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Karen P. Kondell

Partner *
71 South Wacker Drive
46th Floor
Chicago, IL 60606
Three Brickell City Centre
98 Southeast Seventh Street
Suite 1100
Miami, FL 33131

Karen Kondell's practice focuses on real estate transactions, representing residential and commercial developers and institutional lenders. With over 35 years of experience in real estate practice, she focuses primarily on the acquisition, development, and financing of multifamily housing projects, including condominiums and cluster homes. Additional practice areas include preparation of governing documents, including condominium and home owners documents, in connection with condominium and cluster home projects. Typical transaction size is between $10 million and $450 million, with closed transactions throughout the U.S.
Representative Experience
Representation of developer in the closing of bond financing, in the amount of $283 million, secured by mortgages encumbering 11 multi-family properties in 3 states. The transaction involved negotiating with underwriters, bond investors, and 4 institutional lenders. In addition, the transaction involved the drafting of all financing documents to reflect the flow of bond proceeds from parent entities to intermediate entities, and ultimately to title holding entities, and the coordination of legal opinions from foreign and domestic counsel.
Representation of institutional lenders in commercial real estate transactions secured by mortgages encumbering a variety of commercial properties throughout the United States.
Representation of developer in the refinancing of an acquisition loan and obtaining a construction loan for the development of an adult residential community. This transaction involved drafting a Property Report pursuant to Interstate Land Sales Full Disclosure Act, master association documents, condominium documents, and homeowner association documents.
Representation of developer in connection with the acquisition of a 14 property portfolio of multi-family apartment projects in 6 states for a purchase price of $333 million. The transaction involved the coordination of financing with senior and mezzanine lenders, the subsequent conversion of each property to a condominium form of ownership, and the preparation of all applicable organizational and management documents. Representation of this client included the acquisition of numerous other portfolios of multi-family properties throughout the United States.
Representation of developer in the acquisition of a hotel and its conversion to a mixed-use condominium hotel consisting of residential and commercial units. The transaction involved the closing of financing for the acquisition and redevelopment of the property and the reorganization of the ownership structure.
Representation of developer in the acquisition and financing of parcel within a planned unit development in Palm Beach County, Florida and the subsequent creation of homeowners association documents for the sale of luxury homes. This transaction included the negotiation and documentation of a joint venture structure and the creation of a Builder Program and Architectural Guidelines.
Representation of developer in the acquisition and development of a residential subdivision in Palm Beach County, Florida, including the creation of homeowner association and master association documents and the subsequent sale of residential units.
Representation of developer in the acquisition of a parcel for development as a regional shopping center including the creation of Covenants of Reciprocal Restrictions and Easements and the sale of outparcels. This transaction also involved the platting of the property.
Awards & Recognition
The Best Lawyers in America 2012-2017, Listed in Florida for Real Estate Law
Martindale-Hubbell, AV Rated
Professional Memberships & Activities
The Florida Bar, Real Property, Probate, and Trust Law Section, Member

Associated News, Events and Publications

Karen P. Kondell

Real Estate
Representative Clients
B Hotel Group LLC
El-Ad National Properties, LLC
Gamla Cedron Florida LLC
Insite Development Group, LLC
Promenade Developers, Ltd.
Vintage Properties, Inc.
J.D., Columbia Law School, 1967
B.A., Smith College, 1964
Bar Admissions
New York
* Not admitted to the practice of law in Illinois
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