Seattle Washington Building Expert Directory

Construction Mezzanine Financing

March 29, 2017 — Tim Davis & Steven Coury - White and Williams LLP
Construction mezzanine lending is on the rise and more development deals are getting done with a capital stack that includes mezzanine debt in addition to the traditional components of sponsor equity and senior mortgage debt. Below are important issues and concepts to bear in mind when structuring the financing of a construction project that includes a mezzanine debt component. Funding Sequence Funding Sequence When will the proceeds of the mezzanine loan be advanced? In some instances, the mezzanine loan proceeds will be advanced only after all of the borrower’s equity has been contributed to the construction of the project. In other instances, the borrower’s equity and the mezzanine loan proceeds go in either pari passu or simultaneously at another ratio. If the equity is not entirely contributed in advance, the mezzanine lender may require that the uncontributed equity be held by the mezzanine lender or held in a pledged account. The mezzanine lender may also further mitigate the risk of non-funding of the equity by requiring an equity funding guaranty (as discussed below). Additionally, when will the mezzanine loan proceeds be advanced in relation to the senior mortgage loan proceeds? Will the entire mezzanine loan be advanced prior to any senior mortgage loan advance or will they be advanced pari passu? Depending on the business deal, the mezzanine loan agreement will need to reflect how and when the equity, the mezzanine debt, and the mortgage debt will be advanced. Reprinted courtesy of Tim Davis, White and Williams LLP and Steven Coury, White and Williams LLP Mr. Davis may be contacted at davist@whiteandwilliams.com Mr. Coury may be contacted at courys@whiteandwilliams.com Read the court decision
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Hunton Andrews Kurth Promotes Insurance Recovery Lawyer Andrea (Andi) DeField to Partner

April 05, 2021 — Lorelie S. Masters - Hunton Insurance Recovery Blog
Effective April 1, 2021, Hunton Andrews Kurth LLP has promoted insurance recovery lawyer, Andi DeField, and six other attorneys, to partner. “Andi has been a superstar in our practice since the day she arrived,” said insurance recovery practice head, Walter Andrews, adding that “Andi’s promotion reflects the incredible hard work she has contributed to the practice and outstanding results she has achieved for our clients over the years.” A native of Miami, Andi ascended through the ranks at Hunton in its Miami office, joining the firm as a contract lawyer before earning promotions to associate, counsel and, now, partner. But Andi’s rapid ascension did not come without much hard work. Since joining the firm, “Andi has, year after year, consistently knocked the cover off the ball in terms of her tireless work ethic, the superior results she has achieved and her extraordinary aptitude for marketing herself, our practice and the firms many other practices,” said insurance recovery partner, Mike Levine. Levine added, “Andi is an amazing lawyer and a true champion for her clients. I’m proud to now call her my partner.” Read the court decision
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Reprinted courtesy of Lorelie S. Masters, Hunton Andrews Kurth
Ms. Masters may be contacted at lmasters@HuntonAK.com

New York Bridge to Be Largest Infrastructure Project in North America

October 22, 2013 — CDJ STAFF
New York’s Tappan Zee Bridge is going to be replaced by the New NY Bridge, but it might be a while in coming. Work has begun, but the project is expected to last most of the next five years. Howard P. Milstein, chairman of the Thruway Authority notes that “the New NY Bridge is the largest transportation infrastructure project in North America and one of the largest construction contracts in New York State history.” The current bridge was designed for 100,000 vehicles daily, or about 38,000 fewer than cross the bridge each day. Maintenance costs have been hundreds of millions of dollars in the last few years. The cost of the new bridge is expected to be less than $4 billion. The initial estimate was that it would cost more than $5 billion to build the new bridge. Read the court decision
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Millennials Skip the Ring and Mortgage

June 26, 2014 — Megan McArdle – Bloomberg
They’re living at home in growing numbers. They're not buying homes, which creates ripple effects throughout the housing market. They’re having more babies out of wedlock than in it. Why can’t millennials get it together? The first and most obvious answer is “jobs.” If you can’t find a stable job, it’s hard to move out of Mom’s basement. It’s hard to commit to a mortgage or a spouse. It's hard, in other words, to launch into the middle-class life that constitutes the American Dream. Millennials are some of the biggest victims of the financial crisis. Those without a college degree face high rates of unemployment, while those who have a sheepskin are more and more likely to be underemployed in a job that doesn’t require their degree. Even if the student loan crisis has been overstated, the rising cost of college tuition certainly doesn’t help. Read the court decision
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Reprinted courtesy of Megan McArdle, Bloomberg
Ms. McArdle may be contacted at mmcardle3@bloomberg.net

Round and Round: Inside the Las Vegas Sphere

December 16, 2023 — Grace Calengor - Construction Executive
How does the typical contractor approach building something taller than the Statue of Liberty, wider than a football field and with the most square footage of LED lighting in the world? Perhaps it’s enough to say that Sphere Entertainment Company is not your average contractor—and Sphere in Las Vegas is not your average construction project. With a budget of approximately $2.3 billion, Sphere is a massive entertainment venue constructed mainly of steel and concrete. How different is that from the typical Vegas high-rise, casino or hotel? When you account for the structure’s sheer size, uncommon shape and intertwining technologies—very. Reprinted courtesy of Grace Calengor, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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Insurance Companies Score Win at Supreme Court

December 26, 2022 — Mason Fletcher & Ryan Sternoff - Ahlers Cressman & Sleight PLLC
In 2011, the Washington State Department of Transportation (“WSDOT”) contracted with Seattle Tunnel Partners, a joint venture of Dragados USA and Tutor Perini (“STP”) to construct a tunnel (“SR 99 Tunnel”) to replace the dilapidated Alaska Way Viaduct. STP obtained a builder’s “all-risk” insurance policy (“Policy”) from Great Lakes Reinsurance (UK) PLC and several other insurers (collectively, the “Insurers”) which insured against damage to both the project and the tunnel boring machine popularly known as Big Bertha (“Bertha”). Bertha began excavating in July 2013 but broke down a few months later when the machine stopped working. Work did not resume on the project until December 2015. WSDOT and STP tendered insurance claims for the losses associated with the delays and breakdown of Bertha but the Insurers denied coverage. Thereafter, WSDOT and STP sued. The Insurers moved the trial court for partial summary judgment to resolve some, but not all, of the coverage disputes. In a unanimous decision, the Washington State Supreme Court affirmed the trial court and Court of Appeals, and held that insurance companies do not have to reimburse WSDOT and STP for costs accrued during a two-year Project delay, under certain provisions of the insurance policies. Reprinted courtesy of Mason Fletcher, Ahlers Cressman & Sleight PLLC and Ryan Sternoff, Ahlers Cressman & Sleight PLLC Mr. Sternoff may be contacted at ryan.sternoff@acslawyers.com Read the court decision
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Baltimore Bridge Collapse Occurred After Ship Lost Power Multiple Times

May 28, 2024 — Allyson Versprille - Bloomberg
The container ship that rammed into Baltimore’s Francis Scott Key Bridge in March lost power multiple times on both the day of the fatal accident and the day before, according to a preliminary report. The Dali, which sails under the flag of Singapore, lost power twice on March 26 before hitting the bridge and causing it to collapse, killing six construction workers who were on the structure at the time. The first blackout was caused when electrical breakers powering most of the vessel’s equipment and lighting unexpectedly tripped, the National Transportation Safety Board said in a report Tuesday. The crew eventually was able to restore electrical power, but then a second blackout occurred only 0.2 miles from the bridge. They regained power, but the ship lacked the propulsion needed to avoid striking the bridge, safety inspectors found. Read the court decision
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Reprinted courtesy of Allyson Versprille, Bloomberg

OSHA Extends Temporary Fall Protection Rules

March 01, 2012 — CDJ STAFF

OSHA announced that its current rules on fall protection for residential construction will remain in place until September 15, 2012. The current measures became effective in June 2011. Under the new rules, falls must be prevented by fall protection measures unless the measures can be shown to be unfeasible or even hazardous.

Under the extension of the temporary enforcement measures, contractors who ask for compliance assistance with OSHA are given top priority and penalties can be reduced. OSHA has conducted more than 1,000 outreach sessions on the new rules.

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SEATTLE WASHINGTON BUILDING EXPERT DIRECTORY AND CAPABILITIES