About Timothy J. Patenode

Lenders, investors and developers from around the country have found a trusted advisor and advocate in Timothy Patenode. In and out of court, he helps clients resolve the full range of problems that can arise from owning, developing, leasing, financing and selling real estate.

The experience to avoid unnecessary battles . . . and to win when necessary

His experience with all types of real estate disputes, in the best and worst of business cycles, allows Tim to spot and resolve issues with great efficiency and to position clients for maximum strength in litigation, while setting the stage for negotiated resolution. He speaks the language of the real estate industry, understands business priorities, and effectively translates those concerns to judges, arbitrators and mediators.

Tim has advised major REITs, regional and national banks and financial institutions, insurance companies and developers. His experience spans condo developments in Chicago's Gold Coast to golf courses on Florida's Gulf Coast to land development in Arizona.

During the Great Recession, he advised on and prosecuted foreclosures and debt recovery claims collectively worth billions and involving some of the most complex issues in real estate and finance. While Tim takes the current economic climate into account in all of his matters, that experience continues to benefit his clients today.

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Practice Focus

  • Debt and collateral recovery for lenders
  • Defense and avoidance of lender liability
  • Payment, defect and delay disputes in construction
  • Control, distribution and fiduciary duty disputes in LLCs and partnerships
  • High level purchase, title, entitlement and nuisance disputes

Representative Experience

  • Represent owner-landlord of major downtown Detroit parking garage in right of first refusal and breach of lease claims against tenant.
  • Represent major golf course lender in foreclosure of two prominent Columbus, Ohio courses and in defense of lender liability counterclaims.
  • Represent lender in related actions to foreclose Florida condominium project and terminate note purchase agreement.
  • Represent lender in five cases pending in federal district courts in Manhattan and Arizona and state courts in Arizona and Texas. Litigations arose out of a failed resort/residential development in the Phoenix area and involve loan default, conditions precedent to draw requests, fraud, fraudulent transfers, violation of transfer prohibitions and unjust enrichment.
  • Represent lender/purchaser of Chicago suburban commercial property regarding foreclosure and counterclaim for alleged breach of contract and negligent misrepresentation.
  • Represent unit owners in foreclosure of $34 million of general contractor mechanic's lien claims and $12 million of associated subcontractor mechanic's lien claims involving luxury condominium project in Chicago's Gold Coast neighborhood, together with associated construction and constructive trust claims.
  • Represent owner of 400 acres of undeveloped lakefront land in western Michigan in constitutional claims against the local township arising out of down-zoning of the property. Provided counsel on earlier state court matters for partition and declaration of access easement.
  • Represent developer of a luxury condominium project in Gold Coast neighborhood of Chicago regarding alleged defects in construction of plumbing system, involving statute of limitation, exculpatory clause defenses, and related indemnity and construction claims against architects, engineers, contractors and the predecessor developer.
  • Defend mezzanine lender that took over the operation of a luxury golf course on Florida’s Gulf Coast against fraud, negligent misrepresentation and breach of contract claims by club members arising from the course’s closure.
  • Represent purchaser of $70 million junior mezzanine loan in collection on guarantees and membership pledges.
  • Represent investors in limited liability company in breach of fiduciary duty and fraud claims against managing member arising out of diversion of company assets.
  • Represent optionee on action to exercise the option to purchase Chicago commercial property and related tortious interference claims.

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Practices
Industries
Education
  • Northwestern University School of Law, JD
  • Northwestern University, BA
Bar Admissions
  • Illinois
Recognitions
Recognized or listed in the following:
  • Best Lawyers in America
    Litigation - Real Estate, 2023
  • Leading Lawyers Network
    Top 250 Leading Business Lawyers in Illinois, 2014
  • Super Lawyers
    Illinois, 2007, 2009–2022
Award Methodologies