TOP REAL ESTATE AND DEVELOPMENT LAWYERS 2025
Dubois
estate practice. Elitzur taught him the importance of building lasting relationships with industry partners in what Dubois describes as a relatively small industry. Ryan’s ability to architect deals considering complex tax, debt, and equity considerations proved invaluable. “It is difficult to overstate the benefits of learning from someone that has been a part of the low-income housing tax credit industry practically since inception,” Dubois said of Ryan’s experience. The affordable housing sector faces mounting challenges, Dubois said. Rising insurance and building million-square-foot industrial facility for conversion into a manufacturing facility. Among his most complex transactions are casino acquisitions for gaming companies competing in Las Vegas and other markets. These deals typically involve acquiring an operating company that leases facilities from gaming REITs under long-term agreements worth tens to hundreds of millions of dollars annually. “These transactions typically involve the acquisition by our client of an operating company (‘opco’) that will lease the casino facility from the subsidiary of a gaming REIT displacement. “Public-private partnerships involve numerous stakeholders, so navigating them requires agility and creativity — especially when progress stalls and parties appear to be at an impasse,” Hagedorn said. The California real estate market has presented new challenges for Hagedorn’s clients. Regulatory shifts, environmental pressures and Jurisdictions now require good neighbor agreements between developers to reduce friction, and many are increasing development impact fees amid tightening budgets, Mudge said. The Fountain Wind project exemplifies these challenges, facing estate is evolving from an asset class that relies on independent cowboy developers and family owners to a new form of corporate security that can be traded, homogenized and segregated into its parts for profit maximization,” he observed. This shift has created tension between project creators and the
material costs strain project budgets. Competition intensifies for scarce government funding sources. Recent uncertainty surrounds federal program availability and staffing levels. California presents particular regulatory challenges, despite statewide efforts to prioritize affordable housing development, Dubois said. “In California, there has been a recent statewide push to prioritize affordable housing projects, but the benefits tend to be tempered by an increasing volume of legislative requirements that are difficult to interpret and that may add significant (‘propco’) pursuant to a long-term, ‘hell or high water’–type lease,” Fileti explained. “The bidding process adds a degree of intensity to these transactions, and the underlying assets are incredibly interesting and can be organized from a legal perspective in quite complex respects.” Fileti’s approach to practice reflects influences from two Morrison Foerster veterans: Kim Seneker, who led the firm’s Los Angeles real estate group in the 1980s and 1990s, and Donna Zenor, a prominent finance attorney from the same era. The current market volatility creates learning opportunities for junior changing economic conditions have created a more complex landscape for developers and investors. “We are seeing a shift towards more flexible, multi-tiered joint venture structures because these agreements are becoming increasingly complex to accommodate due to different capital stacks and minority protections for LPs in an increasingly risk-sensitive controversy despite its potential benefits. “Whether we will be able to overcome the obstacles to approval remains to be seen but I am convinced the project is a worthy, well-sited wind energy project that deserves the state’s support,” Mudge said. communities that must approve them. Neuman notes that developers are no longer trusted community members but often faceless entities whose profit motives are questioned. This dynamic has contributed to the growing affordability gap and the creation of slow or no-growth policies.
development and/or compliance costs and burdens,” he said. Dubois’ team has adapted to these changing conditions. While historically focused on project financing, they now spend considerable time helping clients navigate new legislative initiatives and their implications. “Managing the requirements of the various deal partners while meeting very strict regulatory deadlines is always challenging,” Dubois said. “We are very lucky to have a team that is willing to pitch in where needed and to have sophisticated, nimble clients.” attorneys entering the field. “For more junior lawyers, it’s a great time be learning the full spectrum of skill sets that are necessary to ride out the cycles of our business and that will contribute to becoming a successful real estate lawyer,” Fileti said. Despite the complexity of modern real estate transactions, Fileti maintains enthusiasm for the work. “I enjoy the uniqueness of each real estate project and transaction, the variety of issues that surface in deals, collaborating with our clients and the confidence that our clients place in our judgment,” he said. market,” Hagedorn said. Developers face additional pressure from reduced traditional debt availability and rising construction costs, leading to more restrictive contractual language in agreement, he said. Foreign investor sensitivity has also shifted capital sources, requiring attorneys to adapt their structuring approaches, Hagedorn added. She said she sees some positive developments in the regulatory landscape. Courts are beginning to move away from what she describes as excessive environmental review requirements. Mudge points to recent Supreme Court observations about environmental policy as evidence of this shift. “No longer are the developers or owners trusted members of communities; rather, they are often faceless entities whose profit motives are not trusted and who can promote asset types that are not in alignment with a community’s goals or aesthetic,” Neuman said
“Much like most of the deals in the affordable housing industry, each of these transactions involved multiple sources of debt with overlapping and often conflicting affordability restrictions,” Dubois said. Since joining Cox Castle in 2011, Dubois has worked alongside longtime partners Ofer Elitzur, Steve Ryan and Lisa Weil. Each colleague brought distinct expertise that shaped his practice. Weil helped him understand how affordable housing projects differ from commercial real
Fileti
throughout Southern California and the Bay Area, representing lead lenders in complex syndicated loan workouts. “Beyond the challenges of working with the borrower group, these transactions can involve intense negotiations to bring the members of the lending syndicate on board,” he said. The office sector’s struggles contrast sharply with other markets where Fileti continues to close deals. His current work includes representing lead arrangers for a data center REIT’s IPO financing and advising a private equity fund acquiring a multi-
Hagedorn
He also facilitated the sale of four Los Angeles buildings from Boston University to Liberty Community Land Trust, a Black-owned organization working to keep rents affordable. The transaction helped more than 100 tenants win the right to purchase their buildings and avoid
Mudge
This proximity to communities creates new obstacles. While siting projects closer to demand centers proves more efficient, residents often resist large projects in their neighborhoods, she added.
Neuman
him an appreciation for the political system. Neuman identifies a significant but underexamined trend affecting the industry: the institutionalization and commoditization of real estate. “Real
DAILY JOURNAL SUPPLEMENT | JUNE 18, 2025 | PAGE 25
Made with FlippingBook Digital Proposal Creator