Attorneys

Attorneys

Walter W. McMonies

Of Counsel | Portland | 503.778.2157 | mcmoniesw@lanepowell.com

Areas of Practice

Walt McMonies focuses his practice on real estate and business transactions, including acquisitions of real estate, commercial leasing, mortgage finance, LLC formation and structuring, Section 1031 exchanges, condominiums and family farms. He has substantial experience representing real estate developers, family trusts, and apartment, office and retail property investors. He has a special interest in historic buildings and their renovation and seismic upgrading.

Professional Experience

  • Foster Pepper LLP/Roberts Kaplan LLP
    • Partner (2003-2010)
    • Of Counsel (1998-2003)
  • Bogle & Gates PLLC, Member (1988-1998)
  • Heller, Ehrman, White & McAuliffe, Special Counsel (1986-1987)
  • McMonies & Whitlow, Partner (1980-1986)
  • Federal Energy Administration, Deputy Regional Counsel, Region X (1974-1976)
  • Pillsbury Madison & Sutro, Associate (1972-1974)

Admitted to Practice

  • Oregon
  • U.S. District Court, District of Oregon
  • California (inactive)

Academics

  • Yale Law School (J.D., 1972)
    • Yale Law Journal, Associate Editor
  • Yale University (B.A., 1969 in Political Science, with high honors, cum laude)
    • Pi Sigma Alpha designee (Political Science Honor Society)
    • NSF Grant Recipient to study 1968 Republican Convention
    • Directed Studies Program (Honors College) Freshmen and Sophomore Years

Practice Group and Specialty Team Memberships

  • Real Estate
  • Land Use

Representative Matters and Clients

  • Retail Leasing: Negotiation and drafting of triple and partial net leases typically for landlords with local, regional or national tenants including Williams-Sonoma, Urban Outfitters, and Starbucks, including “go dark” and tenant termination rights, percentage rent, options to extend, expand or purchase, CPI escalation of base or minimum rent.
  • Mortgage Financing for Borrowers: Representing borrowers and key principals in Fannie Mae (DUS), Freddie Mac (CME), “conduit” bank and insurance company permanent and “take out” financing of apartments and commercial properties, typical loans from $2 to $20 million, including negotiation of monetary terms in the commitment letter, loan document review and negotiation of issues (including prepayment penalties, insurance proceeds for casualty damage, transfers for estate planning purposes, non-recourse provisions and rights to cure defaults), borrower’s opinion letters and defeasance of existing financing.
  • Condominiums: Representing developers in new construction and conversion of apartment buildings into residential condominiums, also in creating commercial condominiums; drafting of condominium documents consistent with the Oregon Condominium Act, ORS Ch. 100; representing lenders taking-over existing condominium projects; advising developers facing construction defect claims by a condominium association. Involved in more than 20 projects, including Clay Street Commons and Four Seasons Apartments (Goose Hollow, Portland), Prescott and Sutton Place Apartments (Northwest Portland), Sunshine Creek and Schollsbridge (Beaverton) and Plaza (in Bend), John Ross and Atwater (South Waterfront, Portland).
  • Acquisitions: Investment in, acquisition, financing and sale of apartment complexes, retail centers and senior housing, typical deals from $3 to $30 million, including negotiation and drafting of letters of intent, of purchase and sale agreements, and conveyancing documents, preparing due diligence checklists, reviewing title commitments and exceptions, surveys, environmental reports, leases and financial records.
  • Construction Contracts: Emphasis on representing the developer/owner of proposed new or to-be- renovated apartment buildings and owner/landlords making tenant improvements, utilization of AIA forms, e.g., Barcelona Apartments (new construction), Clay Street Commons and Trinity Place (substantial renovation) and landlord on build-to-suit retail buildings, e.g. store on N.W. 23rd for Williams-Sonoma.
  • LLC Formation: Drafting of articles of organization and operating agreements, particularly for commercial real estate and family farms and ranches (Willamette Farms), with special emphasis on authority and limitations on manager, transfer restrictions, including first rights of refusal, mandatory distributions, Member advances and loans, compliance with Section 704(b) “substantial economic effect” and other partnership tax provisions, and compliance with IRS requirements to qualify as a family limited partnership or LLC.
  • Office Leasing: Typically gross or “full service” with a pass-through of increases in taxes insurance, and CAM charges over a base year; representing landlords and tenants, with emphasis on rent escalation provisions, “grossing up,” expansion and extension options, use clauses and exclusives, clearly defining reimbursable CAM charges, and work letters.
  • Cell Towers and Roof Antennae: Negotiation and redrafting of easements, licenses and leases representing the land or building owner (more than 15 sites) vis-à-vis a telecommunications provider, with emphasis on imposing performance standards on the provider, subordinating to new financing of owner, avoiding automatic renewals, and receiving a competitive lease payment.
  • Historic Property Redevelopment: Applications to Oregon SHPO and National Park Service regarding National Register nomination, qualification for Oregon’s 10-year historic property tax assessment freeze (ORS 358.475 et seq.), the 20 percent Federal Rehabilitation Historic Tax Credit (IRC Section 47 and Regulations 26CFR 2.48-12), and/or façade donations (see Simmons v IRS, T.C. Memo 2009-208 (Sept. 15, 2009)) for more than 10 historic renovation projects, e.g., Rose City Electric Garage, etc.
  • Easements: Drafting, interpretation and litigation assistance over easements benefitting or burdening homeowners, commercial and agricultural property owners (whether owning a servient or dominant parcel), including prescriptive easements, gated easements and allegations of abandonment.
  • 1031 Exchanges: Assisting client’s accountants and exchange accommodator in structuring tax deferred Sec. 1031 exchange transactions, including forward, reverse, construction and TIC (Tenancy in Common) exchanges. Special emphasis on complying with Rev. Proc. 2002-22 guidelines for TIC Agreements while also complying with lender’s requirements, e.g., Freddie Mac for same.

Publications

  • “Coding for Quakes,” Portland Mercury, Quoted (October 16, 2013)
  • “Resilient Masonry Buildings — Saving Lives, Livelihoods and the Livability of Oregon’s Historic Downtowns,” Special Report, Historic Preservation League of Oregon, Contributing Author (October 25, 2012)
  • “Northwest Buildings Vulnerable to Quakes,” Portland Business Journal (May 27, 2011)
  • “Portland’s Unreinforced Masonry Buildings, A Threatened Species?”, PSU Center for Real Estate Quarterly (Summer 2010)

Speaking Engagements

  • “No Country for Old Buildings,” Oregon Yale Alumni Association luncheon (December 4, 2013)
  • “Real Estate and Land Use: Seismic Issues and Master Planning,” Oregon State Bar’s RELU Summer Conference (August 10, 2013)
  • “No Country for Old Buildings,” Oregon State Bar’s RELU Section Annual Summer Conference (August 9, 2013)
  • “Avoiding Deal Killers in Real Estate Transactions,” CLE webinar, Strafford Webinars (July 17, 2013)
  • “Dodging Deal Killers (Overcoming Common Obstacles to Getting Deals Done),” Ticor Title Seminar (June 14, 2013)
  • “Dodging Deal Killers (Overcoming Common Obstacles to Getting Deals Done),” Certified Commercial Investment Member Group Luncheon (April 3, 2013)
  • “Oregon’s Historic Masonry Buildings:  Resilience, Access and Economics,” 2012 Historic Preservation League of Oregon Roundtable Series (May 11, 2012)
  • “No Country for Old Buildings,” Ticor Title Seminar (October 14, 2011)
  • “No Country for Old Buildings,” Oregon RELU Lunch Talk (November 2010)

Awards and Honors

  • Peer Review Rated “AV” in Martindale-Hubbell

Professional and Community Activities

  • Member, Oregon Seismic Safety Policy Advisory Commission (2013-present)
  • Member, Oregon State Bar, Real Estate and Land Use Section
  • Member, Multnomah Bar Association
  • Member, Capital Campaign Committee, Catlin Gabel School (2010-2012)
  • Past Co-chair, Trust for Public Land, Oregon Advisory Council (2006-2009)
  • Member, Oregon Mortgage Bankers Association, Commercial Lending Committee (1996-2000)
  • Adjunct Professor, Northwestern School of Law, Securities Law (1986-1987)
  • Past President, Oregon Environmental Council
  • Co-founder and First President, Cascade Run Off (15 km running race)