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Services Available
Real Estate Development
Throughout Virginia and North Carolina and in other parts of the United States, Williams Mullen’s real estate group guides clients through the development of retail, office, residential, hotel, industrial and mixed-use projects in an efficient and cost effective manner. We represent local, regional and national developers and investors as well as the end users of these types of projects. Our representation includes negotiation of acquisitions, sales and leases, land use planning and permitting, construction and permanent financing, environmental due diligence, and drafting of documents such as reciprocal easement agreements, covenants, conditions and restrictions and master condominium structures. The experience of our real estate group is broad and deep and benefits our clients in all phases of real estate development. Examples of certain transactions we have been involved in include:
- Represented contract purchasers of 115 acres in the rezoning of an urban mixed-use development in Henrico County requiring no variances and resulting in total investment exceeding $1billion. Provided counsel on all matters related to land planning, including general real estate, environmental permitting, POD approval, road planning, owners’ association documents and lease negotiations. Secured 43% open areas, a boulevard street park, green roof, parking structures, and town home liner units. Approved master plan includes over 500,000 square feet of retail and restaurant space, 884 residential units, 430 hotel rooms, and 600,000 square feet of office space in two 18-story towers.
- Represented developer with land assemblage, rezoning and sale of 95 acres to major pharmaceutical company in connection with a 600,000-square-foot, $425 million insulin- manufacturing facility at Innovation, Prince William County. This project is among the top 10 largest economic development investments in the Commonwealth’s history.
- Represented developer in the acquisition, zoning, permitting, construction, financing, sale and leasing of more than 20 “big box” retail developments throughout the Commonwealth of Virginia. Anchor users included Wal-Mart, Lowe’s, Kroger, Winn Dixie, Target and Ukrop’s.
- Represented developer in the acquisition of over 40 acres for a mixed-use project consisting of retail, office and multi-family residential. Handled all aspects of the transaction including contracts, title/survey review, offsite easements, financing, and planning approvals. Continuing representation includes county approvals, offsite easements, internal reciprocal easements/covenants/restrictions, out-parcel sales, leasing, and permanent financing.
- Represented public waste company in the acquisition of 29 separate parcels of real property consisting of approximately 2,200 acres, and other assets and property in California. Representation included the coordination and review of title, survey and other due diligence items, the negotiation of stock and asset purchase agreements, leases and closing documents. Total purchase price was approximately $190 million.
Real Estate Acquisitions & Sales
Representing buyers and sellers in the purchase and sale of real estate, section attorneys provide innovative guidance and assistance to our clients necessary to close transactions in a cost-effective manner. We represent local, regional and national clients in a wide range of real estate acquisitions and sales transactions, including the acquisition and sale of shopping centers, raw land, office buildings, warehouse and industrial facilities, and mixed use projects, as well as section 1031 like-kind exchanges and the exchange of tenant-in-common interests. Our clients benefit from one of the largest and most diverse real estate practices in Virginia, and include publicly traded companies, developers, financial institutions, real estate investment trusts, individuals and not-for-profit organizations.
- Represented owner of NASCAR raceway in the sale of its facility for $215 million. Representation included expansion properties, and amendments to the applicable Master Plan and the county zoning ordinance, to allow the increase in seating from 102,000 seats to 150,000 seats.
- Coordinated the closing of 44 Class “A” office buildings from multiple sellers, all on the same day, for a publicly traded REIT using the REIT’s initial offering proceeds. The transaction involved a series of escrowed closings, completed simultaneously.
- Represented publicly-traded national developer in the acquisition of an 11-office building portfolio in excess of $100,000,000 for investment purposes and syndicated financing.
- Represented developer with land assemblage, rezoning and sale of 95 acres to major pharmaceutical company in connection with a 600,000-square-foot, $425 million insulin- manufacturing facility at Innovation, Prince William County. This project is among the top 10 largest economic development investments in the Commonwealth’s history.
- Represented public waste company in the acquisition of 29 separate parcels of real property consisting of approximately 2,200 acres, and other assets and property in California. Representation included the coordination and review of title, survey and other due diligence items, the negotiation of stock and asset purchase agreements, leases and closing documents. Total purchase price was approximately $190 million.
- Represented golf course owner/developer in connection with the acquisition and operation of golf courses at The Crossings, Royal New Kent, Stonehouse, Kiskiack and Broad Bay, Virginia.
- Represented developer of North Pointe in Albemarle County, Va. Project includes 900 residences (single- family homes, town houses, condominiums and apartments) and 700,000 square feet of retail and office space. An elementary school, library, assisted living center and two hotels are planned.
Real Estate and Project Finance
We represent clients in all types of loans related to securing real estate including construction loans, bridge loans, single asset/single borrower securitized loans, permanent loans, participating loans, shared appreciation loans, borrowing base asset loans, subscription facility loans, convertible loans, mezzanine loans, loans backed by credit leases, conduit loans and loans secured by ground leases. As well, the firm’s real estate attorneys, often in conjunction with the Corporate and Securities practice have been involved in virtually every type of loan securitization offering, including public offerings, private placements, foreign offerings, bonds, pass-through certificates and commercial paper, diverse pools of conduit mortgage loans, small pools of large loans, single mortgage loans secured by one or more commercial or multifamily properties, performing and non-performing mortgage loans from existing portfolios, new commercial mortgage loans originated with a view toward securitization, and commercial loans affecting a variety of properties.
The firm’s real estate attorneys have extensive experience in complex multi-state commercial real estate financings, as well as the acquisition and development of high value real estate projects, including office parks, commercial parks, mixed-use developments, major shopping malls, golf course communities and industrial facilities. Our attorneys have been involved with the financing of industrial, flex space, retail, historic, agricultural and mixed-use condominium projects. In addition, we have served as developer's counsel on community development authority financings to provide public infrastructure in support of residential, commercial and retail developments, as well as public/private financings to facilitate construction of public facilities, transportation improvements, outdoor arena, hotel and conference centers.
Historic Rehabilitation Tax Credits and New Market Tax Credits
Williams Mullen’s real estate group is a leader in assisting developers, lenders and investors with all forms of Tax Credit transactions, including those involving historic rehabilitation tax credits, new market tax credits, enterprise zones, conservation easements, and other state and local incentives. We have represented numerous developers and lenders on transactions involving historic tax credits in connection with the rehabilitation of historic buildings for apartment, office, retail and other uses throughout Virginia and North Carolina, including in the Richmond area and in the Hampton Roads area.
On new market tax credits, we have represented developers and lenders in both straight loan transactions, and leveraged loan transactions that increase the benefit of the new market tax credits, and have represented investors in connection with their use of new market tax credit allocations. Our representations involve all aspects of the transactions, including purchase agreements, rezoning, financing, compliance with tax credit regulations, and the structuring of the partnership or limited liability company documentation to bring in investors to use the Federal and state tax credits. These transactions have involved work with national investors and lenders that are acquiring the benefits of the tax credits, and often involve tax-exempt entities and compliance with the particular issues that arise in their tax credit transactions. We also represent investment funds, including by the delivery of the required tax opinion.
- Represented development partnership in connection with the $60,000,000 rehabilitation and renovation of an historic hotel in the Hampton Roads region into an apartment project, which transaction involved federal historic rehabilitation tax credits and Virginia state historic rehabilitation tax credits.
- Represented development partnership in connection with the $25,000,000 rehabilitation and renovation of a Hampton Roads high school into a regional cultural arts center, which transaction involved federal historic rehabilitation tax credits, Virginia state historic rehabilitation tax credits and new market tax credits.
- Represented the developer of a $25,000,000 rehabilitation of a former warehouse and factory located in downtown Richmond into apartment, office and retail space, involving the use of federal historic rehabilitation tax credits and Virginia state historic rehabilitation tax credits.
- Represented developer in connection with acquisition of historic buildings in Richmond’s Shockoe Slip, complete historic renovation of property for retail and office rental, achievement and brokering of state historic tax credits, leasing of all rental space, condominiumization of building and financing of project.
- Represented the developer in connection with the $12,000,000 renovation of an office tower in downtown Suffolk into office and retail space, involving the use of federal and Virginia state historic rehabilitation tax credits.
Low Income Housing Tax Credits and Affordable Housing
Williams Mullen is a regional leader on affordable housing transactions, and has represented numerous developers on about 100 low-income housing tax credit apartment transactions in Virginia, North Carolina, South Carolina, Maryland, Mississippi and other states. We represent the developer on the full transaction, including the real estate purchase, rezoning, application for the tax credits, construction and permanent loan financing, compliance with the tax credit regulations, delivery of the required opinions, and negotiating and structuring the partnership or limited liability company documents involved with the investment by national funds to acquire the benefit of the tax credits. We also have been involved in working with HUD on various loan closings, on approvals and closings for loan assignments, on modifications and assignments of Section 8 HAP contracts, and on Section 236 IRP decouplings and other programs. We regularly handle transactions with most of the national syndicators in this field, and represent construction lenders and investors on many of these transactions.
- Represent a broad spectrum of developers, lenders and investors in all phases of numerous apartment projects, including low-income housing tax credit apartment projects; Virginia Housing Development Authority financed projects and HUD financed projects.
- Represented the developer in connection with the $15,000,000 acquisition and renovation of an apartment project in downtown Richmond, Virginia, involving the assignment and assumption of an existing loan, the continuation of a project based Section 8 contract, a closing of a new loan from the Virginia Housing Development Authority, and the qualification for and sale of investment interests with respect to low-income housing tax credits.
- Represented the seller of a $33,000,000 apartment project in Henrico County, Virginia.
- Represented the development entity in connection with a $36,000,000 acquisition and renovation of an apartment project in Fairfax County, Virginia, involving the conversion of a portion of the project to condominiums, the qualification of the remainder of the project for low-income housing tax credits, and the financing of the project with three loans, including subordinate loans from the Virginia Housing Development Authority and Fairfax County.
- Assisted the City of Durham in setting up the loan documentation for its single family mortgage bond program so as to implement that program on a timely basis.
Leasing
Williams Mullen has tremendous depth and experience handling both complex and simple leases, including office, industrial, flex, retail and mixed-use. We represent both landlords and tenants throughout the U.S., ranging from small retail and office tenants to national REITs. Our practice is versatile, and includes landlord representation, tenant representation, build-to suit transactions, ground leases and sale-leasebacks. We provide full-service leasing representation to various types of owners – broker/managers, private owners, banks, insurance companies, pension funds, REITs, and private investment funds – for entire office, industrial, mixed-use, and retail projects. In addition to lease negotiation, we assist our clients with their design, development, and management plans for the project, including the negotiation of commission, listing and management agreements, work letters and development agreements, construction and architect contracts and other agreements with lenders and other parties regarding collateral leasing issues.
We also represent law firms, accounting firms, private and public companies and other businesses in leases of all sizes. We have represented tenants in single transactions as well as portfolio-wide dealings. We have extensive experience with respect to all aspects of retail leasing, for both landlords and tenants, with particular emphasis on national roll-outs, shopping centers, malls, entertainment projects, “big boxes” and in-line national tenants. Our practice also includes build-to-suit and design-build projects. We have worked with developers and tenants in connection with build-to-suit transactions involving office, retail and industrial properties. Our clients include regional, national and international developers and owners with real estate interests throughout the United States.
- Represented developer in connection with the development and leasing of the 9-story, 300,000 square corporate headquarters for a Fortune 500 company.
- Represent national electronics super-store in connection with its "big-box", in-line, build-to-suit and sale-leaseback transactions throughout the U.S.
- Assisted national developer with a mixed-use project comprised of 233,076 square feet of Class “A” office space, 125-140 Class “A” residential units and approximately 75,000 square feet of retail/restaurant space. Representation included the negotiation and preparation of a 145,000 square foot build-to-suit office lease for a major national law firm.
- Represent national REIT in connection with the development and leasing of its office, industrial and flex projects.
- Work with national tenant-in-common (TIC) sponsor in connection with the leasing of its office buildings in the mid-Atlantic region.
- Represented golf course owner/operator in connection with the sale-leaseback of a golf course portfolio in Virginia and Maryland.
- Representation of owner of one of the largest flex-space (office and warehouse) parks in Raleigh's Research Triangle in connection with the leasing of the project.
- Serve as outside real estate counsel for international car rental-company in connection with the leasing of commercial, retail and industrial real properties throughout the United States and Canada.
Land Use
Our land use attorneys handle all matters related to land use matters, including zoning, due diligence, administrative, neighborhood and public hearings, ordinance amendments, permitting, subdivisions, variances, development and construction issues, economic development and local and state economic incentive packages, and government relations. We are able to guide development projects through the full range of requisite land use and environmental approvals as well as perform the necessary due diligence to resolve the myriad of zoning, title, development and environmental issues of a potential real estate transaction. Our attorneys also are regularly called upon to work for and with local planning offices, administrators and elected officials in the drafting and implementation of, and, at times, opposition to, ordinance and comprehensive plan revisions, the establishment of overlay districts and changes in policies and procedures.
The extent of Williams Mullen’s land use practice allows its attorneys to continually establish new and maintain existing relationships with local governing bodies, commissions and administrators, as well as relevant developers and civic associations. The group’s land use practice is supported by an experienced staff of professional planners and legal assistants who facilitate the provision of prompt, cost-efficient service.
- Represent West Broad Village, a 115-acre urban mixed-use development in Henrico County, Virginia, resulting in a total investment exceeding a value of $1 billion. Provided counsel on all matters related to land planning, amendment of the County’s Comprehensive Plan, rezoning and land use approval, environmental permitting, acquisition and related financing, Plan of Development (site plan) approval, subdivision, construction and related financing, condominium structure, owners’ association documents, residential lot sales and landlord lease negotiations. Approved master plan includes over 500,000 square feet of retail and restaurant space, 884 residential units, 430 hotel rooms, and 600,000 square feet of office space in two 18-story towers.
- Rezoned 185 acres near intersection of Route 288 and Route 360 for The Village of Swift Creek in the County of Chesterfield, a mixed use development, including a shopping center with outparcels, office, light industrial, and up to 790 multifamily residential units. Representation included a waiver of development standards to permit location of company’s standard architectural style within shopping center and obtaining additional signage for shopping center.
- Counsel for the Shops at Stratford Hill in the City of Richmond, Virginia. Created and obtain approval of the first Community Unit Plan in 15 years in the City for a 420,000 square foot shopping center that would replace an existing depreciating center. Anchor retailers are Ukrop's and Target and at the time resulted in the second largest open air retail center in the City of Richmond. Work involved all aspects of resolution of various title issues, economic development incentives, and resolution of zoning environmental, traffic and utility issues.
- Represented developer of 907-acre mixed-use development off Route 17 in Gloucester County, Virginia, named The Villages of Gloucester. Assisted with rezoning to permit a planned unit development golf course community, 21-acre business park and mix of housing types with up to 885 dwelling units. Amenities include a public par-72 championship golf course with a practice course and driving range, pro shop, and bar and grill; indoor and outdoor swimming pools; tennis courts; 13-acre public park and walking trails. Unique design features a village center with a mix of uses and housing types, significant open space, landscaping, and buffering that includes over 172 acres of parks. 47% of the land is contained in scenic open space with at least six miles of walking trails. The plan contains neo-traditional street and alley design, plus traffic calming measures. All homes are within a three-minute walk of a community center, recreation facility or open space.
Mixed-Use, Residential, Planned Communities and Condominiums
Our depth of knowledge and experience regarding all aspects of real estate development ensure that our attorneys structure such communities to be efficiently developed, marketed and operated. We are experienced in preparing covenants to govern the highest density, mixed use, lifestyle centers as well as office parks, retail centers, single-family communities and condominiums. We structure master associations, condominium associations and sub-associations as necessary and appropriate to ensure the effective operation, governance and fiscal management of the community. With our extensive knowledge and experience regarding land use, acquisitions, public and private finance (including the use of community development authorities), condominium law, eminent domain and condemnation, environmental law, wetlands regulations, and construction law, Williams Mullen attorneys counsel developers through all stages of the development and successful marketing of new communities.
- Representation of developers of a mixed- use waterfront community located in both the City of Richmond and the County of Henrico on more than one mile of urban riverfront property which will ultimately include 1,300 residential units, 500,000 square feet of office space, 150,000 square feet of retail space and a marina. Work involved creating new zoning districts in each jurisdiction and the corresponding rezoning to such districts in order to obtain desired uses as well as preparation of condominium registrations and declarations, townhouse declarations, and the master declaration governing the entire project. The Firm also provided one of Virginia's first comprehensive environmental solution packages in conjunction with the Virginia Department of Environmental Quality (DEQ) to reclaim this long standing industrial/Brownfield site and bring it back as a thriving residential and commercial community.
- Representation of developers of an 85-acre mixed-use development containing two existing office buildings which campus will be expanded to include 300,000 square feet of retail space, 90,000 square feet of medical offices, 270,000 square feet of Class “A” office space and a 200 room full-service hotel. Engagement included preparation of a comprehensive set of easements, covenants, conditions, and restrictions to govern the campus as well as the formation of the property owners association.
- Representation of developer of a traditional neighborhood design (“TND”) community in Middlesex County, Virginia and the Town of Urbanna, Virginia, that will contain over 700 homes on 825 acres, providing for four phases of development, 60% open space, a 50 acre historic area, retention of 62% of existing farmland, and conservation easements. The property is the oldest continuously farmed property in the United States. The Firm successfully rezoned the property and prepared the complementary restrictive covenants and declarations as well as the organizational documents for the owner’s association and condominium associations.
- Representation of developers in connection with more than 100 residential subdivision, commercial and mixed-use condominium projects, including new construction, adaptive reuse and conversion projects.
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