Residential Conversion

Description: Residential conversion.

HOH client: Developer

Key issues: Negotiate settlement with regulated tenants, remove violation(s), negotiate commercial loan refinance

A real estate developer successfully converted two rent-regulated properties (in this case, single room occupancy hotels) into a single family property worth an estimated $15M with help from Holm & O’Hara LLP. We negotiated buy-out and relocation agreements for all remaining tenants, helped remove building code violations and other obstacles to redevelopment and oversaw refinancing of an underlying commercial loan.

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