https://content.next.westlaw.com/practical-law/document/If02946ef3edd11e798dc8b09b4f043e0/Real-Estate-Joint-Venture-Toolkit-90-10-Real-Estate-Joint-Venture?viewType=FullText&transitionType=Default&contextData=(sc.Default) Resources to assist investors, developers, and other parties interested in forming a sophisticated commercial real estate joint venture (JV). This Toolkit guides JV parties in identifying and addressing key business and legal terms in JV agreements and offers invaluable, time-saving drafting and negotiating guidance.
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Resources to assist investors, developers, and other parties interested in forming a sophisticated commercial real estate joint venture (JV). This Toolkit guides JV parties in identifying and addressing key business and legal terms in JV agreements and offers invaluable, time-saving drafting and negotiating guidance.
Real estate developers and investors often partner to create a joint venture (JV) to own, develop, and operate commercial real property. The property might be a retail center, office building, hotel, apartment complex, condominium project, industrial facility, or real estate for any other use, or combination of uses. By joining forces, no party takes on the full burden of funding, acquiring, developing, and operating commercial property.
JV parties typically memorialize their agreement in the form of a limited liability company (LLC) agreement or a limited partnership (LP) agreement (either, a JV agreement). JV agreements are typically complex agreements dictated by the business terms negotiated between the parties. For example, the capital contributions section may be drafted several different ways depending on how the parties agree to contribute their equity (both initially and if additional capital is needed) and the distributions provisions will vary depending on the waterfall distribution structure the parties negotiate.