Our experience includes these matters:

  • We represented a major New York-based national real estate development and investment company in acquiring and restructuring over $250 million in senior, construction, and mezzanine financing involving a co-lending arrangement with an existing institutional lender. The financing is secured by three in-progress luxury branded condominium projects in the greater New York City area.

  • We represented one of the nation's largest life insurance companies in a $161.5 million financing of a prominent high-rise office building in Houston, Texas, including the preparation and negotiation of a reserve agreement for the disbursement and utilization of $9.5 million to fund capital improvement work for the project.

  • We represented a large pension fund in a joint venture in the $194 million financing of a mixed-use development project in New York City. This complex development included co-op apartments, rental apartments, and retail and community facility space. The New York City Housing Development Corporation and Citibank provided financing, which involved low-income housing tax credits. 

  • We represented an institutional lender in a $178.8 million mortgage loan and a $19 million mezzanine loan secured by a headquarters office building. The sale-leaseback was secured by a senior mortgage with an A/B note structure, which was later securitized in a CMBS structure. Mezzanine financing was secured by a pledge of membership interests in the fee owner, which in turn was secured in the collateralized debt obligation (CDO) market. 

  • We represented a national finance company in the origination of a $37 million bridge loan to finance the purchase of a non-performing construction loan secured by a failed high-rise luxury condominium project in Berkeley, California. The financing was structured to allow the note-purchaser to subsequently obtain title to the property by foreclosure or deed-in-lieu of foreclosure, complete construction of the project, and convert the project to a luxury multifamily rental project.

  • We represented a national special servicer in the workout and restructuring of a $130 million first mortgage loan on a 1,000-plus-unit residential rental project. This transaction involved an A/B note split of the loan, modification to the cash management arrangement, modifications to address the bankruptcy of the sponsor's holding company, and REMIC-related matters.

  • We represented a regional convenience store/gas station operator in a multi-property build-to-suit development program and in a multiple sale-leaseback transactions involving 33 properties in five different states having an aggregate value of more than $100 million.

  • We represented 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.

  • We represented 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 California Public Utilities Commission requirements.

  • We represented a major life insurance company in the formation of 21 joint ventures for the acquisition and development of various industrial properties in Chicago, Atlanta, Northern and Southern California, Texas, and Washington State with a total equity investment of more than $500 million. A number of the Washington projects involved the negotiation of long-term ground leases with the local port and other governmental authorities and options to acquire and/or ground lease future phases.

  • We represented the borrower in the negotiation and closing of a $5.7 billion credit facility.

  • We represented a financial adviser in arranging financing for the construction and long-term operation of a 1.5 million-square-foot manufacturing and research facility, totaling $687 million.

  • We represented a major life insurance company in connection with a $350 million financing of the Royal Hawaiian Center, a Class-A retail center in Waikiki. The center contains more than 300,000 square feet with high-end tenants such as Tiffany and Company, Hermès of Paris, and Salvatore Ferragamo. This transaction was highly complex due to the ground lease structure of the property and was closed in an expedited time frame.

  • We represented the 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.

  • We represented a 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 and extending existing leases and ultimately selling the properties to third-party purchasers.

  • We represented a national finance company in the origination of a $78 million mortgage loan secured by a multifamily rental project in Long Island City, New York, structured with a senior A note and subordinate B note, with the client holding the subordinate B note. The representation included the drafting and negotiation of an A/B participation agreement and mortgage loan servicing agreement. The origination occurred mid-construction and, as a result, the transaction involved complicated loan structuring necessary to protect the lenders under New York’s mechanics’ lien law.

  • We represented a national finance company in the origination of a $19 million loan secured by a defaulted $32.3 million construction loan note secured by a mortgage on a multifamily project located in Las Vegas, Nevada, where the underlying borrower was in bankruptcy. This representation included extensive structuring to allow for a number of possible resolutions to the bankruptcy including sale, foreclosure, deed in lieu of foreclosure, or restructuring.

  • We represented a client in a multi-staged $80 million transaction involving acquisition financing, construction financing, mezzanine financing, and credit enhancement for tax-exempt bonds. The deal included three multifamily high-rise properties in Washington, D.C. Our client financed the purchase by one of the parties of a 95 percent tenancy-in-common interest in two of the properties. The client refinanced the remaining property and provided credit enhancement until the pre-existing FHA-insured loan was paid in full.

  • We represented a large apartment REIT in a $101 million disposition of nine multifamily properties in Louisiana, Tennessee, and Texas. The transaction closed within a one-week period before year end. The transaction involved nine properties and the payoff and release of financing on two additional properties that were part of pool financing for one of the sale properties.

  • We represented a client in a $535 million real estate joint venture, consisting of seven national homebuilders, to acquire federal lands via a Bureau of Land Management auction to fund the installation of the necessary infrastructure for a $1 billion 1,953-acre master-planned community in Las Vegas.

  • We represented a commingled group investment trust composed of multiple pension plans in the development of a new luxury high-rise apartment project in Chicago. The total development value is 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.

  • We represented a commingled group investment trust composed of multiple pension plans in an over $100 million investment in a joint venture with a national REIT. The joint venture was formed to acquire portfolio of retail centers across Southeast.

  • We served as lead counsel to a large east coast-based property owner and operator and its managed real estate investment fund in its acquisition of a 348-unit, Class A multifamily property located in Arlington, Virginia, and now known as The Point at Pentagon City, from an affiliate of the Carlyle Group.

  • We represented a regional real estate investment and development firm in a variety of acquisition, disposition, redevelopment, financing and leasing transactions involving a variety of project types including office, industrial, and quarry properties and having an aggregate transaction value in the hundreds of millions of dollars. This representation included multiple equity syndications involving the preparation of private placement memoranda, accredited investor questionnaires and subscription agreements.

  • We represented the sponsor, in its roles as general partner and minority investor, in the recapitalization of a series of investment partnerships that owned a portfolio of suburban Philadelphia office buildings valued in excess of $200 million. The majority investor in the partnerships was a foreign investment fund in liquidation. The recapitalization involved the repayment of $175 million in maturing debt as to which the sponsor had provided a limited guaranty as well as the renegotiation of certain partnership/control rights and the structuring of a mechanism to monetize a portion of the sponsor's equity position.