Commercial Real Estate
McLaughlin & Nardi’s Commercial Real Estate
Commercial real estate in New Jersey can be complex. It is essential to have an experienced real estate attorney on your side. Our attorneys have decades of experience successfully representing buyers, sellers, developers and owners through intricate New Jersey Commercial real estate transactions. We have represented parties in successful transactions involving retail space, industrial property, vacant land, apartment buildings, warehouses, office buildings, multi-family developments and a wide variety of other commercial property.
New Jersey Commercial Real Estate Transactions
Our lawyers represent our clients through every phase of commercial real estate transactions from location of suitable property to closing the deal. We help parties negotiate and draft contracts for the sale of real estate which protect their rights under New Jersey real estate law. Our real estate attorneys help our clients through the difficult due diligence process, including compliance with New Jersey’s Industrial Site Recovery Act (known as “ISRA”). We help our clients obtain financing and negotiate with lenders.
Leasing and Tenancy Issues
Often, tenancy issues are involved in commercial real estate transactions. For instance, there may be tenants which need to be removed, or enforceable estoppel certificates which must be obtained. Our commercial landlord/tenant attorneys have decades of experience representing both landlords and tenants. We negotiate and draft leases. We represent both landlords and tenants in lease disputes, from non-payment of rent to eviction, in all of New Jersey’s courts.
Our commercial real estate attorneys also have significant expertise in counseling and representing buyers and sellers of commercial property on the tax consequences of their transactions. For example, Frank Nardi is both a certified public accountant and certified financial planner, as well as being a real estate attorney. We help our clients plan to minimize their federal and New Jersey tax burdens, for example through the use of “Section 1031 exchanges.” We also handle tax appeals for all types of issues, from simply an incorrect assessment to illegal “spot assessments.”
Many times commercial property is built with the intention of developing it for use by the buyer or for development and subsequent resale, all of which involves construction. Our construction attorneys have significant experience helping buyers and developers in their dealings with construction contractors, subcontractors and professionals (such as architects or engineers), both in negotiations and contract drafting, and in litigation, arbitration or mediation if disputes with contractors or professionals do arise.
Purchasers and owners of commercial real estate will often form a business entity to handle a transaction. This may be a larger developer which creates a separate company for each project, or just two people – even siblings or spouses. We help these owners form their LLC’s, corporations and partnerships so that their rights are protected and they are shielded from personal liability to the maximum extent New Jersey law allows.
Financing for commercial real estate transactions is extremely complex, and has significant consequences. Not only are the repayment terms such as interest important, but so are terms regarding the collateral and security. For instance, in addition to a mortgage on the property, many lenders will seek personal guarantees from the individual owners even if they are buying the property through a corporation or limited liability company (an “LLC”), and security interest on all of the buyer’s assets. Our attorneys are experienced at negotiating with lenders, and drafting and revising commercial financing documents. Our background helps counsel lenders and buyers. Our commercial New Jersey real estate litigators also represent lenders and borrowers in litigation over financing.
Title is an extraordinarily important aspect of any commercial real estate transaction, and New Jersey title law is complex. It is important that purchasers receive “clean title” to the property. This means that there must be no other claims to ownership other than the seller, of course. Additionally, all potential claims which could affect the property must be discovered. For instance, all of the seller’s mortgages and liens must be found and discharged at or before closing; often the seller does not even know that liens or other claims against the property exist. These must be found and cleared before the purchaser buys the property. Easements and other restrictions on the use of the property must also be found so that the buyer knows what he can do with the property. Clear title is important because without it title insurance cannot be obtained – and while no one should buy real estate without title insurance, no lender will loan money for a purchase without being a named as a beneficiary to a valid title insurance policy. Our attorneys help buyers find and deal with title problems, and help sellers clear title problems so that they can close the sale of their property.
Real Estate Litigation
Our litigation attorneys have decades of experience successfully representing clients in real estate litigation. We have represented buyers, sellers, developers, owners, landlords and tenants on a wide range of commercial real estate issues in New Jersey’s state and federal courts.
Commercial Real Estate Mortgage Modifications, Workouts and Restructuring
Our attorneys have considerable experience successfully representing owners of commercial property who are in financial distress in negotiations and litigation with their lenders over restructuring loans, mortgage modifications and workouts.
We represent community associations, such as associations, as well as owners and renters in their dealings and disputes with community associations.
For more information or to set up an appointment regarding a commercial real estate matter, e-mail us or call (973) 890-0004.