Walter Henry Clay McKay

A large share of my legal practice involves the representation of clients, primarily developers, mortgage lenders, and equity investors, in connection with market rate and affordable multifamily housing transactions. In connection with my affordable housing practice, I advise clients in connection with transactions involving various forms of federal/state tax credits, primarily low income housing tax credits (either four percent or nine percent), together with mortgage financing through community bank lenders and non-recourse programs sponsored by the Federal Housing Administration (FHA) (primarily under 221(d)(4), 223(f) and 223(a)(7) of the National Housing Act), Freddie Mac, and Fannie Mae. 

A portion of my practice also focuses on local counsel related work, which involves representing primarily out of state clients in connection with the acquisition, disposition, and refinancing of commercial property located in Alabama. My work in this area primarily focuses on the drafting of legal opinions regarding the enforceability of documents governed by Alabama law, together with providing advice regarding transfer tax burdens, qualification of foreign entities, state income tax withholding obligations, and other Alabama specific matters.

My real estate practice involves work on a broad array of matters depending on the transaction party that I'm representing in a particular deal. One component to my practice involves the drafting and negotiation of letters of intent and purchase and sale agreements for the acquisition and disposition of real property and improvements. When working for the prospective purchaser of an asset, my work tends to be more involved as the deal progresses, given that most of my clients require assistance in connection with title and survey matters, together with land use issues and the negotiation of utility and other easements. When working on the purchasing end of a transaction, I'm also typically involved in the negotiation of documentation in connection with equity and mortgaging financing required to close the transaction.

The most exciting aspect of my legal practice involves interacting with a variety of individuals, both attorneys and client and non-client business contacts, all across the country in connection with real estate transactions. For the most part, my practice involves various transaction parties working toward a common goal, which is much different than litigation and other types of legal practice. At the end of a deal, the tendency in my practice area is for the transaction parties to walk away with something that they've negotiated to obtain, often with months or even years of work involved, and there's a lot of satisfaction with obtaining a good end result for clients that I represent.

Commercial real estate has seen very challenging times during the so called "great recession," which the country has endured since 2008. Fortunately, my primary practice area has been somewhat isolated from the current economic conditions, given that the national appetite for multifamily apartment housing has increased dramatically since 2008, in part due to increased underwriting restrictions on single family mortgage lending. While there were some hiccups in connection with the availability of tax credit equity at the start of the economic crisis, tax credit end users continue to have an appetite for the credits, and my affordable housing clients continue to pursue new deals. In short, I think the horizon for multifamily development is strong in the coming years, and most other real estate sectors should continue to pick up as the country climbs out of the current economic situation.