First American Title Insurance Company
3rd Annual Deconstructing Deconversion Summit
Agenda
9:00 Panel 1
Moderator: Kathryn Kovitz Arnold
Practice Group Chair & Partner
Taft Stettinius & Hollister LLP
Mojca Anaya
IL State Escrow Lead
First American Title
Kelly Elmore
Principal
Kovitz Shifrin Nesbit
Andy Friedman
Multifamily Broker
Kiser Group
The Current State of the Deconversion Market
• Effect of 85% Requirement in Chicago on Market
• Covid-19 Effect on Market, Buildings and Deconversions
• Current Market for Financing Deconversions
• Current Closing Timing and Logistics
• Roles of Buyer, Brokers, Board and Association Counsel in Deconversions
• Pending Legislation
10:00 Panel 2
Moderator: Scott Weinstein
Attorney
Field & Goldberg LLC
David Bloomberg
Principal
Chuhak & Tecson, P.C.
Brian Karmowski
Director
Essex Realty Group
Gail Lissner, CRE, SRA
Managing Director
Integra Realty Resources
Sean Connelly
Managing Director
33 Realty
Issues in Deconversions
• Board Obligations to Unit Owners
• Methods of Purchase Price Allocation and Incentives
• Reserves, Objections and Having Sufficient Funds to Close
• Current Rental Issues and Enforcement Issues with Covid-19
• Managing Information Flow to Unit Owners
• Post-Closing Concerns – Methods for Addressing Pre-Closing Association Liabilities
Sponsors
Kovitz Shifrin Nesbit
Kelly C. Elmore
Principal
Services Provided
Legal services for condominium, homeowner and townhome associations, including corporate, deconversions, real estate transaction, collections, landlord/tenant issues and property tax appeals.
Company Description
KSN is a full service law firm for community associations
Taft Stettinius & Hollister LLP
Kathryn Kovitz Arnold
Chair, Real Estate Group
Services Provided
Taft’s Real Estate attorneys deliver a full-range of services related to the acquisition, leasing, management, use and taxation of land and property. Taft works across multiple industries, in virtually every area of law.
Company Description
Attorneys work as one team, across multiple industries, in virtually every area of law. Midwest Real Estate News ranked Taft as the #1 Top Law Firm in its 2019 “Best of the Best” issue.
Field and Goldberg, LLC
Scott Weinstein & Jay Goldberg
Sweinstein@fieldandgoldberg.com & JGoldberg@fieldandgoldberg.com
Services Provided
Field and Goldberg represents buyers and sellers of real estate in all asset classes, and leasing work on a national basis. The firm represents owners, tenants, receivers and property managers in seeking reductions in real estate tax assessments on all types of commercial, industrial and high profile residential properties.
Company Description
Field and Goldberg, established in 2001 as a real estate boutique law firm, provides a complete range of real estate legal services to a diverse client base consisting of local and national corporate clients, "big board" companies, family businesses, and individuals. Our lawyers have earned a reputation for providing excellent legal services at an extremely competitive cost.
Essex Realty Group, Inc.
Services Provided
Essex Realty Group, Inc. is a full service mid-market multifamily brokerage firm based in Chicago.
Company Description
Since 1990, Essex has served Chicago's investment real estate market as a top multifamily brokerage firm. The foundation of Essex' success is the depth of our specific market knowledge throughout the Chicagoland area.
Chuhak & Tecson, P.C.
David J. Bloomberg
Principal
dbloomberg@chuhak.com
Services Provided
David Bloomberg represents both boards and developers in connection with the deconversion of condominium buildings and has written extensively about Section 15 of the Illinois Condominium Act. Engaged in all aspects of deconversions since 2012, David is regularly called upon to advise regarding the proper measures to be taken by Boards in the exercise of their fiduciary duties when deconversion questions arise.
Company Description
Chuhak & Tecson provides clients with affordable, accessible and high-quality service. Our attorneys’ broad experience includes aviation, banking, condominium, corporate, employment, probate, estate planning, healthcare, litigation, not for profit, real estate, tax and employee benefits.
Kiser Group
Lee Kiser & Daniel A. Gonzalez
Principal, Managing Broker & COO
lkiser@kisergroup.com & dgonzalez@kisergroup.com
Services Provided
Kiser Group is a full-service brokerage firm specializing in valuing multifamily and mixed-use properties, consulting with clients about investment goals and marketing properties for sale.
Company Description
Kiser Group is Chicagoland’s leading multifamily brokerage firm. Kiser Group provides multifamily expertise to help our clients maximize value in their Chicagoland real estate investments. We equip our brokers with best-in-class staff and resources.
33 Realty
Sean Connelly
Services Provided
Services provided: 33 has a dynamic business model with five business lines. These business lines are comprised of investment brokerage, property management, leasing, reolender services (receivership) and construction. The synergy between these business lines and “one-roof” offering is what sets 33 apart from the competition. The professionals within our investment brokerage team have industry experience in law, distressed asset management, civil engineering, investment banking and financial consulting.
Company Description
Founded in 2009 by a group of young professionals with diverse corporate backgrounds, 33 is a real estate company specializing in property management, residential leasing, investment brokerage, distressed real estate services and construction (through its wholly owned subsidiary Cubed Construction). 33 services a variety of asset types across the multi-family and commercial real estate sectors. Noted for providing turnkey solutions to complex real estate assignments, 33 Realty is Your Foundation for Real Estate Success.
Powering Chicago
Five Westbrook Corporate Center Suite 940
Westchester, IL 60154
708-531-0500
John Donahue & Steve Doty
Executive Director & Communications Director
jdonahue@lmcchicago.com & sdoty@kmcchicago.com
Services Provided
IBEW Local 134 electricians and the Electrical Contractors' Association of Chicago provide full service electrical work for commercial, residential, and industrial areas throughout Cook County.
Company Description
Powering Chicago is an electrical industry labor-management partnership invest in the consistently better construction, better careers and better communities within the metro Chicago region
SparrowHawk LLC
Chris Stephens
chris@sparrowhawkre.com
Services Provided
SparrowHawk specializes in strategic industrial real estate investment throughout the United States. Through a hands on and developmental approach, SparrowHawk enhances asset value and assembles properties into prized Class-A portfolios.
Company Description
SparrowHawk is dedicated to strategic industrial-real-estate investing. With keen vision, SparrowHawk pinpoints projects offering exceptional investment potential.
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Mark Menzies
Senior Vice President, National Publisher
312-644-4610
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Vice President of Sales
312-644-7168
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