Ashley E. DeLuca

Ashley E. DeLuca focuses her practice on all aspects of transactional real estate work, including the acquisition, disposition, and development of retail, industrial, office, multifamily, hotel and condominium properties, and the representation of landlords and tenants in the leasing of retail and office space. Ashley specializes in the development of commercial, residential and mixed-use condominium projects in Pennsylvania and New Jersey.

Ashley also has significant experience in the area of commercial real estate finance. She represents investment banks, commercial banks and institutional lenders, as well as real estate developers and owners, in connection with permanent and bridge loan originations, CMBS conduit loans, construction loans, preferred equity transactions, mezzanine loans, and other subordinate financing structures. Ashley also represents lenders in refinancings, workouts, and modifications.

Representative Matters

• Represented a national developer in its development of a 1.5 million square foot, multi-building mixed-use condominium project in Philadelphia. The mixed-use project will include research, lab, and educational facilities, as well as tech office space, other commercial and retail uses and recreational areas.
• Representation of a national developer in its redevelopment of a historic Philadelphia building into a mixed-use commercial and residential condominium.
• Representation of a private equity real estate investment fund formed by an affiliate of a national homebuilder and a global investment management firm for a $186 million acquisition and land development loan to a national development company. The loan financed the acquisition of a 759 acre land assemblage and provided funds to complete all necessary site work and lot improvements for the project, a 775-lot residential development in Loudoun County, Virginia. The lots were under contract for sale to three national homebuilders upon completion of improvement of the lots on a rolling quarterly takedown schedule. The representation included assisting in the structuring of the transaction and then drafting and negotiating all relevant loan documents. These included a highly structured completion guaranty and subordination agreements between our client and each of the national-homebuilder purchasers of the lots as well as an intercreditor agreement with the seller who provided seller financing secured by a portion of the project.
• Representation of one of the largest U.S. life insurance companies in a $50 million refinancing of a multi-family rental project consisting of two interconnected residential buildings above a two-story parking podium containing 210 apartment units and 316 parking spaces. The representation included assisting in the structuring of the transaction and then drafting and negotiating all relevant loan documents including partial repayment and non-recourse carve-out guaranties from certain trust entities. At the time of closing, the project was recently constructed and in the process of final completion and lease-up and the representation also involved addressing certain issues relating to the near-complete status of the project, the obtaining of a final certificate of occupancy and the leasing-up of the project.
• Representation of a private equity real estate investment fund formed by an affiliate of a national homebuilder and a global investment management firm for a $52 million refinance and land development loan. The loan refinanced an existing development loan and provided funds to complete all necessary site work and lot improvements for the project, a 540-lot residential development in suburban Philadelphia. The lots were under contract for sale to another national homebuilder upon completion. The representation included assisting in the structuring of the transaction and then drafting and negotiating all relevant loan documents. These included a highly structured completion guaranty and a subordination agreement between our client and the national-homebuilder purchaser of the lots.

Pro Bono Experience

Representation of a local nonprofit in its development and creation of an Urban Nature Preschool that will encourage exploration of the natural environment through a curriculum centered in play and nature.

Professional Activities

Urban Land Institute, Co-chair of Young Leaders Group, 2016-2018

Commercial Real Estate Women- Philadelphia 2016 to present

Recognitions and Accomplishments

The Best Lawyers in America "Ones to Watch," – Real Estate Law (Philadelphia), 2021

Publications

Co-author, "Pennsylvania Amends Condominium Law to Help Associations," Ballard Spahr alert, December 12, 2018

Speaking Engagements

"Updates in Condominium, Cooperative and Planned Community Projects," Pennsylvania Bar Institute, December 2019

"Mixed-Use Condominium Developments: How to Structure, Negotiate, and Draft Documents," Strafford webinar, November 29, 2018

"The State of the Art: Current Issues and Recent Developments in Condo Projects," Pennsylvania Bar Institute, August 2016

University of Pennsylvania (J.D. 2011)
Senior Editor, University of Pennsylvania Journal of Constitutional Law; Legal Writing Instructor; Co-director and Instructor, Street Law Project

University of Richmond (B.A., summa cum laude, 2008)
Phi Beta Kappa

New Jersey