McOmber, R. Armen

Walter McKay practices primarily in the Real Estate, Lending and Commercial Practice Group at Balch, which is a part of the firm's Financial Industries Section. Walter's practice focuses on various aspects of commercial real estate development, including the representation of developers, lenders and other parties in connection with the acquisition, development, rehabilitation, leasing and refinancing of commercial properties. In connection with this work, Walter represents developers in connection with the acquisition and development of various types of properties, including single and multifamily residential developments, shopping centers, industrial facilities and residential condominium projects (including those involving the conversion of existing residential apartment complexes to condominiums). Walter also assists real estate owners with implementing certain tax strategies designed to minimize the amount of taxable income to be recognized over time as a result of their development activities. Walter has also represented various lenders in connection with acquisition, construction and "mini-perm" financing of different types of commercial properties, including transactions which involve the issuance of bank letters of credit as credit enhancement for tax exempt bond financing.

A portion of Walter's practice focuses on affordable housing transactions, which includes assisting developers in connection with the acquisition of affordable multifamily housing properties in various southeastern and sunbelt states. In connection with this practice, Walter's work focuses on the acquisition and rehabilitation of existing apartments and new construction of apartment complexes and revitalization projects financed with fixed and variable rate private activity bonds (which are typically credit enhanced by Fannie Mae, Freddie Mae or with Ginnie Mae securities), private loans (including those under the DUS "forward commitment" Fannie Mae/Freddie Mac loan program and FHA insured financing under 221(d)(4) and 223(f) of the National Housing Act, as administered by HUD under the Multifamily Accelerated Processing Program) debt assumptions (including IRP decouplings under the National Housing Act), Low Income Housing Tax Credits (both 4% and 9% credits issued by various state housing agencies), and other equity participations. He is often involved with deals structured with multiple layers of funding, including subordinate debt from a variety of sources, such as private lenders, HOME and Community Development Block Grants, and local housing trust funds.

Walter is also experienced in the issuance of title insurance commitments and policies, as well as a variety of title endorsements, on behalf of real estate owners and lenders, and this work involves the review of title abstracts, title reports and existing title policies, as well as various types of surveys and plats and a variety of restrictions, easements, liens, mortgages and other related title documentation.

Walter also advises clients in connection with tax-deferred property exchanges under Section 1031 of the Internal Revenue Code, including deferred exchanges involving Qualified Intermediaries, as well as reverse and "build to suit" exchanges involving Exchange Accommodation Titleholders. Walter also has experience with exchanges resulting from condemnation activity, as provided under Section 1033 of the Internal Revenue Code. Walter also works with clients in connection with their potential state income tax withholding obligations with respect to the disposition of property under recently enacted Alabama law, as codified in Section 40-18-86, Code of Alabama 1975.

Walter also advises clients in connection with litigation matters which focus on real property related issues, including the establishment of lien rights and priority among parties with various competing property interests, including those of contractors, lenders and other third parties. Walter also has experience in the preparation of documentation for review by various lenders relating to the modification of existing commercial loans, including forbearance arrangements, as well as advising lenders with respect to particular title issues which may exist with respect to certain types of collateral, including condominium and planned residential communities. In connection with this work, Walter also assists lenders with respect to the foreclosure of commercial property, and the preparation of mediation position statements in connection with lender liability and other litigation arising from commercial loan defaults.

Outside of the office, Walter is married to April and they are the proud parents of a son, Will, who constantly keeps them in search of the secret to perfect parenting (they have the diaper changing part down pretty well now). They live in Montgomery's Garden District with two dogs: Sonny (a Pug) and Maggie (an Irish Setter). Walter enjoys reading, golf, tennis, hunting and sporting clays in his spare time and is an avid follower of Auburn athletics.