Posted On May 26, 2016 / by George E. McArdle / News
Following years of litigation, George McArdle, together with co-counsel, helped broker a settlement of a dispute between a municipality and an investment group arising from a ground lease executed for the purpose of developing a Transit Oriented Development, or TOD. As part of the overall resolution, the municipality ratified the existence of the ground Lease, which it had previously attempted to invalidate. The lease was also modified to adjust to current market conditions. The resolution allowed the MPF’s client to accomplish a cash sale of the ground lease to an investment group for $15,000,000. MPF also assisted the client in the closing of the sale.