Joseph P. McCarthy
Joseph 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).
- 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), 2011-2014
- Washington State Bar Association, Real Property Probate and Trust Section, Chair-Elect and Treasurer, 2013-present; Director Real Property Council, 2011-2013; Executive Committee Member, 2009-2011; Newsletter Editorial Board, 2005-2008
- Washington State Bar Association, UCIOA Committee, Chair, 2009-present
- American Bar Association, Affordable Housing Forum, HUD Committee and LIHTC Committee, Member
- NAIOP, Government Affairs Committee, Member, 2010-present
- Master Builders Association of King and Snohomish Counties, Housing Policy Committee, Member
- Master Builders Association of King and Snohomish Counties, Warranty Committee, Chair
- ULI Northwest, Housing Task Force, Member, 2012-present; Delegate to Quality Growth Alliance, 2013-present
- "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
- 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)
- 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
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