David Barksdale
David Barksdale

David A. Barksdale

Partner

barksdaled@ballardspahr.com
Tel 424.204.4322
Fax 424.204.4350
Los Angeles

David A. Barksdale is Team Leader of Ballard Spahr's Private Equity Real Estate Team. He focuses his practice on transactional finance, including structured and syndicated finance, and project finance in the real estate and energy industries. In addition to representing both lenders and borrowers in a range of transactions, he has experience with acquisitions, development, leasing, workouts, and restructurings. Mr. Barksdale represents life insurance companies, financial institutions, and investment banks as lenders and equity investors in project finance, and as lenders in the origination of real estate finance for balance sheet or securitization. He also represents energy providers in obtaining project financing.   

Mr. Barksdale advises special servicers, lenders, and investors in the workout and restructuring of real estate financing, including CMBS debt, and represents private equity funds in the investment and deployment of capital, whether as debt or equity, with an emphasis on distressed assets. He has represented real estate developers in the financing, acquisition and disposition, development, and construction of retail, office, industrial, hotel, casino, special-use, residential, and mixed-use properties, as well as master-planned communities. 

Mr. Barksdale was General Counsel and Vice President of Triple Five National Development Corporation, a national real estate development company.

Representative Matters

  • Representation of a private equity fund in acquiring and restructuring $370 million in senior and mezzanine loans secured by three luxury high-rise condominium projects in New York, including the structuring and negotiation of participation and management agreements with the existing developer/sponsor, negotiation of amendments to existing franchise agreements with two international luxury hotel/condominium brand franchisors, and the origination of $10 million in new construction financing to complete the projects

  • Representation of a major life insurance company in the formation of a joint venture with a developer partner for the $275 million acquisition and leaseback of a building located in Northern California from an international communications company. A unique condominium structure was concurrently created so that the seller could continue to own portions of the project for its offices and equipment and satisfy PUC requirements. 

  • Representation of a major life insurance company in the formation of seven joint ventures for the acquisition and development of various industrial properties in Chicago, Atlanta, southern California, and Washington State. One of the Washington projects involved negotiation of a long-term ground lease with the local port authority and an option to ground lease future phases.

  • Representation of a major life insurance company in the $140 million financing of a high-rise office building in the San Francisco financial district involving a $40 million mezzanine loan, including the preparation and negotiation of an intercreditor agreement between the lenders 

  • Representation of an investment bank in originating CMBS financing for retail, industrial, hospitality, and multifamily properties

  • Representation of an institutional proprietary lender in bridge financing for the acquisition and construction of multifamily properties, in anticipation of subsequent securitization or a GSE execution 

  • Representation of special servicers in the workout and restructuring of over $3 billion in CMBS financing secured by retail, office, industrial, multifamily, and mixed-use properties 

  • Representation of a large national real estate developer in the workout and restructuring of $450 million in CMBS financing secured by a multi-phase special-use property consisting of over 5 million square feet 

  • Representation of a private equity fund joint venture in the workout and restructuring of a $42 million land loan and an $18 million construction loan secured by a partially completed, planned luxury residential community 

  • Representation of a syndicate of senior secured lenders in the workout and restructuring of a $470 million construction loan secured by a mixed-use retail and office center

  • Representation of a lender in the termination of an $800 million revolving credit facility, a component of a $3 billion construction financing package for a hotel/condominium project 

  • Representation of a private equity investment fund formed to purchase distressed unimproved and partially improved real property, including residential lots, from lenders, master plan developers, and regional and national home builders 

  • Representation of a lender in a non-performing mezzanine loan for a financially distressed casino-hotel project, including foreclosure of the ownership interest in the underlying project owner 

  • Representation of a hedge fund manager in the formation and structuring of a hedge fund formed to acquire distressed debt secured by real estate, including issues related to the workout, restructuring, and enforcement of the debt; due diligence investigation of the underlying secured property in anticipation of obtaining fee title through foreclosure or deed-in-lieu; and the ultimate disposition of the property 

  • Representation of private lenders in financing the acquisition and development of $100 million in land, including due diligence investigation and entitlement analysis, and enforcement issues and actions with respect to financially distressed borrowers 

  • Representation of a national luxury home builder in the acquisition and development of land for single-project and master-planned communities, and the construction and sale of single-family homes 

  • Representation of a national real estate development company, as its General Counsel, in the financing, acquisition, development, construction, leasing, and disposition of millions of square feet of retail, office, industrial, and mixed-use property 

Pro Bono Experience

Mr. Barksdale handles pro bono adoption matters for Alliance for Children's Rights.

Professional Activities

American Bar Association

State Bar of California

State Bar of Nevada

CRE Finance Council

International Council of Shopping Centers (ICSC)

Urban Land Institute

University of Nevada, Las Vegas, adjunct professor

Recognition & Accomplishments

Chambers USA: America's Leading Lawyers for Business, real estate law, 2008-2011

The Best Lawyers in America, real estate law, 2010-2017

Publications

"Focus of CMBS Modifications is To Deal With Rather Than Ignore the Problem," Real Estate Law & Industry Report, December 28, 2010

"The Real Estate Workout Equation: What Both Parties Should Know," Nevada Business Journal, February 2008

Speaking Engagements

Moderator, "Owner/Investor Power Panel: The State of CRE Investment in 2017," Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt, New York, November 1, 2016

Moderator, "How Are Loans Getting Repaid, or Are They?" Trigild Lender Conference Fall 2016, Coronado, Calif., October 6, 2016

Moderator, "Servicer Panel: What Are Servicers Doing Today?" iGlobal Forum's 4th Real Estate Mezzanine Financing Summit, New York, May 8, 2013

"Sourcing and Buying Defaulted Notes/Loan Portfolios," 10th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing, Information Management Network, Laguna Beach, Calif., January 24, 2013

Session Chair, "Sourcing/Buying Loans/Loan Portfolios," Information Management Network's Borrower & Investor Forum on Real Estate Mezzanine Financing & Subordinated Debt, New York, November 27, 2012

"Equity-Holder Perspective: Options for Dealing with Underwater Properties," 8th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing, Information Management Network, Laguna Beach, Calif., January 13, 2011

"Rescue Capital/Finance," Trigild Lender Conference, San Diego, October 22, 2010

"Refinancing, White Knight, and Rescue Capital Strategies," 2nd Annual Distressed Commercial Real Estate Forum, Information Management Network, New York, September 24, 2010

"Hand Over Keys vs. Sell vs. Restructure/Adding New Money: A Guide For The Equity Holder," Information Management Network, New York, June 3, 2010

"Avoiding Legal Pitfalls When Crafting Modification Agreements," Strafford CLE Teleconference, April 20, 2010

"Effective Workout Strategies: Evaluating, Integrating and Addressing the Myriad Problems Involved with Troubled Projects," Innovative Approaches for Resolving Real Estate Defaults, Phoenix, March 12, 2010

"Special Servicer Perspective: Getting Through the CMBS Mess and Mezzanine Workouts," 7th Annual Winter Forum on Real Estate Opportunity & Private Fund Investing, Information Management Network, Laguna Beach, Calif., January 14, 2010

"Commercial Real Estate Workouts and Remedies," Law Seminars International, Las Vegas, November 4, 2009

"Fishing for Distressed Assets in Stormy Waters: Being Prepared for What Lies Beneath the Surface," 2009 U.S. Shopping Center Law Conference, International Council of Shopping Centers (ICSC), Phoenix, October 21, 2009

"Outlook for Fund Investing in Distressed Real Estate Debt," 3rd Real Estate Private Equity Summit, iGlobal Forum, October 14, 2009

"Converting Distressed Real Estate Developments: Legal and Financial Considerations," Strafford Teleconference, September 10, 2009

"Today's World of Special Servicing and CMBS Workouts," Asset Advisory Alliance (A3) Summer Symposium, Newport Beach, Calif., August 21, 2009

"Commercial Real Estate Loan Workouts: Negotiating an Effective Workout Agreement in a Distressed Credit Market," Strafford CLE Teleconference, June 17, 2009

Speaker and panelist, "Project-Level Workouts: What are the Key Issues that Drive Negotiations?" 10th Annual U.S. Real Estate Opportunity & Private Fund Investing Forum, Information Management Network, New York, June 11, 2009

"Market Overview and Economic Outlook," Real Estate Restructuring, CLE International, Denver, May 7, 2009

"Commercial Real Estate Loan Workouts: Negotiating an Effective Workout Agreement in a Distressed Credit Market," Strafford CLE Teleconference, January 21, 2009

"Buying Land & Large Distressed Master-Planned Residential Projects," 2nd Florida Distressed Real Estate Symposium, Information Management Network, Hollywood, Florida, December 8, 2008

"Commercial Real Estate Loan Workouts: Negotiating an Effective Workout Agreement in a Distressed Credit Market," Strafford CLE Teleconference, November 11, 2008

"Alternative Use: Considering Retail & Non-Retail Options," Distressed Retail & Shopping Center Symposium, Information Management Network, Chicago, September 15, 2008

"Project-Level Workout Issues," Symposium on Distressed Real Estate, Information Management Network, Las Vegas, June 26, 2008

"Workout, Foreclosure & Bankruptcy Processes: A Practical, Legal Roadmap," The Forum on Distressed Real Estate, Information Management Network, Miami, March 18, 2008

"Real Estate Workout Basics," Association of Corporate Counsel, Las Vegas Chapter, February 26, 2008

"Issues Arising from the Similarities and Differences between CCRs and Easements and Uncertainty over the Best Approach To Take," Law Seminars International, Development Agreements, Easements and CCRs: Uses and Considerations in 2008, Phoenix, February 15, 2008



University of California Hastings College of the Law (J.D. 1988)

Oral Roberts University (B.A., B.S. 1985, magna cum laude)

California

Nevada