Beverly J. Quail

Real Estate, Real Estate Finance, REITs, Distressed Real Estate

Beverly J. Quail is a partner in the Real Estate Department, co-partner-in-charge of the Real Estate Finance Group, and a member of the REITs Group and the Distressed Real Estate Initiative. She concentrates her practice on all aspects of real estate matters, with an emphasis on financing and development.

Ms. Quail is a member of Ballard Spahr's Elected Board.

Representative Matters

Ms. Quail has a national practice representing major life insurance companies, pension advisers, and development companies in substantial real estate property transactions, including complicated lease financings, large development projects, multistate debt projects, and mezzanine loans. During her 35-plus years of practice, she has been through four recessions and has been involved in every possible form of defaulted real estate, ranging from foreclosing on an agribusiness and related stud bulls to foreclosing on shopping centers and office projects and negotiating workouts involving reduced monthly payments and equity kickers.

• Represented a lender, a large life insurance company, in the workout of loans secured by 10 buildings at Westmoor Technology Park, Jefferson County, Colorado; the original principal amount of the two cross-collateralized, cross-defaulted loans was $143.5 million; the lender purchased the property from the borrower, leased new space, and extended existing leases, then sold the property; the workout involved metropolitan district issues
• Represented a large life insurance company in the loan workout on Republic Plaza, the tallest office building in Denver, with 1.2 million square feet of office space; the original principal amount of the loan was around $200 million, and the workout involved an equity participation and negotiation with junior lienors
• Represented a lender in workout negotiations on a large industrial site in Denver that involves significant environmental and special district issues
  
• Represented a large state employees' retirement system on the financing (structuring and purchase of the B tranche) of the senior subordinated note on the Westin Hotel, Westminster, Colorado, and the Hyatt Regency Lake Las Vegas Resort Spa/Casino near Las Vegas, which is part of a large planned resort community comprising a 320-acre lake, a small casino, and an 18-hole designed golf course
• Represented a large life insurance company in the purchase and subsequent sale of a 10-building, 1.25 million-square-foot portion of the Westmoor Development in Westminster, a Denver suburb
• Represented the owner/developer of The Colorado Center, a large life insurance company, in the development and sale of a mixed-use project comprising more than 610,000 square feet in two office towers, a retail building, and two parking garages on a 14-acre site; represented client in the development, including architect and construction agreements; negotiation of conveyances to the City of Denver for streets and to a transportation district for light rail lines; leasing to multiple tenants; and sale of the property
• Represented a pension plan adviser in its leasing as landlord of six office buildings in the Denver metropolitan area, including the 276,000-square-foot lease to Intrado at the Boulder County Business Center
• Represented a large apartment REIT in the disposition of a $110 million multifamily portfolio comprising seven properties in Florida and one property in Alabama; matter involved the defeasance of tax-exempt bonds issued by the Florida Housing Finance Agency, the Escambia County Housing Finance Authority, the HFA of Broward County, and the Alabama Housing Finance Authority, respectively, and credit enhanced by Fannie Mae, as well as the defeasance of a mortgage on one of the properties
• Represented The Gates Rubber Company in the sale of its manufacturing plant located on approximately 50 acres of land in Denver; the transaction involved multiple parties, including the purchaser, the Colorado Department of Transportation, the Regional Transportation District, multiple tenants on the property, and the decommissioning of the power plant providing electricity to the manufacturing facility and the various tenants; it also involved significant environmental issues, and clean-up and indemnity agreements as well as environmental insurance policies were negotiated in connection with the sale
• Represented The Gates Rubber Company in the relocation of its world corporate headquarters to a new building where it leased approximately 286,000 square feet, in Denver; the transaction involved significant tenant build-out, parking issues, and special district issues
• Represented Townsend Capital, LLC, the developer and owner/lessor of the Lucent Highlands Ranch Campus, a 600,000-square-foot, three-building project in Douglas County, Colorado; the representation involved negotiations for the land purchase from Shea Properties, neighboring land restrictions, the build to suit lease and development agreement with Lucent, and the construction and architect’s agreements; Ms. Quail assisted in completing the financing for the transaction, which involved a syndication of approximately 20 U.S. lenders
• Represented a large state employees retirement system in a mezzanine loan to the ownership entity of The Peabody Orlando, an approximately 1,000-room hotel centrally located across from the Orange County Convention Center, Florida
  
• Represented the lender, a large life insurance company, in the negotiation of the contract and the sale of five portfolios of loans to one buyer for $468 million, which involved 23 loans secured by properties located in 12 states; the transaction closed in 10 days

Professional Activities

American Bar Association
Chair, Colorado State Membership; Delegate for State of Colorado (2002-present); Select Committee of the House of Delegates (2009-present); Standing Committee on Membership (1999-present); past member, Section Officer's Conference Executive Committee (1996-1998); past member, Standing Committee on Lawyers Title Guaranty Funds (1995-1996); past Chair (1999-2000), past Chair-Elect (1998-1999), past Vice Chair (1996-1998), past Secretary (1995-1996), past Councilperson (1990-1995), Real Property, Probate and Trust Law (now called Real Property, Trust and Estate Law) Section

American Bar Foundation, Fellow and Colorado State Chair-elect, 2011

Colorado Bar Association
Governing Board Member, Real Estate Council

Anglo-American Real Property Institute
Member and past Secretary

American Arbitration Association
Member, National Panel of Arbitrators

American College of Mortgage Attorneys, Fellow

American College of Real Estate Lawyers
Past member, Board of Governors (1991-96); past Treasurer (1995-96)

American Land Title Association, Lender's Counsel Group

Colorado Bar Foundation, Fellow and Board of Trustees, through 2010

Colorado Secretary of State, Advisory Committee

John Marshall Law School LL.M. Program in Real Estate Law, Advisory Committee

International Council of Shopping Centers

Recognition & Accomplishments

Chambers USA: America's Leading Lawyers for Business, real estate, 2003-2010

The Best Lawyers in America, real estate law, 1995-2010

International Who's Who of Real Estate Lawyers

University of Denver Sturm College of Law's "DU Law Stars" Alumni Professionalism Award, 2000

Denver Business Journal, "Who's Who in Professional Services"

Who's Who of American Women

Publications

"Conduit Loans and Their Enforcement," CLE International, January 2003

"30 Colorado Lawyer 89," Title Insurance Treatment of Zoning-Related Regulations and the ALTA Zoning Endorsement, June 2001

"Commercial Law & Strategy Leasing," A Lender's Lease Review: Important Criteria to Consider, September 1999

Editor and contributing author, Real Property Practice and Litigation, Shepard's/McGraw-Hill, Inc, 1990

Colorado Real Estate Forms–Practice, Lexis Law Publishing, 1988, with annual updates

Editor, Real Estate newsletter for The Colorado Lawyer, 1982-86

Speaking Engagements

Frequent speaker on real estate, finance, and development at the annual meeting of the Colorado Real Estate Section of the American Bar Association, American College of Real Estate Lawyers, and International Council of Shopping Centers Law Conference

"Understanding Insured Risks of the Comprehensive Policy–Insurance Issues for the Mixed-Use Developer," CLE International, Mixed-Use Development Conference, June 2008

"Lenders, Landlords, Tenants…May You Represent Them All? Ethics-Conflict Waivers," ICSC U.S. Shopping Center Law Conference, October 2006

"Unique Aspects of Loan Guaranties, ACMA," October 2006

"Ethics and Professionalism for Every Day," ICSC U.S. Shopping Center Law Conference, October 2005

"Financeable Leases–Advanced Issues From a Lender's Perspective," ICSC U.S. Shopping Center Law Conference, October 2003

"Conduit Loans and Their Enforcement," CLE International, January 2003

"Insurance Made Simple," CLE International, Real Estate Development Conference, May 2002

"A Practical Guide to Documenting and Closing a Construction Loan," ABA Young Lawyers Division, Spring Conference, May 2002

"Environmental Insurance," ALTA Tech Forum, February 18, 2002, Lenders Counsel Group

"Filling the Gap between Senior Debt and Equity," CLE International, Real Estate Development Conference, May 2001

"Title Insurance Treatment of Zoning-Related Regulations and the ALTA Zoning Endorsement," ALTA Conference, February 2001

Community Activities

University of Denver Sturm College of Law Capital Campaign
Past Co-chair; Member, Alumni Council, Visiting Committee, and DU Law Stars Committee

University of Denver Sturm College of Law (J.D. 1974)
Member, University of Denver Law Review

University of Southern California (B.A. 1971, magna cum laude)
Member, Phi Beta Kappa

Colorado 1974