Jeffrey S. Page

Partner

pagej@ballardspahr.com
Tel 646.346.8016
Fax 212.223.1942
New York

Jeffrey S. Page is the Team Leader of Ballard Spahr's New York Real Estate Finance Team and a transactional finance lawyer who handles a wide range of real estate and commercial finance matters. He serves institutional lenders across the country and internationally, handling transactions involving virtually every type of real estate asset. He is experienced in all facets of real estate lending, including structuring the capital stack, advising on intercreditor and participation issues, drafting and negotiating documents, and navigating distressed loan workouts. His practice includes loans originated to be held on the balance sheet, to be syndicated (ranging from small facilities with several lenders to large facilities with dozens of lenders), to be securitized through CMBS, and loans originated for CLO securitization.

Jeff is also an experienced loan restructuring lawyer. While working for a major European bank, Jeff was responsible for managing more than $6 billion of distressed loans. Jeff’s work with distressed loans includes secured, term, and construction loans across assets classes (hotels, office, warehouse, and residential), as well as unsecured commercial loans. Jeff’s experience ranges from loans requiring minor modifications to loans in full default, including for borrowers in bankruptcy, the takeover of construction projects, foreclosures, and other realization on collateral, and participation in creditor’s committees. In addition, Jeff has significant experience with troubled syndicated loans with bank groups ranging from just a few banks to loans with more than 180 banks requiring several levels of lender committees to address the various voting thresholds in loan documents.

Jeff is a proponent of using technology to drive efficiencies for clients and has successfully helped with the development of the Ballard360 customized share sites used in connection with portfolios of troubled loans as well as for new loan closings. In addition, Jeff leverages document automation and other technologies to gain additional efficiencies.

Jeff's representative matters include:

New Loan Transactions:

  • $300 million construction loan for a hotel in Florida
  • $245 million office loan in New York (included A/B and mezzanine components)
  • $150 million hotel/golf course construction loan in New York
  • $72 million 80/20 credit facility in New York
  • $78 million residential loan with historic tax credits in New York
  • $22 million office loan in New Jersey
  • $100 million mezzanine loan secured by cash flow pledges from four regional malls
  • $70 million CMBS loan for garden apartments in Pennsylvania
  • $120 million sharia compliant CMBS loan

Workouts/Restructurings:

  • $2.6 billion multi-lender corporate facility for a retail REIT
  • $1.5 billion multi-lender senior secured portfolio loan for a retail REIT
  • $80 million senior loan and $35 million mezzanine loan on a condo/hotel construction project in Florida
  • $80 million condominium construction loan in Massachusetts
  • $180 million multi-lender resort hotel/residential construction loan in Arizona
  • $200 million A-note, $135 million B-note, and $30 million C-note on a condo/hotel conversion loan in New York
  • $50 million senior assisted care credit facility in Louisiana

Professional Activities

New York State Bar Association

Recognition & Accomplishments

The Legal 500 US, Real Estate and Construction - Real Estate, 2019

Publications

Co-author, "Inside Lending Trends in Real Estate Finance: The U.S. v. Europe," Inside Counsel, January 8, 2015

Co-author, "The Search for Yield: The U.S. v. Europe," Inside Counsel, February 20, 2015

Co-author, "Real Estate Finance: Will it Be Different This Time Around?" Inside Counsel, March 18, 2015

Speaking Engagements

"Derivatives for Real Estate Finance Transactions," PLI seminar

Moderator, "The New 421-A," Real Estate Lenders Association panel

Seton Hall University School of Law (J.D., magna cum laude, 1998)

Pennsylvania State University (B.A., cum laude, 1983)

New York

New Jersey