Represented Safehold, Inc., a publicly traded corporation that originates real property acquisition and ground lease transactions, in connection with construction financing for a modular student housing project located at 1598 University Avenue in Berkeley, CA. As lead transactional counsel for Safehold, the landlord/lender, Cozen O’Connor drafted and negotiated the purchase and sale agreement, ground lease, the development agreement, and related ancillary documents; construction loan documents; general contractor contract; and negotiated recognition agreements with the preferred equity investor. Further, given that the project involves modular construction, a large portion of the development costs is budgeted for modular student housing units that will be fabricated off-site. Accordingly, Cozen O’Connor negotiated the modular unit subcontract and drafted and negotiated bespoke security agreements. This matter required complicated maneuvering to ensure that each capital source fits within the overall transaction structure.

Representing Safehold, Inc., a publicly traded corporation that originates real property acquisition and ground lease transactions, in connection with a complicated and highly structured parcel assemblage, acquisition of parcels (from multiple third parties), and creation of a ground leasehold estate for The Hunter Apartments, a new, ground-up multifamily development in Colorado Springs, CO. The $89 million transaction required innovative structures to balance the ground lessee’s and leasehold lender’s different interests.

Represented a ground lessor in litigation over a complex rent reset involving multiple parcels of property, with separate owners beneath a single Manhattan skyscraper, where leasing in building could not support debt service and reset rent and the subtenant building manager ceased operations during the COVID-19 pandemic.

Represented industrial non-profit Greenpoint Manufacturing and Design Center in connection with the $118 million development of Bridge Rockaway, a unique, mixed-use affordable housing development in the Brownsville neighborhood of Brooklyn. The project utilized New Market Tax Credit financing, an Industrial Development PILOT program, Low Income Housing Tax Credit financing, state and federal grant funds and various bridge financing facilities, and involved the creation of a commercial condominium and ground lease. Combining 174 affordable apartments, 87 permanent supporting housing units for those formerly experiencing homelessness, 40,000 sq. ft. of light manufacturing space, and 11,000 sq. ft. of green space, this project is the first of its kind in the region.

Represented a joint venture between Gattuso Development Partners and an international investor in negotiating the development, with Drexel University, of a $450 million, 11-story, 500,000 sq. ft. life sciences/lab building on Drexel's campus, including ground lease negotiations with Drexel, joint venture negotiations with institutional investors, development and easement negotiations, and life sciences tenant leases. The project was named the 2022 Real Estate Deal of the Year by the Philadelphia Business Journal.

Represented a private equity group in the acquisition of a $39 million commercial office building in Salt Lake City, including the acquisition of separate ground lease and fee interests and merger of title at closing.

Represented an institutional health care provider in connection with the development ground sublease, ground lease, and land acquisition for the construction of a $70 million medical facility in Baltimore County, Md.

Represented a private real estate investment company in the $29 million sale of its ground leasehold interest in a large medical office building located in Rockville, Md.

Represented a real estate fund in the acquisition and financing of a ground lease for a major metropolitan office complex. The ground lease financing was comprised of a senior construction mortgage loan and mezzanine financing in the total amount of $255 million.