Less than four months after attorneys in Ballard Spahr's Baltimore office helped the New York City Housing Authority close the largest public housing bond deal in U.S. history, they played a role in yet another historic real estate transaction. The Ballard Spahr team, led by partner Fred Wolf III, represented CGA Capital Corp. in the financing of a 1.5 million-square-foot manufacturing facility for the National Nuclear Security Administration. The complex credit-tenant lease financing deal is one of the largest General Services Administration projects in history. The deal was so complex because it had to be structured to ensure that if the developer defaulted before the project was complete, the investors would have the opportunity to cure the default. The investors also needed to know that once the GSA takes over the lease payments, it would have no right to terminate the lease or lower rent payments. "Those were the two critical objectives we had to achieve, and achieving them was why we took as long to complete the transaction," Mr. Wolf said.