Secured Lending

  • Represented institutional lenders with origination of $260 Million construction facility secured by a 500,000 square retail center located in New York City.  Facility included $220 Million construction loan, $40 million direct-pay letter of credit issued as credit enhancement for tax exempt bonds issued by a local government authority, subordinate debt provided by multiple governmental agencies and New Markets Tax Credits.  Continuing project matters include construction loan advances, lease negotiations and substantial financing from the disposition of Brownfields Tax Credits.
  • Represented major commercial bank with originations of multiple Shari’ah-compliant term loans, including (i) a $425 Million term loan secured by 19 office buildings in 11 states; and (ii) a $61 Million term loan secured by a portfolio of eight office/industrial/warehouse buildings and contiguous land located in Florida.  Continuing project matters include negotiation of restructured loan terms, tenant leases, loan advances for tenant improvements and certain condemnation matters related to local government’s extension of adjacent roadways.
  • Represented major commercial lender with origination of a $48 Million construction loan to finance the development of 115 residential units, 9,100 square feet of retail space and 297 underground parking spaces in California.  The project failed due to market conditions and we worked with the client to (i) resolve mechanics liens and contract claims against the project, (ii) negotiate a settlement agreement for our client’s acquisition of the project and other loan collateral, (iii) negotiate with third parties to dispose of the project and (iv) prepare for potential litigation.
  • Represented institutional lender with the origination of a $45 Million acquisition and construction loan facility for the acquisition of a 262-unit, multi-family apartment complex located in Yonkers, New York and the subsequent renovation and conversion of the complex to condominiums.  Due to deteriorating market conditions, we worked with the parties to maintain the viability of the project and to negotiate the restructuring and extension of the loan facility as a hybrid of condominiums and refurbished apartments.
  • Represented local institutional investor with obtaining commercial mortgage loans, including (i) a $10,5000,000 loan secured by its 133,440 square foot shopping center located in Orlando, Florida; (ii) a $20,000,000 loan secured by its 367,823 square foot shopping center located in Chapel Hill, NC; and (iii) a $10,000,000 loan secured by its 379,772 square foot shopping center located in Monroe, NC.  On behalf of our client, we (a) negotiated its loan documents; (b) documented terms for future advances of loan proceeds to construct new tenant improvements; (c) drafted organizational documents and certifications; (d) issued legal opinions; (e) negotiated estoppel certificates and subordination agreements with tenants; and (f) coordinated property level due diligence.
  • Represented international lender with the origination of a $7.5 Million construction loan facility for the development of twenty-five upscale residential homes on raw land in upstate New York.  Due to market conditions, construction failed and the borrower stopped loan payments.  We assisted our client to (i) negotiate a transfer of the project and other loan collateral pursuant to a deed-in-lieu arrangement, (ii) market and sell the asset and (iii) settle all liens and claims

Acquisitions | Dispositions | Joint Ventures

  • Represented local government agency with negotiations of a ground lease, development agreement and reciprocal easement agreement with a commercial developer for the construction and operation of a 1,000,000 square foot mixed-use transit oriented development on the client’s land, including office buildings, multi-family residential units, retail stores, a hotel and parking structures to complement a future metrorail station to be located on an adjacent parcel.
  • Represented private Chinese real estate investor and Chinese sovereign fund in $120 Million equity investment to finance the initial phase of a $1 Billion mixed-use development in Washington, D.C.  Assisted the client with the negotiation of a purchase and sale agreement, collateral assignments of contracts and permits and easement documentation. Coordinated due diligence review including title, survey, construction contracts, construction warranties and leases.
  • Represented a private trust in the acquisition of and related deed-in-lieu transaction of a mortgage loan and mezzanine loan in the aggregate amount of $102 Million secured by an office building in Chicago, Illinois.  We worked with the client post-acquisition to negotiate management, listing and leasing agreements for the operation of the asset.
  • Represented a Florida government agency with its acquisition of portions of more than 180,000 acres of agricultural land in Florida.  Originally structured as a $1.34 Billion transaction with a seven-year leaseback and subsequently restructured as a $500 Million deal.  The land purchase was the largest public land acquisition in Florida’s history and the single most important action to protect the Everglades since the designation of Everglades National Park 60 years ago.
  • Represented a large commercial real estate investor with the formation of a joint venture and subsequent purchase of a multi-family apartment building in Washington, D.C.  On behalf of our client, we (i) coordinated the due diligence efforts on the subject asset, including review of environmental and engineering reports, title, survey, leases and zoning matters; and (ii) negotiated the joint venture agreement, the conveyance documents and the management and leasing agreements.
  • Represented a large commercial real estate investor with its due diligence efforts and foreclosure purchase of 7.85 net usable acres of land (including four additional acres subject to reciprocal easement agreements) located in Illinois and improved by a 85,000 square foot retail strip center and 456 parking spaces.  Post-acquisition, we assisted our client with (i) its operation of the asset by negotiating tenant leases and asset management, property management and listing agreements; and (ii) securing future investors for the project by creating an investment venture and drafting related subscription materials.
  • Represented overseas private investor in dispute with partners in venture formed to develop a multi-phased retail center in Las Vegas, NV.
  • Represented a private Korean investor in the acquisition of Hanbo Steel Corporation involving over $500 Million in equity and debt acquisition and working capital financing.

Restructurings

  • Represented large commercial real estate developer in Louisiana in the re-structuring of its $170 Million construction facility, which was advanced for our client’s construction of a mixed-use project on 23 acres of land and containing approximately 317 rental apartments, 373,018 square feet of retail space, and 137,666 square feet of office space, parking and other improvements.
  • Represented Washington, D.C. area major development company in the restructuring of its shopping center portfolio.  Also advised client on potential loan work-outs on multiple loans with an aggregate debt amount of approximately $260 million.  The engagement included providing strategic counseling about various workout and restructuring scenarios relating to over $250 Million of project level and corporate debt.
  • Represented local institutional investor with the restructuring of a $36,000,000 commercial mortgage loan secured by two shopping centers in North Carolina.  On behalf of our client, we (i) negotiated a discounted payoff and settlement agreement; (ii) documented a short extension of the maturity date and a division of the single loan into two distinct loans, each secured by one shopping center; (iii) assisted with the disposition of one shopping center and the refinancing of the other; (iv) drafted organizational documents and certifications; (v) issued legal opinions; (vi) negotiated estoppel certificates and subordination agreements with tenants; and (vii) coordinated property level due diligence.