Real estate, hospitality and leisure in Puerto Rico

McConnell Valdés LLC

The powerhouse real estate department at McConnell Valdés LLC remains a market leader, drawing on the bench strength of its team to assist developers, domestic and multinational financial institutions such as Citibank, and corporates in the hospitality and tourism sectors with day-to-day matters and high-value transactions. The team is led by practice group chairman Jorge Ruiz-Montilla, who brings strength to planning and structuring resort communities and timeshares, and hotel and condominium projects, and vice-chair and resort development expert Patricia George-Iguina, who is the managing director of McV Consulting, an affiliate of the firm engaged in real estate and hospitality advisory services, and who also specialises in the structuring of tax concessions for tourism projects. Other key figures include Harry Cook, who advises clients on the structuring of real estate joint ventures, and the planning of timeshares, condominiums and lot development programmes, and Carla D’Almeida-Aracena, who manages matters involving mortgage law and commercial financing.

Praxisleiter:

Jorge Ruiz-Montilla; Patricia George-Iguina


Kernmandanten

Alma Old San Juan Hotel


Citibank


Dorado Beach Resort


FirstBank Puerto Rico


Forbright Bank


Maxxam


Oriental Bank


Paulson Puerto Rico


Sonesta International Hotel Corporation


Taubman Properties


Toro Verde


Highlight-Mandate


  • Assisted Parcel F Hotel with the acquisition and financing of a project for two new hotels valued at $78m.
  • Acted as lead counsel to DBR West Point on the real estate and sales matters relating to the development of the West Point Ritz Reserve branded units at the Dorado Beach Resort.

O'Neill & Borges

The real estate group at O'Neill & Borges remains a force in the market, drawing on the experience of its team to represent commercial, industrial, residential and hotel developers, institutional investors, insurers, financial institutions, asset managers, advisors, construction companies and multinational corporates (such as T-Mobile and Costco) across such sectors as retail, media, tech, telecoms, energy and hospitality, involved in acquisitions, development and construction for major projects. The team’s full offering extends to the structuring of joint ventures and the representation of lenders in asset-based commercial financing transactions. The practice is headed by Javier Vázquez-Morales, who also heads the corporate department, who brings expertise to project development and contract negotiations. Other key figures include Alfredo Alvarez-Ibañez, who assists banks and investors with workouts of commercial and construction loans; Walter Alomar, who advises domestic and multinational financial institutions on transactions involving real and personal property collateral; Juan Aquino, who manages matters related to residential and tourist developments; Viviana Miranda, a specialist in mortgage and notarial law; and Marta Ramírez-Isern, who displays strength in assisting clients with real estate-based loans and leasehold negotiations.

Praxisleiter:

Javier Vázquez-Morales


Kernmandanten

Medical Card System (MCS)


Nave Bank


Costco Wholesale


Interlink Group


Acrecent Financial


Parliament Capital Management


Braemar Hotels & Resorts


T-Mobile


Toyota Credit de Puerto Rico


Highlight-Mandate


  • Assisted a holding company and 27 of its subsidiaries with all real estate and corporate finance matters associated with the acquisition of 27 properties in Puerto Rico, in a transaction valued at upwards of $203m.

ECIJA SBGB

The team at ECIJA SBGB harnesses the bench strength of its global network to assist domestic financial institutions, national and multinational developers, construction companies and corporates in sectors including energy and digital media with matters ranging from mixed financing structures, public housing project funding procurement, due diligence and lease agreements to notarial services and tax matters. The practice is jointly led by managing partner Fernando Berio, who brings expertise to the utilisation of the Low-Income Housing Tax Credit (LIHTC) under section 42 of the US Internal Revenue Code in the affordable housing sector, and Jorge Fernández-Reboredo, who specialises in energy sector matters and real estate regulatory compliance.

Praxisleiter:

Fernando Berio; Jorge Fernández-Reboredo


Kernmandanten

The Michaels Organization


PRISA


Hispanic Housing Development Corporation


Acruva Capital Partners Bahia Apartments


CIC Construction Group


Highlight-Mandate


  • Assisted The Michaels Organization with the procurement of $270m in funding for the redevelopment of the ‘Los Álamos’ mixed-income public housing project in Guaynabo, Puerto Rico.
  • Served as local counsel for PRISA in the procurement of $165m in funds for the development of a 350-unit low-to-moderate-income housing project known as ‘Hacienda San Miguel’ in the municipality of San Lorenzo, Puerto Rico.
  • Assisted the Hispanic Housing Development Corporation in securing $25m in LIHTC and HOME Investment Partnership Programme Funds for the acquisition and rehabilitation of a 100-unit project in Bayamón, Puerto Rico.

Estrella LLC

The real estate group at Estrella LLC utilises the expertise of its team to advise title insurance companies and domestic and multinational corporates across such sectors as energy, hospitality, retail and real estate on sales, purchases, leasing, landlord-tenant issues, property development, financing, mortgages, environmental compliance, due diligence and litigation. The team is headed by veteran litigator and arbitrator Odemaris Chacón Varona, who draws on over 20 years of experience in the practice space. Key support is provided by senior associate Alejandro García, who specialises in purchase and sale and lease agreement deeds.

Praxisleiter:

Odemaris Chacón Varona


Kernmandanten

Stewart Title Guaranty Company


Highlight-Mandate


  • Acting for a bank, the insured of Stewart Guaranty Title Company, in a lawsuit against an individual debtor who had sold a property to a corporation and allegedly did not disclose the existence of the mortgage lien on the property to the new owners, who claimed they were good faith third-party buyers.