Steven J. Lurie

Partner

T:
310.201.7495
F:
310.201.2395

Profile

Recently recognized by the Daily Journal as one of California's Top 100 Attorneys, listed in California Real Estate Journal as one of an "elite group" of "California Dealmakers," and profiled in the Los Angeles Business Journal's "Who's Who in Real Estate" special report, Steve Lurie advises and represents developers, investors, borrowers and lenders in a variety of real estate transactions.

Mr. Lurie has extensive experience in real estate and loan purchase and sale transactions, financing and loan work out transactions, lease transactions, tax-deferred exchanges, construction projects, and joint venture transactions.

In addition, Mr. Lurie specializes in representing owners, investors and managers in the purchase, sale, leasing, management and financing of golf courses.

Real Estate Experience

  • Over a recent 12 month period, closed 38 loan transactions involving $644 million in loan proceeds on behalf of borrower clients
  • Represented shopping center owner in the purchase of its $26 million loan for $15.6 million, and in obtaining replacement financing for nearly the entire purchase price
  • Represented affiliate of J.S. Rosenfield & Co. in the acquisition of a 31-year ground leasehold interest in Coast Village Shopping Center in Montecito, California, and the concurrent sublease of a portion of the project back to the seller, Santa Barbara Bank & Trust, for 15 years
  • Represented Transpacific Development Company in the acquisition of a 270,000 square foot office complex in Orange County, California from Ford Motor Company. The office complex is fully leased to Taco Bell Corp. and Ford Motor Company. The purchase price and assumption of financial obligations under the Ford and Taco Bell leases brought the total transaction value to approximately $73 million
  • Represented affiliate of J.S. Rosenfield & Co. in the acquisition and financing of Larkspur Landing Shopping Center, a 173,000 square-foot retail center in Marin County. The center sits on 16 acres adjacent to the Larkspur Ferry terminal. The acquisition price was $65 million. The acquisition loan was obtained from City National Bank
  • Represented Malibu Lumber Yard, LLC in the acquisition, development and leasing of the Malibu Lumber Yard, a two story, approximately 30,000 square foot high-end retail center in Malibu at the intersection of Pacific Coast Highway and Cross Creak Road. We also represented this client in obtaining a $20 million construction loan from Wachovia Bank to finance the construction of the center. 
  • Represented a developer in (a) the acquisition, financing, construction, leasing and all other aspects of the development of the Claremont Village Expansion Project, a 125,000 square foot specialty lifestyle center featuring retailers, restaurants, a movie theatre complex, office space and a boutique hotel in the historic Claremont Village shopping district; and (b) the ground leasing, financing, construction, leasing and all other aspects of the development of the Metlox Project, an upscale retail project 3 blocks from the beach in Manhattan Beach’s commercial walking district
  • Represented an investor in the acquisition for $129 million of a seven property portfolio in Indianapolis, Indiana and Columbus, Ohio; the portfolio includes high-cube distribution buildings containing 3.15 million square feet of space; also represented the investor in obtaining a $76 million loan from Morgan Stanley to finance a portion of the purchase price
  • Represented a developer in the $50 million acquisition of two landmark properties in the San Fernando Valley: the Sportsmen's Lodge and the ground leasehold interest in the Sportsmen's Lodge Hotel
  • Negotiated joint venture documentation for a developer client with a global real estate investment firm for the funding of $120 million in land acquisition and development costs for high-end residential golf course communities; closed the partnership’s initial $60 million acquisition loan, initial $30 million construction loan, and subsequent $15 million line of credit; also represented the partnership in its acquisition activities; negotiated purchase agreements and option agreements on behalf of the partnership covering over 7,000 acres of land
  • Negotiated a loan modification agreement on behalf of a borrower client after the lender alleged that the guarantor of a $13 million loan breached a net worth covenant
  • Handled numerous purchase and sale and tax-deferred exchange transactions, including an exchange transaction involving shopping centers, industrial properties, and vacant land valued in excess of $180 million, and a multi-state, tax-deferred exchange transaction involving six properties for an investor client
  • Handled many office, industrial and retail lease transactions of various sizes for landlords and tenants, including a lease of a 1,000,000 square foot distribution facility to a Fortune 100 company, and a lease of an industrial facility for a public company tenant covering approximately 100,000 square feet; negotiated the termination of a lease for a non-profit community counseling center’s old headquarters, and a new full-floor office lease and construction documents for the improvement of its new headquarters

Golf Course Experience

  • Handled over 200 sale, purchase, lease, management agreement and other transactions for golf course industry clients
  • Negotiated loan modification agreements on behalf of the owners of golf courses in San Diego County and Northern Nevada. The transactions, among other things, resulted in the extension of the maturity date of the loans; the reduction of the interest rate of the loans; and the conversion of the required interest payments to a portion of net cash flow, with the balance of interest payments deferred until the extended maturity dates
  • Represented Joe Guerra in the formation of a joint venture with Boston-based Parthenon Capital, and represented the joint venture, Sequoia/Canongate Golf, in the acquisition of over 26 courses since the company's formation in 2003, including its acquisition of "The Woodlands" in Houston, Texas, a resort consisting of, among other things, five golf courses, restaurants and hotel facilities
  • Represented American Golf and NGP Realty Sub in the sale of approximately 80 golf courses and private clubs; transactions included the sale of significant portfolios in the South and Midwest, as well as the sale of single golf courses and private clubs throughout the country; the transactions implemented American Golf's strategic plan to concentrate its portfolio of golf courses and private clubs in specific markets; American Golf and its affiliates continue to own and/or operate over 110 golf courses and private clubs throughout the United States

Speaking Engagements

  • Speaker, National Golf Course Owners Association 2010 Multi-Course Owners Leadership Retreat, "Deal Panel: Workouts, Deals, Opportunities and Financing"
  • Moderator, ULI Urban Marketplace 2010, "New Deals for a New Era"
  • Presented two all-day seminars on the topic “Commercial Real Estate Leases: What you Need to Know” for the Center for Professional Education

Media Commentary

  • Quoted, "5 tips to ensure your business meets the letter and spirit of the law," Golf Business, October 2012
  • Quoted, "The Health of the NNN Market," Western Real Estate Business, September 2011
  • Quoted, "Sale-Leasebacks Back on Track," Commercial Property Executive, December 2010
  • Quoted, "2010 Transaction Total Already Eclipses 2009," Daily Journal Real Estate Supplement, October 2010
  • Profiled, "Top 100 - California's Leading Attorneys of 2010," Daily Journal, September 2010
  • Quoted, "Golfer Shortage in South Florida," The Tee Times, July 2010
  • Quoted, “Transactional Attorneys See Market Improvement,” Los Angeles Daily Journal (Real Estate), April 2010
  • Quoted, "Lender Techniques: Getting Out While the Getting Is...Okay," Distressed Assets Investor, April 2010
  • Quoted, “Investors Get Creative to Place Capital At Ground Floor,” California Real Estate Journal, March 2010
  • Quoted, "Defaults of Convenience: Strategic Decision or 'Bad Boy' Move?," Commercial Property Executive, January/February 2010
  • Quoted, "Lehman Buy Reveals Opportunities In Distressed Loan Portfolios," California Real Estate Journal, January 2010
  • Quoted, "GGP's Extension Feat Bodes Well for Industry," Retail Traffic, December 2009
  • Featured, "Treading  Above Water," Real Estate Forum, November/December 2009
  • Quoted, "The New Deal: Workouts," Real Estate Forum, November/December 2009
  • Quoted, "Golf Courses Suffer as Recession Deals a Bogey," Los Angeles Times, November 2009
  • Quoted, "Property Declines Don't Defend Against Capital Gains: 1031 exchanges can trigger taxes even when sold at a loss," California Real Estate Journal, September 2009
  • Profiled, "Golf Course Refinancings Tee up Bright Spot for Borrowers in Tough Times," Reuters, September 2009
  • Recognized by the California Real Estate Journal as a 2009 "California Dealmaker"
  • Mentioned, "Retail Deals Refinance, Reposition Centers," GlobeSt.com, August 2009
  • Profiled, "Who's Who In Real Estate," Los Angeles Business Journal, August 31, 2009
  • Mentioned, Daily Deals section (Retail-Montecito) of the California Real Estate Journal, August 18, 2009
  • Quoted, "Investor Lawsuits on the Rise As Property Values Decline," California Real Estate Journal, May 2009
  • Co-Author, "Buying Your Loan at a Discount; What Should You Do About Cancellation of Debt Income?," California Real Estate Journal, May 2009
  • Mentioned, "Greenberg Glusker Timeline: 50 Years of Deals and Litigation," Variety, April 2009
  • Quoted, "The New Loan Mechanism," Los Angeles Business Journal, April 2009
  • Quoted, "Retail Tenants Team Up In Attempts To Win Concessions," Retail Traffic, March 2009
  • Quoted, "On Barren Ground," Retail Traffic, February 2009
  • Quoted, "Secondary Market Weighing on Property Values," The Distressed Debt Report, December 2008
  • Quoted, "Borrowers Negotiating Discounted Payoffs," Commercial Mortgage Alert, December 19, 2008
  • Quoted, "Banking Blues," Real Estate Southern California, November 2008
  • Co-Author, "Coming to Fore," Commercial Property News, March 2008
  • Quoted, "Money Faucet Runs Dry," Real Estate Southern California, January 2008
  • Author, "Captured Value on the Links," Urban Land Magazine, discusses the opportunities and challenges of creating value by finding and redeveloping excess land on golf course, February 2007
  • Author, "Application of California Code of Civil Procedure Section 580d to a Guaranty Secured by Real Property," analyzes an important unresolved issue in real estate secured financing transactions
  • Consultant, "Drafting Business Contracts: Principles, Techniques & Forms," California Continuing Education of the Bar
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