Wymara (Gansevoort)

The Firm’s work for this client included advising on the financing and successful acquisition of the development site, in competition with several other interested developers. Advising on the most efficient structure to undertake the development, advising on and assisting clients with discharging all regulatory obligations, securing the transfer of title to accreted land, negotiating Development Agreements with Government, assisting with Planning submissions, advising on traditional and non traditional financing options, reviewing Architectural and Construction Contracts, drafting the developer’s standard Sale and Purchase Contracts and documentation, answering questions and negotiating sale and purchase agreements with prospective buyers and their counsel, acting as Trustee and Stakeholder for deposits prior to commencement of construction, securing registration of strata titles, effecting the transfer of title from the developer to buyers, advising on and establishing a management structure and entities, advising on and negotiating a settlement of trade mark disputes, drafting and advising on employment contracts, advising on and negotiating a branding agreement, advising on and negotiating a joint venture agreement, advising on the assumption of management responsibilities through a developer-controlled management company, and advising on the ongoing management of the resort.

Financing the Development

We provided advice on financing options and assisted in structuring financing, including traditional bank borrowing, private debt and equity financing, and advising on structuring a joint venture.

Regulatory requirements

We advised on business licensing obligations, work permits, national insurance, health and safety, and physical planning obligations

The Development Agreement

We undertake all negotiations with Government regarding the reduction of import duties, permanent residency certificates, best endeavors on work permit approvals, and negotiating the acquisition of accreted land.

Sale & Purchase Agreement

We advised on provisions providing for the forfeiture of deposits on default, prohibiting the assignment of a purchase agreement during the developer’s sell-out period, claw back clauses, drafting and advising on suitable bylaws providing for a resort development with restricted owner’s usage, advising on the level and timing of interim payment obligations, advising on drop dead dates for the commencement of construction and the completion of the development, and advising on clauses providing for the conditionality of Sale & Purchase Agreement prior to the grant of planning permission.