Finance

We represent lenders in loan originations and workouts and represent both buyers and sellers in loan purchases and sales. In addition to our work for conventional banks and other portfolio lenders, we have closed billions of dollars in loan originations for major CMBS lenders on properties in all major asset classes, nationally. Additionally, we represent mezzanine lenders, “B-Note” buyers and co-originators, and preferred equity investors participating at all levels of the capital stack in finance transactions. Our representation regularly includes the structuring and negotiation of multi-tiered intercreditor, co-lender and participation agreements. We also represent borrowers in financing transactions, including both capital markets transactions and financings that are more traditional. We represent developers, investors, private equity funds, hedge funds and REITs in complex financings including, mortgage loans, construction loans, bridge loans, rescue capital transactions, revolving credit facilities, mezzanine loans, preferred equity transactions, tax credit transactions, workouts and restructurings. We have considerable experience, both locally and nationally, with ground up development and construction, property in transition and stabilized property in office, retail, industrial, multifamily, student housing, healthcare and hospitality sectors.

Representative Matters

Borrower Representations

• Represented the developer in connection with a construction and mezzanine loans used to finance the construction and development of a 47-story, 108-unit residential condominium tower in Philadelphia.
• Represented the developer in connection with a $163 million construction loan to finance the construction of 368 student housing units containing 984 beds and ground floor commercial space in Philadelphia.
• Represented the developer in connection with an aggregate $191.3 million of construction loans to finance the construction of an aggregate 686 student housing units containing 2,249 beds located on college campuses in South Carolina, Tennessee and Michigan.
• Represented the owner in connection with an aggregate $425 million of refinancings of an aggregate 967 extended stay apartment units with ancillary office, commercial and retail space located in Philadelphia, PA, Beverly Hills, CA, Washington, DC and Florham Park, NJ.
• Represented the owner in connection with a $173.3 million refinancing of a mixed-use development which includes approximately 759,028 sq. ft. of office space, approximately 54,100 sq. ft. of retail space, 63 high-end residential units and amenities, and a 300-space parking garage located in Philadelphia, PA.
• Represented the developer/owner in connection with a $30 million refinancing of a 136 room Hilton Homewood Suites, which included new markets tax credits.
• Represented the owner in connection with a $290 million mortgage and mezzanine refinancing by a money center lender of four, Class A, newly renovated 12 and 13-story apartment towers containing a total of 1,015 apartment units with 9,810 sq. ft. of ground-floor retail space, plus a 68,503 sq. ft. office building, a parking garage and a clubhouse/amenity building.
• Represented the purchaser in connection with the acquisition and $178 million mortgage financing of an 11 building rental apartment portfolio comprised of 500 apartment units and approximately 42 commercial units.
• Represented the owner/developer in connection with a $65 million construction loan to finance the construction of a 275-unit apartment project and a 386-space parking structure and a $58 million construction loan to finance the construction of a 270-unit apartment project and a 287-space parking structure.
• Represented the owner/developer in connection with its project consisting of an assemblage encompassing an entire city block in Conshohocken, PA to be developed into an office building containing approximately 440,853 sq. ft. with approximately 167 parking spaces in a below-ground garage, an approximate 1,479 space parking garage, a central public plaza and gathering space, a limited-service hotel with at least 130 rooms and a rooftop lounge and the conversion of a historic firehouse into a restaurant with an indoor/outdoor experience; the representation included assisting the owner/developer in executing a lease with a Fortune 100 company for the entire office building, the implementation of a condominium regime with respect to the project, and the closing on a $210 million construction loan comprised of mortgage and mezzanine debt with respect to a portion of the project.
• Represented the owner in connection with a $53 million acquisition and financing of a majority controlling interest in a Class-A office building containing approximately 254,000 sq. ft. located in West Conshohocken, PA.
• Represented the owner in connection with a $170 million refinance consisting of a mortgage and mezzanine loan with respect to a newly renovated luxury apartment building in Philadelphia, PA.
• Represented the owner in connection with a $119.6 million restructuring of mortgage and mezzanine loan with respect to an 880,000 sq. ft. office building located in Philadelphia, PA.
• Represented Atlanta-based hotel operator and developer in the financing, which included a senior mortgage loan and preferred equity, for the acquisition and property improvement plans of two full-service hotels being reflagged as Marriott Autograph properties.
• Represented a hotel operator in an approximately $10 million hotel acquisition loan for a limited-service hotel, including structuring of PIP, FF&E and seasonality reserves to minimize cash tie-up and cash flow restrictions.

Lender Representations

• Representation of two major money-center based banks co-originating a $200 million CMBS loan secured by four full-service hotel properties located including the New Orleans Intercontinental Hotel.
• Representation of an international hedge fund in providing bridge preferred equity to complete lien-free construction of a hotel in Orlando, FL, including the structuring and negotiation of a recognition agreement with the construction lender.
• Representation of a mezzanine lender in the origination and participation of $12 million junior mezzanine loan for the conversion of a historical bank building and construction of a mixed-use facility in New York City, including structuring and negotiation of a tri-party intercreditor agreement between the mortgage lender and the senior mezzanine lender.
• Representation of restructuring and enforcement transaction of the work-out on behalf of B-Note investor of a $30 million B-Note and securitized $170 million A-Note secured by a portfolio of apartment buildings located in New York City.
• Representation of restructuring and enforcement transaction of the successful taking back of a portfolio of apartment complexes in Ohio by the mezzanine lender pursuant to a UCC sale.