Complete Representation in All Real Estate Transactions.
BMK has a sophisticated real estate practice, including representation of large condominium and single-family projects from acquisition through funding, subdivision, construction, submission for approval pursuant to the condominium statute, and individual sales. Our corporate and real estate teams have overlapping experience reflecting the reality of business today, which requires a multi-disciplinary and nimble approach. This breadth of expertise combined with decades of experience allows us to offer our clients the highest quality representation at a reasonable cost.
Areas of Expertise
BMK is well versed in Massachusetts condominium law and has successfully submitted several projects for approval to the statute, including single and multi-phase condominiums. We represent several dozen condominiums with regard to routine and extraordinary governance issues including enforcement of the Master Deed and By-Laws against individual unit owners. We have a great deal of experience assisting clients with the development process from start to finish, including negotiation of construction contracts and advising our developer clients on pre and post transition issues.
Our experience includes:
- Representation of numerous large condominium associations in several capacities, including (1) advising them on interpretations of their governing documents and the latest Massachusetts condominium laws; (2) representing them in Massachusetts courts in collecting unpaid condominium fees from unit owners; and (3) representing them in disputes with contractors in construction disputes.
- Representation of individual unit owners in disputes with their associations, with contractors, or with other unit owners.
BMK assists its clients in selecting and forming the appropriate entity for its real estate needs. We consider the type of acquisition (whether part of the purchase of a business or of property currently leased by the buyer, investment property or land for development), the number of investors and the future use of the property in this analysis. We also assess the acquisition in the context of our client’s business as a whole with attention to the separation of the real estate from other business operations for liability protection. We are experienced in forming limited liability companies including Delaware Series LLCs which permit assets owned by the entity to be segregated into separate categories both for operational purposes and added protection from liability.
BMK knows that our clients’ leases are critical commercial agreements that affect their business on a day to day basis. We represent both landlords and tenants in the drafting and negotiation of leases for all types of commercial space including office, retail, warehouse, and R&D. We keep up with current legislation and case law to ensure that our clients gain the benefit of and are protected from recent changes in Massachusetts law while crafting straightforward documents reflecting the intent of the parties. While the rent and term of the lease are important provisions, they are just the tip of the iceberg when it comes to drafting an effective lease agreement. BMK works with our landlord clients to ensure that all costs associated with a lease are effectively passed on to the tenant, that their repair and maintenance obligations are clear, and that the space is returned to them in proper condition. We work with our tenant clients to ensure that the space is usable as intended, that their repair and maintenance obligations are clear, and that the landlord ensures their undisturbed use of the property.
BMK represents our clients in the acquisition of real estate including raw land, office buildings, storage sites and manufacturing facilities. We assist in evaluating the viability and profitability of a proposed acquisition or project in coordination with our clients’ insurance agents, environmental firms, surveyors, engineers, and lenders. As part of our evaluation, we assess the applicable permitting and zoning regulations to ensure that our clients’ goals for the site can be realized before significant time and money are committed to a project. We advise our clients and draft real estate documents with the goal of avoiding problems and limiting risk, regardless of which party we represent. Sellers generally want to lock in the potential buyer and set strict timeframes on inspection and financing contingencies. They want to know that the buyer is committed before they take the property off the market. Buyers want the ability to get out of a deal if they are unhappy with inspection results or if they are unable to secure financing at a reasonable rate. They want to know what they are buying before they commit to close. We understand these issues, and as part of our tailored and full service approach to serving our clients, we negotiate documents that work in our clients’ favor on the points that are most important to them.
BMK works with our clients to put together a team of environmental and site engineers to evaluate the property or project and identify potential areas of liability or hazard. Our clients need to know what they’re buying, whether and how the purchase can be financed, and what types and amounts of insurance are advisable before they commit to purchase. We guide them in making these determinations and advise them on their risk and any possible impact on the profitability of the project.
BMK works with a variety of lenders knowledgeable and experienced in working with commercial clients, fromstart-ups and sole proprietorships to mature family owned businesses with substantial revenue. BMK assists our clients in obtaining financing proposals and evaluating them in the context of their needs and business goals. We introduce our clients to lenders who we feel would be a good fit and encourage them to develop banking relationships before the need for financing arises. We urge our clients to carefully review and consult with us prior to signing a commitment letter or term sheet so that they understand the costs and liability associated with a loan before they are locked in. We also review and negotiate loan documents with particular attention to the loan covenants and financial conditions imposed on the borrower. As part of our proactive approach, we carefully review the borrower’s requirements with our clients to make sure they understand what is expected from them after they receive the money. This is the best way to head off potential problems and ensure that both the bank and the borrower are on the same page from day one.
Permitting and Zoning
BMK has years of experience reviewing and assessing local permitting and zoning regulations to identify potential issues at the outset of a project and have represented hundreds of clients in appeals of building inspector and zoning board decisions throughout Massachusetts. The regulations and procedures governing these processes are complex and political and our background provides expert navigation to guide clients to favorable results.
BMK represents clients in the development of projects from idea to outcome including multi-parcel acquisitions with associated acquisition and construction financing, negotiation of construction, architecture and engineer contracts, submission of single and multi-phased condominium projects to the statute and efficient resolution of the issues that invariably crop up along the way.
Our experience includes:
- Representation of the owners and developers of a multi-million dollar, multi-phase condominium complex in Peabody through all phases including permitting, contracting with architects and engineers, and resolving disputes with contractors.