Represented a borrower in a $230 million commercial mortgage-backed securities loan secured by a regional shopping mall.
Represented a major international bank, as agent for a syndicate of lenders, in connection with the conversion of a construction loan in the approximate principal amount of $150 million into a loan secured by the unsold shares in a newly-constructed leasehold cooperative apartment building in New York City.
Represented Liberty Property Trust in the development, leasing and debt/equity financing of the $500,000,000 Comcast Center office tower in Philadelphia.
Represented a major international bank in connection with the increase and modification of a construction loan. The aggregate loan proceeds, in excess of $80 million, were funded for the renovation of an existing midtown (New York City) south residential building and its conversion to operation as a hotel.
Represented a major international bank and a German bank, as lead lenders in connection with a syndicated acquisition and development loan in excess of $400 million.
Represented a major international bank as a lead lender for a syndicate of lenders in connection with a construction loan of approximately $168 million to be advanced for the renovation, repositioning and reconstruction of an existing retail center located in Hampton, Virginia.
Represented a major international bank and a syndicate of lenders in a loan of approximately $318 million for the construction of a resort hotel and spa outside San Antonio, Texas.
Represented a major international bank as a lead lender for a syndicate of lenders in connection with a $103 million construction loan to be advanced in connection with the construction of an eleven-story office building of approximately 321,000 square feet located in Washington, D.C.
Sourced, structured and closed $85,000,000 debt financing and $132,000,000 recapitalization with $45,000,000 equity infusion for 6 asset, 1650 unit multifamily apartment portfolio. Responsible for identification and selection of debt and equity providers and all aspects of the transactions from term sheets through closing.
Represented the borrower in the construction loan financing for development of retail shopping center known as Oxford Commons, located in Oxford, PA.
Sourced, structured and closed $50,000,000 and $75,000,000 joint venture equity programs for investment in multifamily properties with New York investment bank and government sponsored agency and national insurance company; established an additional $80,000,000 of joint venture equity relationships with opportunity funds and fund managers for investment in multifamily properties.
Sourced, evaluated and structured off market acquisition of $50,000,000, 4 asset, 550 unit multifamily portfolio. Responsible for identification of assets, presentation to and approval by joint venture equity partner, assumption of asset based debt financing and all aspects of due diligence and closing of the transaction.
Structured and negotiated acquisition and equity and debt financing of a $20,000,000, 1,800,000 square foot, industrial and office facility, Tinicum Township, Pennsylvania. Responsible for evaluation and underwriting of transaction, due diligence and closing processes, negotiation and documentation of acquisition, joint venture equity and debt financing transactions and management arrangements.
Represented a joint venture owning a super regional shopping center in one of the largest commercial mortgage-backed securities (CMBS) loans closed in 2010.
Represented a nationally known private equity fund in the overhaul of a distressed portfolio of national real estate assets involving the restructuring of several hundred million dollars of senior debt and recourse guaranties, and extensive modification of the internal equity structure of scores ownership entities.
Represented a private equity fund in acquiring a loan secured by a failed residential high-rise condominium development in the Southeast United States.
Represented a private equity fund in acquiring a distressed loan secured by a major office building in the Southeast United States and a contemporaneous deed in lieu transaction.
Represented the buyer of a loan secured by a failed residential condominium development in the Philadelphia, Pennsylvania area.
Represented a lender making a loan in connection with a major mixed use development in the Cleveland, Ohio area.
Represented the developer of a New York residential condominium development in connection with a work/out restructuring of three loans.
Represented private equity client in connection with a $15 million loan secured by (I) multiple real estate parcels, (II) pledge of membership interests, (III) pledge of cash collateral account held by third party, and (IV) a personal guaranty. Proceeds of this loan were utilized, together with proceeds of other private/institutional lenders and bond offerings to develop a multi-use project in Cleveland, OH.
Represented a large Connecticut-based developer in the sale of federal historic tax credits and the related construction loan refinancing to convert an abandoned warehouse into a 235-unit residential apartment building. We also handled the later $30 million refinancing of the project with Freddie Mac as part of its capital markets execution program for large multifamily loans.
Represented a borrower in structuring a deed in lieu transaction (in the context of a confirmed bankruptcy plan) to facilitate a §1031 deferred exchange.
Negotiated and documented a workout in which the borrower provided additional collateral consisting of a 50 percent interest in a shopping mall and then acquiring such interest in a subsequent workout.
Represented a major financial institution in restructuring numerous real estate joint ventures involving in excess of $400 million in the aggregate.
Represented an institutional investor in the restructuring of significant portions of a multibillion dollar real estate portfolio.
Represented FNMA DUS lender in connection with the origination of commercial mortgage loans secured by multi-family properties throughout the country.
Represented a real estate investment trust in connection with the acquisition of whole loans, participations, A/B notes and mezzanine interests and has experience in negotiating both intercreditor and participation agreements.
Represented a large Philadelphia-based developer in the restructuring of a joint venture agreement for an existing multifamily apartment project located in Baltimore, which included the contribution of $9 million of additional equity by a new preferred equity investor.
Represented a national developer in the work-out of a defaulted $35 million construction loan with respect to a failed Florida condominium project and the negotiation of a related partnership restructuring with the developer's joint venture partner.
Represented a large private equity fund in obtaining permanent financing for a North Carolina-based joint venture in order to refinance approximately $30 million of preferred equity.
Represented a real estate investment management firm in its investment in and financing of the majority interest in a $2.5 billion joint venture formed to develop or redevelop a portfolio of 93 assets on 42 development sites located throughout the greater Washington, D.C., metro area, as office, retail, hotel and multifamily residential.
Represented a private equity fund in its acquisition, in joint venture with affiliates of Carey Watermark and Marcus Hotels and Resorts, of the 372 room Atlanta Westin Perimeter Hotel. In less than 30 days the team and our co-counsel negotiated and concluded the acquisition, joint venture, hotel management and franchise and loan documentation. Total acquisition and property committed property improvement costs were $57 million.