Ira J. Waldman

Partner

Overview

Ira is one of the leading real estate lawyers in the United States, having expanded his historic real estate finance expertise into all manner of real estate development representations. As described by his clients in the Chambers & Partners publication, Ira is "incredibly smart, fantastically practical, hard-working, and a delight to work with." Ira is a deal maker and consensus builder who earns the appreciation of clients and adverse parties alike.

Real Estate Finance

Beginning his career in 1976, as in house real estate counsel at Union Mutual Life Insurance Company (now known as UNUM), Ira found his calling in representing the company's interests in real estate financings nationwide. The wide and varied nature of the transactions and the structural elements involved led to a lifelong interest in the intellectual side of the practice. Ira utilizes this wellspring of knowledge and experience for the benefit of his clients, be they national and local lenders, on the one hand, or developers and borrowers, on the other. The breadth of his knowledge in all facets of real estate and commercial law, including secured lender remedies, ownership entity formation, property acquisition and development, leasing and workouts, has only served to enhance his finance representation capabilities.

Public-Private Partnerships

Public-Private Partnerships have been a passion of Ira's since his early involvement in the redevelopment process in the portions Marina del Rey, California owned by the County of Los Angeles and ground leased to a variety of developers for a variety of uses. The typical structure is a ground lease from the governmental entity sometimes accompanied by a development agreement with the governmental entity. Within that structure the developer/lessee commits to develop the improvements and to pay as rent a percentage of the revenues generated by the project and a percentage of the increase in value of the project upon a sale. Among the issues that arise for negotiations are the extent and timing of the development (including public infrastructure), the term of the lease and extensions, rent structure, adjustments and renegotiation provisions, and future redevelopment issues in a creative partnership. The ability to incorporate the needs of both the governmental entity and developer is the key to a successful result.

Representative
Matters

Represented international insurance company, pension funds, and other institutions in loans of various sizes for hotels and resorts, shopping centers, office buildings, and apartment projects, including the development of original mezzanine loan structures that form the basis of modern institutional mezzanine loan structures. This also includes representation in the enforcement of remedies and the structure and negotiation of forbearances, workouts, and deeds in lieu of foreclosure.

The Shores - Marina del Rey. Represented the developer of a $160 million 544 unit multi-family redevelopment project involving the renegotiation of a ground lease with the County of Los Angeles and the largest HUD construction loan made in the United States.

Marina Harbor - Marina del Rey. Represented a developer in the renegotiation of a ground lease with County of Los Angeles and the redevelopment and financing of an existing 846 apartment unit complex, the construction of 120 new luxury apartment units, and the replacement of the entire 590 slip anchorage with a state of the art 319 slip anchorage. Also, negotiated construction and permanent financing for project.

Tahiti Marina, Neptune Marina, Villa del Mar and Mariners Bay apartment complex redevelopments, Marina del Rey. Represented developers in the renegotiation of ground leases with County of Los Angeles in order to foster redevelopment of aging apartment complexes and marinas to modern standards.

Northrup Grumman, El Segundo. Represented a leasehold owner in the acquisition of remaining disparate legal interests in the former Xerox Building in order to consolidate ownership in a single entity for leasing to and occupation by Northrup Grumman.

Peppertree Village. Represented a residential developer in the forbearance and workout of a construction loan securing partially entitled residential subdivision in Fallbrook, California and subsequent sale of parcels to prominent builder.

Marina del Rey Hotel and Anchorage. Represented a developer in the renegotiation of a ground lease with County of Los Angeles for redevelopment of a historic Marina del Rey Hotel, and negotiation of bifurcation of ground lease in order to separate anchorage parcels and sell the anchorage for redevelopment.

Paseo del Mar. Represented a developer in the development financing for office, retail, and restaurant complex in Santa Monica.

Livermore Valley Premium Outlets. Represented a national shopping center developer in connection with the acquisition and financing of 512,000 square foot premium outlet mall.

Hamilton Landing, Novato. Represented a developer in the development and financing of various phases of the redevelopment of the old Air Force Base Hangars at Hamilton Landing.

Fine Arts Building. Represented a purchaser of the historic Fine Arts Building in downtown Los Angeles, including financing to accommodate acquisition and the subsequent sale of the project.

Publications &
Speaking Engagements

Recent Publications

Co-Author, The Legal Opinion, Chapter In California Real Estate Finance Practice: Strategies And Forms, Continuing Education Of The Bar, California, 2000; 2002-2013 (updates)

Rent, Expense Allocations, Security Deposits And Other Payments, Chapter In California Commercial Leasing Series:  Ground Lease Practice, Continuing Education Of The Bar, California, 2010; 2011-2013 (updates)
 

Recent Speaking Engagements

Real Estate Finance Update, Los Angeles County Bar Association, 2009-2013

Transit Centered Development, American College of Real Estate Lawyers, Spring Meeting 2010

Awards &
Affiliations

Awards & Recognition

  • LACBA Real Property Section, Outstanding Real Estate Lawyer, 2014
  • Chambers USA, Real Estate, 2010, 2013
  • Best Lawyers, Real Estate Law, 2012, 2015
  • Southern California Super Lawyers, 2010-2014
  • International Who's Who of Real Estate Lawyers – Most Highly Regarded Individuals, 2006, 2008, 2009, 2011, 2013
  • Bates College Scholar-Athlete Society, 2011
  • Distinguished Service Award – Maine Law School Alumni Association, 2010
  • Friends of Bates Athletics – Bates Best Athletic Award, 2010
  • L. Kinvin Wroth Distinguished Alumnus Award – University of Maine School of Law, 2007

Professional Affiliations

  • Real Property, Trust and Estate Law Section, American Bar Association, Family Farm Preservation Project Task Force, 2003-present; Community Outreach Committee, 2005-present; Section Council, 2006-present; Business Law Section; Law Practice Management Section
  • Uniform Real Property Acts, Joint Editorial Board Member, appointed by American College of Real Estate Lawyers, 2001-present
  • Real Property Section of the State Bar of California, Secured Transactions Law Reform Subcommittee
  • Joint Committee of the Real Property Law Section, State Bar of California and the Real Property Law Section, Los Angeles County Bar Association on Legal Opinions in California Real Estate Transactions, Member
  • Law Practice Management & Technology Section, State Bar of California, Member
  • Real Property Section, Los Angeles County Bar Association, Executive Committee Member and Former Chair 
  • Real Estate Finance Subsection, Steering Committee, Los Angeles County Bar Association
  • American College of Real Estate Lawyers, elected 1996; Board of Governors, 2002-2006; 2008-present; Attorney Opinion Letters Committee; Practice Technology Committee, Former Chair; Membership Development Committee; Public Policy Forum Working Group, Founder and Former Chair
  • Anglo-American Real Property Institute, elected 2005; Former Governor, Board of Governors 
  • American Bar Foundation, Fellow 
  • University of Maine Law School Foundation, Member, Board of Directors; Chair, Investment and Finance Committee

Other Affiliations

  • Bates College Alumni Council

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Bar and Court Admissions

  • State Bar of California
  • Maine State Bar Association

Education

  • J.D., University of Maine School of Law, 1976, cum laude
  • B.A., Bates College, 1973
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