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