Mandelbaum Barrett PC Commercial Real Estate Partner Joshua Gorsky and Tax, Trusts & Estates Partner Shawn McClelland recently represented a client in the acquisition of a Long Beach Island property through an innovative joint venture structure designed to launch a short-term rental business.
Rather than a traditional purchase and sale, a joint venture was created to own and operate the property. The current property owner contributed the real estate to the newly created entity while our client brought the operational expertise and financing relationships. The joint venture then refinanced the property at closing, allowing the seller to receive an immediate liquidity event while retaining an ownership interest and participating in the property’s future growth.
This creative approach aligned the interests of both parties, unlocked immediate value, and positioned the venture for long-term success in a thriving short-term rental market.
Congratulations to Josh and Shawn on another successful transaction demonstrating how thoughtful legal structuring can help clients achieve their business objectives.
These stories are successful case results from our attorneys. Please note that results may vary depending on your particular facts and legal circumstances.