Steven M. Regan
Steve is a member of Frost Brown Todd’s Finance and Real Estate practice groups. He has extensive experience in structuring, negotiating and closing all manner of real estate, corporate and finance transactions. Steve embraces the unique challenges each transaction presents and is not satisfied until the client’s objectives are met in an efficient and cost-effective manner.
Steve advises businesses, developers, real estate investors and lenders in connection with a wide variety of finance, development, acquisition, disposition, leasing and general business transactions. He advises a real estate developer in connection with the acquisition and development of multi-family and mixed-use projects throughout the City of Pittsburgh. His development work includes site acquisition, purchase money and construction financing, forming single purpose asset entities, and obtaining zoning, planning, land development and other entitlements.
Steve successfully represented his client, Hammock Beach Partners, LLC, in connection with tentative approval of a planned residential development in suburban Pittsburgh which included forming the homeowner’s association, preparing the homeowner’s association declaration and bylaws and representing the development at municipal environmental advisory commission, planning commission and borough council meetings.
Steve’s business and corporate practice includes advising clients regarding choice of entity and state of formation, forming limited liability companies and limited partnerships, the purchase and sale of entity shares and assets, and advising business clients in connection with various finance and other transactions.
Steve also advises real estate investors in connection with the structure and formation of real estate investment vehicles including preparing and negotiating joint venture limited liability company or limited partnership agreements, the purchase and sale of partnership and limited liability company interests and assets, and the acquisition and financing of investment real estate.
Steve works extensively with lender clients in connection with all asset and asset-based loans, real estate acquisition, development and construction loans, refinances, syndications, participations, loan modifications and loan workouts and restructures, including forbearance agreements.
Steve is a licensed Pennsylvania title insurance agent and is the responsible agent in the state for Multi-State Title Agency LLC, Frost Brown Todd’s title insurance agency.
Recent representative transactions include:
- Documented, negotiated and closed a $150 million warehouse line of credit used to originate multi-family acquisition loans.
- Represented a lender in connection with a $6,500,000 revolving line of credit secured by the borrower’s accounts, inventory and other assets, and a $3,200,000 term loan secured by the borrower’s real estate in Pittsburgh, PA and Avoyelles Parish, Louisiana.
- In less than two weeks, negotiated and closed a $1,900,000 real estate term loan for a lender client that refinanced out a lender that had commenced foreclosure proceedings.
- Represented a lender in connection with a $1,200,000 working capital revolving line credit and a $2,100,000 term loan to two related borrowers.
- Acted as local counsel for Borrower in connection with a $180,500,000 finance transaction which included issuing legal opinion covering eight states and over fifty properties, advising as to mortgage tax matters, and review of mortgages and deeds of trust.
Zoning, Planning and Land Development
- Represented Hammock Beach Partners, LLC in connection with obtaining tentative approval of a planned residential development in Fox Chapel, PA.
Successfully argued and obtained a special exception from the City of Pittsburgh Zoning Board of Adjustment to change the use of a property from one non-conforming use to another non-conforming use as well as variances required to accommodate the client’s proposed convenience store and gas station.
- Advised developer client in connection with obtaining amendments to the South Side Works preliminary land development plan to tailor zoning and land development requirements for the client’s proposed apartment project to the South Side Works preliminary land development plan.
- Advising developer client in connection with rezoning of a parcel of land, consolidation of eight parcels and zoning, planning and land development approvals for a mixed use planned unit development in the City of Pittsburgh.
Real Estate Development and Investments
- Acting as Pennsylvania counsel to on-line retailer in connection with ground leasing and development of a 1,000,000 square foot warehouse and fulfillment center in the City of Philadelphia.
- Advised a real estate investment client as to fund structuring, choice of entity and entity formation, preparation of the limited liability company agreements for investor and managing members, subscription agreement, and an asset management agreement. Represented the same client in connection with all aspects of its first real estate asset acquisition.
- Advise a real estate investment client in connection with the acquisition, financing and leasing of office, multi-family and other asset classes.
- Acted as Pennsylvania local counsel to a communications company acquiring the stock of a competitor which included preparing bylaws for the Pennsylvania acquired entities and issuing joinder opinions for the acquiring company’s existing credit and corporate bond indenture facilities.
- Represented the purchaser of the limited liability company interests of a real estate company.
- Advised a limited partner in a limited liability limited partnership in connection with the purchase of the partnership interests of another limited partner.
In addition to his work representing clients, Steve frequently lectures on various matters including commercial leasing, title insurance, commercial real estate finance, and banking regulation.
Memberships & Affiliations
- Allegheny County Bar Association
- Pennsylvania Bar Association
- Financial Industry Network, Board of Directors
- National Association of Industrial and Office Properties
- Association for Corporate Growth
- Pennsylvania Land Title Association, Education Committee
- Bethel Park Zoning Hearing Board
- Pennsylvania Association of Notaries