The Insurance Company and Institutional Investments Team has extensive experience representing life insurance companies, pension funds, and similar institutional investors in a wide variety of real estate debt and equity matters including:

Lending

  • Origination of $140 million first mortgage loan for a mixed-use high-rise building in San Francisco, California. The representation included matters pertaining to a $40 million mezzanine loan that was part of the capital structure including the preparation and negotiation of an Intercreditor Agreement.
  • Origination of $161.5 million first mortgage financing of a prominent high-rise office building in Houston, allowing for a significant capital improvement program.
  • Origination of $75 million first mortgage construction loan for a new office building in Denver, Colorado’s revitalized Union Station area.
  • Origination of an $820 million first mortgage loan secured by 16 large apartment projects in Southern California. The representation included negotiation of an Intercreditor Agreement with a mezzanine lender and the structuring of a multiple layers of title insurance.
  • Origination of an $89 million first mortgage loan to refinance a 304-unit, Class-A, mixed-use high-rise apartment building, with ground-floor retail, located in downtown Philadelphia.
  • Origination of a $300 million first mortgage loan to refinance approximately 826,000 square feet of a 1.3-million-square-foot regional mall in southern New Jersey.
  • Origination of a $54 million first mortgage loan secured by a newly-developed retail shopping center in Baltimore, Maryland.
  • Origination of an $87.5 million first mortgage loan to refinance an approximate 780,000 square foot retail power center in the Philadelphia suburbs.
  • Origination of a $25 million first mortgage loan to refinance a brand-managed hotel in downtown Washington, DC. This representation involved advising on the hotel management arrangement and negotiating a comfort letter with the hotel brand-manager.
  • Origination of a $100 million first mortgage loan secured by warehouses in Georgia, North Carolina and Indiana.
  • Origination of a $40 million first mortgage loan secured by an apartment project in Florida.

Acquisitions and Dispositions

  • Acquisition of a portfolio of 25 industrial properties in California having a value of more than $500 million, including formation of various parent and subsidiary limited liability companies and the assumption and modification of numerous mortgage loans.
  • Disposition of five portfolios of loans to one buyer for $468 million, which involved 23 loans secured by properties in 12 states.
  • Disposition of a 428-room branded hotel in Tucson, Arizona, located on a 500-acre campus comprising more than 65,000 square feet of function space, four swimming pools, 45 holes of championship golf, 31 tennis courts and four restaurants. This representation included negotiation of all hotel contracts including a franchise agreement, hotel management agreement and transition agreement in connection with the conversion of a brand-managed hotel to a franchised property.
  • Acquisition of commercial shopping center in Lone Tree, Colorado for $69.5 million.
  • Acquisition of large apartment complex in Austin, Texas for $36.4 million.
  • Acquisition of a retail power center in Pooler, Georgia for $34.9 million.

Joint Ventures

  • Formation of a joint venture with a developer partner for the $275 million acquisition and leaseback of a building from a national telecommunications company in northern California. This representation involved the formation of a unique condominium structure to allow the national telecommunications company to continue to own portions of the project for its offices and equipment and to satisfy California Public Utilities Commission requirements.
  • Formation of seven joint ventures with a developer for the acquisition, development, construction, and leasing of various large-scale industrial properties in Chicago, Atlanta, Southern California, and Washington state with a total investment of more than $100 million. The representation included the negotiation of a long-term ground lease with a governmental agency.
  • Local counsel in client’s $250 million equity investment in a signature downtown Denver office building.
  • Formation of a joint venture with a commingled group investment trust composed of multiple pension plans and national REIT with a total investment of more than $100 million. The joint venture was formed to acquire portfolio of retail centers across Southeast.

Development

  • Representation of owner/developer in the development and operation 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.
  • Representation of apartment project owner in connection with community association matters related to its apartment project being located within a sophisticated planned community.
  • Representation of hotel owner in the negotiation of hotel contracts including a franchise agreement, hotel management agreement and transition agreement in connection with the conversion of a brand-managed hotel into a franchised property.
  • Representation of owner/developer in the negotiation of various general contractor and other construction contracts in connection with ongoing development projects.
  • Representation of a commingled group investment trust composed of multiple pension plans in the development of a new luxury high-rise apartment project in Chicago with a total development value of more than $150 million. The transaction involved the coordination of multiple sources of capital for development and construction. Ballard Spahr handled construction law and accessibility law issues. The firm reviewed disclosures of pending accessibility claims against affiliates and the impact on this transaction, as well as indemnities related to compliance with design and construction requirements for accessibility for the disabled.

Loan Servicing, Defeasance, and Distressed Matters

  • Representation of lender in restructuring a $91 million pool of loans secured by branded hotels.
  • Representation of national life insurance companies in connection with the defeasance of numerous portfolio loans.
  • Representation of lender in the workout of two cross-collateralized loans having an aggregate principal balance of $143.5 million. The transaction involved the lender obtaining title to the properties, entering into new leases, extending existing leases and, ultimately, selling the properties to third-party purchasers.