Ep. 51 - Navigating the Real Estate Development Lifecycle

Navigating the Real Estate Development Lifecycle: Entitlements, Acquisitions, and Financing” was the topic of this segment of “Building Knowledge With The Building and Realty Institute (BRI).” Our guests were Lucia Chiocchio, a Partner at the law firm of Cuddy and Feder, and Amy Natsoulis, who is also a partner at Cuddy and Feder. Cuddy and Feder is based in White Plains in Westchester County in New York State. It is a well-known law firm throughout the New York metropolitan area. Lucia Chiocchio and Amy Natsoulis are two of Cuddy and Feder’s seasoned partners. They both have a wealth of experience in real estate development. Topics discussed during the segment included: 1) The Property Acquisition and Entitlement Process - when it comes to real estate development, acquiring the right property is key. Discussions on what goes into evaluating a property for development, as well as the primary considerations that Developers should keep in mind before making a purchase, were featured; 2) A review of some of the challenges, or complexities, that come up during property acquisitions; 3) Securing Entitlements, which can often be a complex and unpredictable process. A review of what the Entitlement Process entails, and why it’s such a crucial phase for Developers, was featured during the discussion on that topic; 4) How Zoning Regulations and Community Interests play a big role in Entitlements. Some of the common obstacles that Developers face, and how Cuddy and Feder helps them navigate those hurdles, was addressed; 5) How important it is for Developers to include contingencies in their Acquisition Contracts to account for the entitlement phase, and what role that plays in managing the overall timeline; 6) Financing Options - what types of options are typically available for Developers, and how Cuddy and Feder helps its clients navigate commercial lending, or more specialized options, like IDA financing; 7) How do economic conditions, like rising Interest Rates, affect financing strategies, and what advice Cuddy and Feder gives its clients in those situations; 8) Advice for Developers looking to streamline communications between the legal, regulatory, and financial aspects of a project; 9) What trends are currently being seen in real estate development.