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Appraisals in Commercial Real Estate Finance and Development

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Appraisals are part and parcel of every major realistic transaction. Lenders will not loan without an appraisal. Loan-to-value ratios are measured against the appraisal. Investors will not invest without an appraisal.

Appraisals are not set-piece documents, however; they involve a multiplicity of valuation metrics and different appraisers looking at the same property can and do generate widely varying valuations. Because of their centrality to real estate transactions, understanding their structure and content is essential.

This program provides a real-world guide to how appraisals are prepared and used in commercial real estate, their traps, and how they are incorporated into transactional documents.

  • Use of appraisals in obtaining funding for development projects and acquisitions
  • Ensuring appraisals are prepared according to standards – and fraud risks if they are not
  • Integrating appraisals in underlying operative documents
  • What lawyers should look for in appraisals provided to clients – and how to spot red flags


  • Anthony Licata

    Anthony Licata is a partner in the Chicago office of Taft Stettinius & Hollister LLP, where he formerly chaired the firm's real estate practice. He has an extensive practice focusing on major commercial real estate transactions, including finance, development, leasing, and land use. He formerly served as an adjunct professor at the Kellogg Graduate School of Management at Northwestern University and at the Illinois Institute of Technology. Mr. Licata received his B.S., summa cum laude, from MacMurray College and his J.D., cum laude, from Harvard Law School.

    Click here for more information about Anthony.

April 5, 2023
Wed 1:00 PM EDT

Duration 1H 0M

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