Service Areas
Education
- University of Michigan Law School, J.D.
- University of Michigan, A.B.
Bar Admissions
- Michigan
When it comes to commercial real estate, Stephen G. Palms is a seasoned professional across the board. He represents developers, lenders, borrowers, governmental entities, landlords, tenants, contractors, sellers and purchasers in such areas as development, financing, construction, leasing, and sales and purchases of both improved and unimproved property. Over the years, Stephen has participated in transactions involving all types of real property, including office buildings, shopping centers, industrial and research parks, hotels, hospitals, schools, stadiums, single-family residential subdivisions, multi-family apartment projects and affordable housing projects.
“I help my clients accomplish their objectives in the most effective and efficient way possible. This means listening to them carefully, making sure that we have a clear path to follow, and then solving the problems that invariably come up along the way.”
Stephen G. Palms
Stephen’s case files are filled with other big-ticket successes, including a $300 million ballpark (see below), an $80 million shopping center, a $35 million residential housing community, and two urban office buildings worth $66 million, to name just a few. He also has represented owners and underwriters in issuing tax exempt bonds for affordable housing projects valued at $200 million.
Experience
Stephen was a member of the Miller Canfield team that represented the Detroit Tigers and the Ilitch organization in putting together an agreement with Detroit and Wayne County to make the land available for Comerica Park. They fashioned a creative arrangement that gave the Tigers the right to use the land for a long period of time but did not subject them to property taxes. They then persuaded a large lender, Sumitomo Bank, that this was sufficient to support a loan topping $145 million.
In another case, Stephen’s team helped the city of Taylor buy eight apartment properties that were not only in serious disrepair but also so crime-ridden that they accounted for 65 percent of the money the city spent on police, fire and emergency services. The Miller Canfield team helped the city obtain financing to acquire the apartments and reconfigure the neighborhoods by demolishing some of the buildings and rehabilitating others.
“We also convinced the U.S. Department of Housing and Urban Development (HUD) to convert its interest in the mortgages from debt to equity! The community and the residents are in much better shape today because of this project.”
Professional Activities
- American Bar Association
- State Bar of Michigan
- Detroit Metropolitan Bar Association
Honors + Awards
- University of Michigan Law School, magna cum laude; Associate Editor of the Michigan Law Review; Order of the Coif
- Best Lawyers in America, Real Estate Law 1983-present
- Who's Who in American Law
- Chambers USA: America's Leading Business Lawyers, Real Estate Law, 2007-2009
- Michigan Super Lawyers, Real Estate 2007-present
Civic, Cultural + Social Activities
- Artrain USA, Board of Directors; Secretary
- Boy Scouts of America, Washtenaw County Council
- Performance Network, Board of Directors, Executive Committee
- University Musical Society, Board of Directors
Teaching Experience
- Wayne State University Law School, Former Adjunct Professor
Speeches
Frequent lecturer on various real estate topics at seminars
Articles
- Purchasing Distressed Real Estate
- Go Green: Energy-Saving Technology and Practices Benefit Building Owners and Tenants Too