BIG DEALS

Robins Appleby LLP Completes Cloud 9 and Wallace Walk Condominium Financings

RBC recently completed two major condominium financings with the assistance of the Real Estate Group at Robins Appleby LLP. The Wallace Walk loan was a $45 Million facility handled by Real Estate Group leader Leor Margulies and senior law clerk, Audrey Weaver. The $40 Million financing for the Cloud 9 project was led by John Fox, a partner in our Real Estate Group and senior law clerk, Cindy Applegath.

Cloud 9 is expected to be a 12-story mid-rise project with approximately 260 residential units in north Etobicoke. Wallace Walk will comprise nine – three and a half storey residential buildings in the Dundas and Lansdowne Avenue area containing 167 stacked townhouses. Both projects are good examples of the types of affordable housing that developers in Toronto are bringing to the market.

Our Real Estate group is proud to have assisted RBC in completing both of these financings. Sean McIlveen, the Senior RBC Account Manager handling the Cloud 9 account, is quoted as saying "you guys were superb through this whole process. I can't say enough about the professionalism and tenacity you both exhibited."

LAWYERS WRITING/PUBLISHED

Section 56.4 of the Income Tax Act: New Rules Relating to Restrictive Covenants
by David Segal, Student-at-Law

The recent enactment of Section 56.4 of the Income Tax Act (Canada) (the “Act”), has important tax implications for people who receive payments for restrictive covenants like those under a non-competition or non-solicitation agreement.

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Representations v. Warranties - Are they Different? Do You Know the Difference?
by Darrell Gold

Almost every agreement, including many leases, contains clauses that purport to be representations and/or warranties. In many cases the parties may not understand the differences between them, including the rights and remedies that flow from a breach of either one.

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2014 Federal Budget Update: Gifts by Will
by Arin Klug

The Conservative government's 2014 Federal Budget was presented on February 11, 2014 and contains several proposals that will affect many of the strategies that tax and estate planning practitioners currently use to structure their clients' affairs. While some of the proposals will restrict or eliminate some of the tax and estate planning tools that are currently available to professional advisors, others will provide new planning opportunities.

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David Shlagbaum interviewed by Advisor's Edge Report

David Shlagbaum was part of a panel of three experts, including Stan Tepner (VP, CIBC Wood Gundy) and Malcolm Burrows (Head, Philanthropic services, Scotiabank), interviewed for the lead article in the January, 2014 edition of Advisor's Edge Report, on the matter of Morris Lewis: a case study on succession and estate planning.

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LAWYERS SPEAKING ENGAGEMENTS

John Fox and Leor Margulies

April 9 – Partnering with the Private Sector – Northern Ontario Service Deliverers Association, Sault Ste Marie

John Fox a partner in our Real Estate Group spoke to housing officials from across Northern Ontario, from Timmins to Rainy River, about the pros and cons of working with the private sector to renew housing stock and build additional housing. Northern Ontario housing providers face the same challenges as the rest of Ontario as federal housing subsidies dwindle, but have the added challenge of operating in an environment with limited access to trades and certain kinds of materials. We were delighted to play a role in helping providers find new ways to address those needs.

May 13 – Land Development Conference in Toronto

Transaction Activity In The GTA Land Market: What Bellwether Deals Have Been Done?

Looking through the lens of the transaction they have been involved in, John Fox, a partner in our Real Estate Group, moderated a panel of industry experts as they laid out the trends they are seeing in the industry and how it will impact urban development. The impact of the zoning process on transactions, the impact of transit, and good old fashioned prognostication were all discussed. The Group foresees continued activity in the core of Toronto. but sound the alarm for Vendors, warning that the days of overpricing a property and still attracting a good response, are over.

What is actually happening in the Condominium Market in GTA

Leor Margulies, a partner in our Real Estate Group, moderated a lively panel, including Jeanhy Shim of Housing Lab Toronto, Peter Freed of Freed Developments, Shaun Hillebrand of Urbanation and Mark Reeve of Urban Capital. Topics ranged from the investor market, new ownership vehicles, the legacy of small units and a host of other interesting topics. The panelists agreed that the one thing that keeps them up at night, other than young children in Peter Freed's case, is development charges. No surprise there!

LAWYER EVENT

Robins Appleby LLP 8th Annual Purim Holiday Lunch and Learn is a HUGE success!

On March 14, 2014, Darrell M. Gold a partner in our Real Estate Group hosted the "8th Annual Robins Appleby LLP Purim Lunch and Learn". With over 60 business people attending, it was by far the highest turn-out for the event! Guests were treated to a presentation by Rabbi Ahron Hoch of the Village Shul and Aish HaTorah Learning Centre, a delicious lunch courtesy of Hartmans Fine Kosher Food and our famous "Single-Malt Scotch" draw along with new draws for Purim Gift Baskets and a Hartmans gift certificate. Most importantly, in the spirit of Purim, guests made donations to the Chabad Lubavitch Yeshiva of Toronto. The Purim holiday commemorates the deliverance of the Jewish people in Persia (now Iran) 2300 years ago from a death decree orchestrated by "Haman", the royal advisor to the Persian King, Xerxes I.

SPECIAL FEATURE

Interview with Gerry Taub

How long have you been with Robins Appleby LLP?

I started out at Robins & Partners on February 1st, 1980, which changed its name from time to time (one and the longest in use was Robins, Appleby & Taub) from which Robins Appleby LLP evolved.

How is the Real Estate practice different now from when you first started?

There is no comparison. When I started you began your career from the "bottom", in the Registry Office, searching titles and closing deals face to face. The use of precedents was not in vogue to the same degree as it is now. Technology was just starting with the Xerox manual feed. Dictating was by shorthand and dictating equipment was reel to reel. Faxes had not been created. Deliveries were by taxi, mail or courier. Today the pace is "instant". Documents are created in a fraction of the time that they were back then. Billings were not on an hourly basis but what would the market bear. When billing, if the client took a hit, you cut your fee but made it up when the client made a "score". The relationship between the lawyer and client was more personal. The "assistants" were secretaries many of whom, like today, knew more about completing a deal than the lawyers and were greatly relied upon.

What characteristic do you think a person needs to be a successful Real Estate Lawyer?

They must have a basic grounding in the fundamentals of contract law and property law from "Berashis". You cannot go from law school to lawyering. Also they must develop a credible relationship with the other sides lawyer. It makes life easier.

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The comments contained in this article provide general information only and should not be relied upon as legal advice. Further particulars on the matters summarized in this report, their implications and suggested courses of action, can be obtained from Robins Appleby LLP using the contact information provided herein. This e-mail is being sent to you as a contact of our Firm.

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