Joel C. Solomon

Of Counsel

Overview

Joel C. Solomon is of counsel and a real estate business lawyer with Foley & Lardner LLP. He has extensive experience in a wide range of real estate and finance issues, including loan originations, real estate acquisitions and dispositions, project development and management, work outs and restructuring, foreclosure, and litigation and bankruptcy. Joel is a member of the Real Estate and Finance & Financial Institutions Practices.

Since joining Foley in 2013 Joel has represented a well-known private equity portfolio company in the acquisition of dozens of land sites for the purpose of developing a new national hotel brand. In addition, Mr. Solomon represents both lenders and borrowers with respect to commercial real estate loans.

Prior to joining Foley, Joel was general counsel and chief legal officer at ST Residential, LLC where he directed all legal aspects of a $4.5 billion portfolio of commercial real estate owned by a public private partnership between the FDIC and a private equity consortium. Joel was also general counsel at Corus Bank from 1997 until 2009, where he managed the entire legal process associated with $20 billion of loan originations, including construction loans in excess of $100 million dollars for major condominium and mixed-use projects in Miami, New York, Los Angeles, Chicago, Las Vegas, Phoenix, and other metropolitan areas; coordinated and managed the defense of all litigation brought against the bank, including class actions and banking-related matters; and directed and negotiated complex agreements with key third parties, including inter-creditor agreements with mezzanine lenders, co-lending agreements with participating banks, and collateral assignments of supporting agreements.

Representative Experience

Joel has been working closely with a private equity company developing a new hotel brand.  He focuses primarily on land acquisitions of sites across the United States.

Joel has been instrumental in completing the sale of 13 separate premier multi-family properties on behalf of ST Residential, LLC, the managing member of Corus Construction Venture, LLC.

Joel Solomon and Foley created tremendous value helping ST Residential overcome a wide range of challenges and adversity over a yearlong series of complex multi-family transactions in many markets involving the Homeowners Association, construction and various other issues.

Joel’s work on behalf of ST Residential has been national in scope and has included:

  • Apex – A luxury residential tower located in the heart of downtown Los Angeles containing 271 units, a parking garage with approximately six hundred spaces, approximately ten thousand square feet of retail space, and a significant adjacent parcel. The gross sales proceeds from the entire ST multifamily portfolio were in excess of $900,000,000.
  • The sale of five luxury developments in Las Vegas containing 1,278 units, including One Las Vegas, Juhl, Loft 5, The Ogden and Spanish Palms.
  • Sales across the United States of other multifamily projects, [residential units] which contained significant retail space and first class, state-of-the-art amenities, including:
    • Mosaic II in Houston, Texas (396 units)
    • 44 Monroe in Phoenix, Arizona (182 units)
    • San Pedro located in San Pedro, California (89 units)
    • Highgrove in Stamford, Connecticut (92 units)
    • Mezzo in Atlanta, Georgia (94 units)
    • The Lexington in Chicago, Illinois (329 units)
    • The Element in Tampa, Florida (395 units)

Education

Joel received his law degree from Case Western Reserve University, and his bachelor's degree in comparative literature from The Ohio State University, where he was a Phi Beta Kappa.

Professional Memberships

Joel is a member of the Illinois and American Bar Associations. He is also a member of the Chicago Bar Association where he served as former chairman of the Real Property Law Finance Subcommittee.

Representative Matters

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Foley represented one of China’s largest private insurance companies in connection with its acquisition of a significant equity interest in an entity that indirectly owns majority interest of a 65-story large office building in Chicago. The multi-office, Foley team closed the transaction in early 2015 after the Chinese client obtained approval from the Chinese Insurance Regulatory Commission. The Chinese client’s investment in the Chicago office building is part of the wave of investment in U.S. real estate by Chinese insurance companies looking to diversify their investment portfolio.
Represented seller (limited liability company organized between a private equity fund and the FDIC) of $115 million newly constructed, but unoccupied condominium hotel in Ft. Lauderdale. Drafted purchase and sale agreement and negotiated title insurance for release of equitable lien exceptions remaining after possession awarded seller in foreclosure.
Foley completed the sale of thirteen separate premier multifamily properties on behalf of ST Residential, LLC, the managing member of Corus Construction Venture, LLC. The latest closing, which occurred on May 16, 2014 was Apex, a luxury residential tower located in the heart of downtown Los Angeles at 9th and Figueroa Street, containing 271 units, a parking garage with approximately six hundred spaces, approximately ten thousand square feet of retail space, and a significant adjacent parcel. With the sale of Apex, the gross sales proceeds from all of the ST multifamily portfolio were in excess of $900,000,000. The sale of Apex was preceded by the sale of five luxury developments in Las Vegas containing 1,278 units, including One Las Vegas, Juhl, Loft 5, The Ogden and Spanish Palms; the sale of Mosaic II in Houston (396 units); 44 Monroe in Phoenix (182 units); San Pedro located in San Pedro California (89 units); Highgrove in Stamford Connecticut (92 units); Mezzo in Atlanta (94 units); the Lexington in Chicago (329 units); and The Element in Tampa (395 units). In addition to residential units, the projects described contained significant retail space and first class, state-of-the-art amenities.ST Residential, LLC (ST) is the managing member of Corus Construction Venture, LLC (“CCV”), which is a joint venture between the FDIC and a consortium of private equity companies including Starwood Capital, TPG, Perry Capital, and Richard LeFrak and Wilbur Ross.

Insights

7th Circuit Rules That Title Insurer Is Not Liable for Construction Liens Resulting From Lender’s Failure to Fund
26 March 2015
Legal News Alert: Finance & Financial Institutions
Seeking Balance
15 March 2015
Commercial Investment Real Estate
Construction Lending 101
11 February 2015
Scotsman Guide
Condominium Lending: Lessons from the Bust
02 January 2015
16th Annual Commercial Real Estate Institute
27 October 2014
Chicago, IL