Both financial institutions and developers turn to Phillips Lytle to help structure and document financing for construction projects. In addition to land, project, building and acquisition loans, these transactions often involve the issuance of letters of credit, payment and performance bonds and subguard insurance products – along with the delivery of payment and completion guarantees.
We support our clients in matters relating to permits and approvals, zoning, historic preservation and environmental matters, architectural, construction, engineering and subcontractor agreements and the resolution of title issues. In instances where there are multiple funding parties, we employ subordination and intercreditor agreements, as well as tri-party agreements with third-party permanent and other take-out lenders, and advise clients on take-out strategies.
We also prepare and negotiate construction escrow and disbursement agreements for multiple component projects to prevent troublesome issues from delaying a closing or from moving a project forward. Non-compliance with state lien laws, for instance, can often derail a closing, but navigating the complexities of these is just a matter of course for Phillips Lytle.