellevue.
- Acquisitions of industrial properties in Washington, California, Utah and Texas.
- Acquisition of assets of dairy company and acquisition of dairy processing and cold storage facilities for Oregon specialty food company.
- Development of 400-unit suburban apartment complex, including remediation and enhancement of wetlands, land acquisition loan, mezzanine predevelopment financing and negotiation of institutional $18 million equity investment and $40 million construction financing.
- Assemblage of 50-acre development site, negotiation of land exchange and boundary adjustment agreements with adjacent owners and local government, negotiation of equity investment with joint venture partner for infrastructure development and subdivision and sale of property.
- Industrial Development Bond financing for 200,000-square-foot recycling facility.
- Sale to publicly traded REIT of majority of interests in portfolio of 35 real estate partnerships.
- Negotiation of mezzanine financing from equity investor in four multi-family projects comprising 750 units in order to pay off construction financing, involving cross-collateralization and default of projects, pledge of cash receivables, adjustment of equity contributions, amendment of guaranties and general partner contributions and establishment of lock-box arrangements.
- Restructuring of debt and equity financing for 400+ unit apartment project under construction, including extension of construction loan, negotiation of extension of permanent loan commitments, resolution of construction liens, negotiation of additional subordinate long-term debt financing, buyout of existing equity investor and negotiation of new equity investment.
Professional Honors & Activities
- Listed in Best Lawyers in America® (currently: Real Estate Law), 2011-2013
- Director, Real Property Council, Real Property Probate and Trust Section, Washington State Bar Association, 2011-present
- Executive Committee, Real Property, Probate and Trust Section, Washington State Bar Association, 2009-present
- Editorial Board, Real Property, Probate & Trust, 2005-2008
- Chair, UCIOA Committee, Washington State Bar Association, 2009-present
- HUD Committee, Affordable Housing Forum, American Bar Association
- Government Affairs Committee, NAIOP
- Housing Policy Committee, Master Builders Association of King and Snohomish Counties
- Chair, Warranty Committee, Master Builders Association of King and Snohomish Counties
- Member, Housing Task Force, ULI Northwest
Presentations
- "Key Business Terms in Joint Venture Operating Agreements," Real Estate Joint Ventures and Funds Seminar, Law Seminars International, 2010
- "Dissolution of a Real Estate LLC as a Technique to Avoid Liability After Ballard Square," Development Agreements, Easements and CCRs, Law Seminars International, 2007-2008
- "Managing the Implied Warranty of Habitability in New Home Sales," Advanced Topics in Residential Development, Washington State Bar Association, 2006
- "Ethical Considerations for the Homeowners Association and Condominium Association Attorney," Advising Homeowners and Condominium Associations, Washington State Bar Association, 2005
- "Historic Façade Easements and Transferable Development Rights," Real Estate Development Incentives Seminar, The Seminar Group, 2004
Publications
- Author, "The Implied Warranty of Habitability in New Home Sales," Real Property, Probate & Trust, 2006
- Author, "A Brief Description of Low Income Housing Tax Credits," Real Property, Probate & Trust, 2004
- Coauthor, "Affordable Housing Development," 2001 Supplement to the Washington Real Property Deskbook (3d ed.)
- Author, "New Lead-Based Paint Requirements for Housing Sales," Washington State Bar News, 1996
Business and Civic Activities
- Board of Advisors, Schuster Realty Partners, LLC (a real estate/private equity fund)
- Former president and board member, Fairness Lobby (a nonprofit civil rights organization)
- Former president and board member, Common Ground (a nonprofit housing developer)
- Former board member, Real Change (a nonprofit homelessness organization)
Education
- George Washington University, J.D., 1985, with honors
Winner, Van Vleck Moot Court Competition
Best Brief, Regional Competition, National Moot Court Competition
- Bucknell University, B.A., 1982, cum laude
Admissions
 Print to Word
ExperienceJoseph McCarthy is a partner in the firm practicing in the Real Estate and Construction group. A substantial part of his practice is debt and equity restructuring, foreclosures and deeds in lieu, and recapitalization and acquisition of distressed assets. Joe represents developers, investors and lenders in regard to multifamily and mixed-use projects, fractured condominium projects and stalled construction projects.
Joe was a founding partner of Kantor, Taylor & McCarthy (1998-2008) and an associate and partner at Reed McClure (1985-1998). Representative Work
- Negotiation of Deed in Lieu Agreement relating to an unfinished 130+ unit mid-rise condominium, including transfer of development rights, resolution of association governance issues, resolution of construction and warranty issues and release of guarantors.
- Negotiation of Deed in Lieu Agreements and contract terminations for over $40 million of vacant land held by residential land developer and home builder.
- Restructuring and management of failed community associations, re-documenting of governing documents for fractured common interest communities and condominiums, and build-out and sale of residential inventory for foreclosing lender.
- Represent bulk buyer of 40+ unsold condominium units, including re-documenting the condominium, management of warranty issues and creation of new sales and disclosure documents.
- Negotiation of over $9 million in mezzanine financing from equity investor in four multi-family projects comprising 750 units in order to pay off construction financing, involving cross-collateralization and default of projects, pledge of cash receivables, adjustment of equity contributions, amendment of guaranties and general partner contributions and establishment of lock-box arrangements.
- Negotiation of Cooperation Agreement for developer of 300+ unit mixed-use condominium project, including foreclosure of project, cash payment to developer, release of guarantors, and retention of developer affiliates to manage commercial lease-up, residential sales and HOA turnover.
- Restructuring of debt and equity financing for 400+ unit apartment project under construction, including extension of construction loan, negotiation of extension of permanent loan commitments, resolution of construction liens, negotiation of over $5 million in additional subordinate long-term debt financing, buyout of existing equity investor and negotiation of over $19 million in new equity investment.
Professional Honors & Activities
- Listed in Best Lawyers in America® (currently: Real Estate Law), 2011-2013
- Listed in The Legal 500, 2010
- Director, Real Property Council, Real Property Probate and Trust Section, Washington State Bar Association, 2011-present
- Executive Committee, Real Property, Probate and Trust Section, Washington State Bar Association, 2009-present
- Editorial Board, Real Property, Probate & Trust, 2005-2008
- Chair, UCIOA Committee, Washington State Bar Association, 2009-present
- HUD Committee, Affordable Housing Forum, American Bar Association
- Government Affairs Committee, NAIOP
- Housing Policy Committee, Master Builders Association of King and Snohomish Counties
- Chair, Warranty Committee, Master Builders Association of King and Snohomish Counties
- Member, Housing Task Force, ULI Northwest
Presentations
- "Key Business Terms in Joint Venture Operating Agreements," Real Estate Joint Ventures and Funds Seminar, Law Seminars International, 2010
- "Dissolution of a Real Estate LLC as a Technique to Avoid Liability After Ballard Square," Development Agreements, Easements and CCRs Seminar, Law Seminars International, 2007-2008
- "Managing the Implied Warranty of Habitability in New Home Sales," Advanced Topics in Residential Development Seminar, Washington State Bar Association, 2006
- "Ethical Considerations for the Homeowners Association and Condominium Association Attorney," Advising Homeowners and Condominium Associations Seminar, Washington State Bar Association, 2005
- "Historic Façade Easements and Transferable Development Rights," Real Estate Development Incentives Seminar, The Seminar Group, 2004
Publications
- Author, "The Implied Warranty of Habitability in New Home Sales," Real Property, Probate & Trust, 2006
- Author, "A Brief Description of Low Income Housing Tax Credits," Real Property, Probate & Trust, 2004
- Coauthor, "Affordable Housing Development," 2001 Supplement to the Washington Real Property Deskbook (3d ed.)
- Author, "New Lead-Based Paint Requirements for Housing Sales," Washington State Bar News, 1996
Business and Civic Activities
- Board of Advisors, Schuster Realty Partners, LLC (a real estate/private equity fund)
- Former president and board member, Fairness Lobby (a nonprofit civil rights organization)
- Former president and board member, Common Ground (a nonprofit housing developer)
- Former board member, Real Change (a nonprofit homelessness organization)
Education
- George Washington University, J.D., 1985, with honors
Winner, Van Vleck Moot Court Competition
Best Brief, Regional Competition, National Moot Court Competition
- Bucknell University, B.A., 1982, cum laude
Admissions Print to wordExperienceJoseph McCarthy is a partner in the Real Estate and Construction group. A substantial part of Joe's practice is the creation of residential, commercial and mixed-use condominiums and other common interest communities. Joe has substantial experience creating new and conversion condominiums, PUDs and cooperatives; creating projects involving multiple common interest regimes; negotiating condominium construction and design contracts; negotiating acquisition and development loans; secondary mortgage market approval from Fannie Mae, FHA, Freddie Mac and VA; compliance with RESPA and ILSA; cooperative development and financing; association governance; termination of condominiums; transfer of development rights and bulk sales of units; the creation and implementation of sales and warranty programs; and foreclosures and workouts of common interest communities. He has been a key participant in legislation affecting condominiums and is currently chair of the Washington State Bar Association legislative committee that is drafting a Washington version of the Uniform Common Interest Ownership Act.
Joe was a founding partner of Kantor, Taylor & McCarthy (1998-2008) and an associate and partner at Reed McClure (1985-1998). Representative Work
- Creation of 130+ unit, multiphase detached single-family air space condominium, including creation of 33-acre wetland bank, negotiation of pipeline crossing and creation of shared storm water system with nearby developments.
- Acquisition of 225+ unit, multi-building apartment project, renovation of project, creation of conversion condominium, negotiation of unit listing and condominium management agreements, preparation of disclosure and sales documents and turn over of association management.
- Development of a mixed-use community, including creation of a 150+ unit mid-rise mixed-use leasehold condominium; creation of 25 attached for-sale leasehold townhomes; creation of subleases for office and retail centers; and creation of reciprocal easement and development agreement for condominium, townhomes, office park and retail center.
- Representation of developer in deed-in-lieu transaction for 300+ unit mixed-use condominium, including retention of developer to manage the project, and representation of developer in rescission claims by unit purchasers.
- Creation and development of 34-unit, multi-phase residential condominium with solar thermal and photovoltaic facilities, creation of rooftop easements for owner of solar equipment, structuring of solar energy tax credit investment, negotiation of net metering agreements, creation of power supply contracts within the community, acquisition of adjoining land and expansion of condominium.
- Acquisition of 140+ unit apartment complex, preparation of binding site plan to create separate for-sale condominium project and for-rent apartment project, creation of condominium regime, and drafting of reciprocal easement and cost-sharing agreement between the condominium and apartment.
- Drafting and testimony for legislation to amend Horizontal Property Regimes Act and Washington Condominium Act to unify termination standards for old and new condominium regimes.
- Representation of developer in the acquisition from foreclosing lender of development rights to create 90 additional units in an existing 150+ unit condominium, negotiation of extension of development rights with association and development of remaining phases of condominium.
- Representation of condominium association in termination of 130+ unit condominium and sale of entire condominium and disposition of sale proceeds and dissolution of association.
- Acquisition of 40+ unsold units and special declarant rights in failed 60-unit condominium project, transfer of pending sales agreements, FHA and Fannie Mae approval of project and creation of new disclosure documents and sale and warranty contracts.
- Sale of one building in two-building, 50-unit condominium to post-foreclosure investor and amendment of condominium regime to segregate maintenance, management and assessments for the buildings and to create separate condominium associations and master association.
- Amendment of condominium regime to integrate a renovated multi-story building and a new eight-story building into existing Pike Place Market condominium, involving creation of new units and changes in common elements and limited common elements and public areas.
- Development of common interest community containing 50+ single-family lots and 30+ condominium units; preparation of CCRs, binding site plan and association documents for master association; preparation of governing documents for condominium.
Professional Honors & Activities
- Listed in Best Lawyers in America® (currently: Real Estate Law), 2011-2013
- Listed in The Legal 500, 2010
- Director, Real Property Council, Real Property Probate and Trust Section, Washington State Bar Association, 2011-present
- Executive Committee, Real Property, Probate and Trust Section, Washington State Bar Association, 2009-present
- Editorial Board, Real Property, Probate & Trust, 2005-2008
- Chair, UCIOA Committee, Washington State Bar Association, 2009-present
- HUD Committee, Affordable Housing Forum, American Bar Association
- Government Affairs Committee, NAIOP
- Housing Policy Committee, Master Builders Association of King and Snohomish Counties
- Chair, Warranty Committee, Master Builders Association of King and Snohomish Counties
- Member, Housing Task Force, ULI Northwest
Presentations
- "Key Business Terms in Joint Venture Operating Agreements," Real Estate Joint Ventures and Funds Seminar, Law Seminars International, 2010
- "Dissolution of a Real Estate LLC as a Technique to Avoid Liability After Ballard Square," Development Agreements, Easements and CCRs Seminar, Law Seminars International, 2007-2008
- "Managing the Implied Warranty of Habitability in New Home Sales," Advanced Topics in Residential Development Seminar, Washington State Bar Association, 2006
- "Ethical Considerations for the Homeowners Association and Condominium Association Attorney," Advising Homeowners and Condominium Associations Seminar, Washington State Bar Association, 2005
- "Historic Façade Easements and Transferable Development Rights," Real Estate Development Incentives Seminar, The Seminar Group, 2004
Publications
- Author, "The Implied Warranty of Habitability in New Home Sales," Real Property, Probate & Trust, 2006
- Author, "A Brief Description of Low Income Housing Tax Credits," Real Property, Probate & Trust, 2004
- Coauthor, "Affordable Housing Development," 2001 Supplement to the Washington Real Property Deskbook (3d ed.)
- Author, "New Lead-Based Paint Requirements for Housing Sales," Washington State Bar News, 1996
Business and Civic Activities
- Board of Advisors, Schuster Realty Partners, LLC (a real estate/private equity fund)
- Former president and board member, Fairness Lobby (a nonprofit civil rights organization)
- Former president and board member, Common Ground (a nonprofit housing developer)
- Former board member, Real Change (a nonprofit homelessness organization)
Education
- George Washington University, J.D., 1985, with honors
Winner, Van Vleck Moot Court Competition
Best Brief, Regional Competition, National Moot Court Competition
- Bucknell University, B.A., 1982, cum laude
Admissions Print to wordExperienceJoseph McCarthy is a partner in the firm practicing in the Real Estate and Construction group. He has substantial experience in the development of affordable housing and community facilities using tax-exempt bond financing; low-income housing tax credits; HOME and CDBG funds; HUD 221(d)(3) and (4), 223(f) and 236 financing; state and local subsidies; property tax exemptions; and transfers of development rights. Joe also has substantial experience with affordable home ownership programs and financing including down-payment assistance, shared appreciation mortgages and community land trusts.
Joe was a founding partner of Kantor, Taylor & McCarthy (1998-2008) and an associate and partner at Reed McClure (1985-1998). Representative Work
- Land acquisition, development and $65 million of debt and equity financing for 450-unit affordable apartment community in Nevada, containing 300 units of family housing and 150 units of senior housing, including negotiation of LIHTC investment, tax-exempt bond financing, $750 thousand in HOME funding, long-term swap of variable rate debt financing, $3 million in 1602 Funding and re-syndication of LIHTC equity.
- Year 12 refinance of 400 unit affordable housing project, involving new long-term mortgage debt, pay-off of tax-exempt bonds, buyout of LIHTC investor's interest and termination of limited partnership agreement, restructuring of debt internal to general partner and buyout of general partner interests by original syndicator of general partner interests.
- Acquisition and renovation of four apartment projects using tax-exempt bonds and FHA-insured mortgage financing, assumption of project-based Section 8 contracts and assumption of LIHPRA use agreements.
- Acquisition and renovation of portfolio of 50 USDA Rural Development apartment projects, involving assumption of USDA Rural Housing financing and USDA rental assistance, assumption of existing FHA-insured financing and project-based Section 8 Assistance, new FHA-insured financing and tax exempt bonds.
- Ground lease, financing and development of 150-unit mixed-use project, including negotiation of ground lease, including 9% LIHTC, HOME financing, Housing Trust Fund financing, and City of Seattle and FHLB financing.
- Creation, development and financing of a mixed-use renovation project comprising multiple commercial units and one residential unit of 50 affordable apartments; creation of development joint venture between commercial and residential partnerships; negotiation of project-wide debt and equity financing (9% LIHTC, HOME, CDBG, UDAG, Housing Trust Fund and City of Seattle).
- Negotiation and sale of historic façade easement for renovation of 200 unit LIHTC building.
- Acquisition of 20 unit Section 8 apartment building involving 9% LIHTC, 1602 financing, HOME financing, Oregon Trust Fund financing, commercial bank loan, and assumption of Section 8 contract.
- Year 15 sale of 9% LIHTC project to non-profit general partner, buyout of LIHTC investor and restructuring of existing debt financing with state and local funders.
- Formation of holding company to own limited partnership interests in 35 existing LIHTC partnerships.
- Representation of community land trust in acquisition of failed 15-unit subdivision from FDIC, including completed homes and vacant lots; negotiation of acquisition financing for project; negotiation of down-payment assistance financing with City of Seattle; and preparation of unit sales documents and affordability covenants for the homes.
- Creation of down-payment assistance loan program for Indian tribal housing authority under NAHASDA.
- Development of 150 unit student housing project for private university involving off-balance sheet financing and use of qualified 501(c)(3) bonds enhanced with bond insurance.
- Roll-up of clients' interests in general partner entities for 30 LIHTC projects, containing 5,000 units across the western U.S., to a newly formed holding company, and sale of majority interest in holding company to a publicly traded REIT.
- Acquisition of interests in general entities in two LIHTC projects containing 500 units in Nevada and California.
Professional Honors & Activities
- Listed in Best Lawyers in America® (currently: Real Estate Law), 2011-2013
- Listed in The Legal 500, 2010
- Director, Real Property Council, Real Property Probate and Trust Section, Washington State Bar Association, 2011-present
- Executive Committee, Real Property, Probate and Trust Section, Washington State Bar Association, 2009-present
- Editorial Board, Real Property, Probate & Trust, 2005-2008
- Chair, UCIOA Committee, Washington State Bar Association, 2009-present
- HUD Committee, Affordable Housing Forum, American Bar Association
- Government Affairs Committee, NAIOP
- Housing Policy Committee, Master Builders Association of King and Snohomish Counties
- Chair, Warranty Committee, Master Builders Association of King and Snohomish Counties
- Member, Housing Task Force, ULI Northwest
Presentations
- "Key Business Terms in Joint Venture Operating Agreements," Real Estate Joint Ventures and Funds Seminar, Law Seminars International, 2010
- "Dissolution of a Real Estate LLC as a Technique to Avoid Liability After Ballard Square," Development Agreements, Easements and CCRs Seminar, Law Seminars International, 2007-2008
- "Managing the Implied Warranty of Habitability in New Home Sales," Advanced Topics in Residential Development Seminar, Washington State Bar Association, 2006
- "Ethical Considerations for the Homeowners Association and Condominium Association Attorney," Advising Homeowners and Condominium Associations Seminar, Washington State Bar Association, 2005
- "Historic Façade Easements and Transferable Development Rights," Real Estate Development Incentives Seminar, The Seminar Group, 2004
Publications
- Author, "The Implied Warranty of Habitability in New Home Sales," Real Property, Probate & Trust, 2006
- Author, "A Brief Description of Low Income Housing Tax Credits," Real Property, Probate & Trust, 2004
- Coauthor, "Affordable Housing Development," 2001 Supplement to the Washington Real Property Deskbook (3d ed.)
- Author, "New Lead-Based Paint Requirements for Housing Sales," Washington State Bar News, 1996
Business and Civic Activities
- Board of Advisors, Schuster Realty Partners, LLC (a real estate/private equity fund)
- Former president and board member, Fairness Lobby (a nonprofit civil rights organization)
- Former president and board member, Common Ground (a nonprofit housing developer)
- Former board member, Real Change (a nonprofit homelessness organization)
Education
- George Washington University, J.D., 1985, with honors
Winner, Van Vleck Moot Court Competition
Best Brief, Regional Competition, National Moot Court Competition
- Bucknell University, B.A., 1982, cum laude
Admissions Print to word |
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