Real Estate Finance

Trusted advisors in all aspects of real estate finance

We advise lenders and borrowers in real estate finance transactions covering all types of assets, anywhere in the world. We support you at every stage across the entire life of an investment or transaction.

Investors and lenders are increasingly combining traditional financing tools and creating alternative finance structures. Our experience in real estate and finance, coupled with a full-service approach, means we advise on all aspects of this industry and its changing requirements.

We represent lenders including debt funds, insurance companies, investment banks, and commercial banks. On the borrower side, we represent institutional investors, public real estate investment trusts (REITs), pension funds and pension advisors and private equity funds.

Our global footprint is the platform for us to lead on the largest and most complex transactions. From single-asset to billion-dollar complex structured deals, we support you at every stage. This includes origination, structuring, syndication, securitization, loan servicing, and restructuring.

On the lender side, we are experienced in syndicated credit lines for REITs and private equity funds, debt securitizations, credit lease transactions, repurchase loan facilities, warehouse loan facilities, construction and development loan facilities, and conduit financing. We work in conventional, construction and permanent lending, convertible mortgage lending, participating mortgage lending, conduit programs, and securitized financings.

“I appreciate their ability to navigate complex matters through not only a legal but also a business lens.”

Client, Chambers 2024

Our lawyers also bring experience in preferred equity and mezzanine loan transactions, and represent investors making joint venture investments with real estate owners and developers, banks, insurance companies, pension funds, and others. We help clients with the origination of loans for securitized pools, review of disclosure documents, and participating in the structuring of REMIC and FASIT transactions.

As one of the leading sports stadium finance teams, we also regularly advise lenders and clubs on high profile sports-related domestic and international financings.

Experience

Representative borrower transactions include:

AEW Capital Management in connection with (i) a US$400 million unsecured credit facility from a syndicate of banks led by Wells Fargo and JPMorgan; (ii) a US$355 million first mortgage loan from The Prudential Insurance Company of America and New York Life Insurance Company; and (iii) a US$181 million mortgage loan from MassMutual secured by 3 cold-storage facilities in Texas and Maryland.

AvalonBay Communities, one of the top multi-family REITS in the US, to assist them with negotiating the renewal of their US$2.5 billion revolving credit facility.

Blackstone Real Estate Partners in a US$200 million first mortgage loan from Wells Fargo Bank secured by seven select service hotels located in California, Florida, and Oregon.

The Carlyle Group in connection with a US$110 million mortgage loan secured by B Ocean Resort, Fort Lauderdale, Florida.

Davis Companies and Principal Real Estate Investors in a joint venture to obtain a US$490 million loan from Parlex 5 Finco, an affiliate of Blackstone Real Estate, secured by two buildings known as One Rogers Street and One Charles Park in Cambridge, Massachusetts to convert the existing office buildings into life sciences buildings consisting of 405,000 RSF.

Equity Lifestyle Properties in connection with (i) a US$275.4 million Berkadia/Fannie Mae Credit Facility initially secured by 12 properties located around the country; (ii) a US$495 million Wells/Fannie Mae Credit Facility secured by 9 properties located around the country; and (iii) a US$288 million Wells/Fannie Mae Credit Facility initially secured by 7 properties located around the country.

First Washington Realty in connection with (i) a US$584 million mortgage loan from PGIM Real Estate Finance and New York Life, secured by a portfolio of 16 grocery-anchored outdoor shopping centers in California and Oregon; and (ii) a US$600 million mortgage loan from The Prudential Insurance Company and New York Life Insurance Company secured by a portfolio of 17 retail properties in California and Oregon.

Fortis Property Group in connection with a US$1.1 billion refinancing to be used for the redevelopment and re-leasing of the State Street Tower at One Lincoln, Boston, Massachusetts.

Fosun International in the US$1 billion financing from Deutsche Bank for the mixed-use tower at 28 Liberty Street, New York City.

Harrison Street in connection with a US$575 million loan from JPMorgan for with the acquisition of a ground leasehold interest in medical office buildings in Cambridge, Massachusetts.

Hines in the closure of a US$296 million refinancing of a building located at 321 North Clark in Chicago that is currently owned by a venture that includes Hines, Diversified Real Estate Capital and American Realty Advisors. The lender was a Nuveen affiliate, and the loan was structured as a senior mortgage loan together with a mezzanine loan.

InterContinental Hotels Group Resources, Inc. in connection with the US$230 million refinancing of the iconic Intercontinental New York Barclay Hotel with the Bank of Kuwait.

Mirae Asset Global Investments in connection with the purchase (and related financing) of a FedEx distribution facility in Greenwood, IN, with a value over US$188 million.

Northwood Investors in connection with the closing of a US$277 million refinancing and construction loan for the client’s existing office parks and the ground-up development of a new life sciences building in Waltham, Massachusetts.

Oxford Properties Group in numerous loan transactions including: (i) a US$972 million construction loan for the St. John’s Terminal development in New York City; (ii) a US$660 million first mortgage loan from Deutsche Bank, to be secured by 500 Boylston Street and 222 Berkeley Street in Boston’s Back Bay neighborhood; (iii) its acquisition and financing of a US$464 million portfolio of life science and laboratory buildings in San Diego, CA and a US$306 million acquisition loan from Morgan Stanley; and (iv) a US$276 million acquisition of leasehold condominium units on 57th Street in New York City known as Aalto 57, comprised of residential apartment units and retail space. We also represented Oxford in a related US$110 million mortgage loan and US$70 million mezzanine loan, each from Deutsche Bank, AG.

Port Authority of New York and New Jersey in connection with closing the US$1.2 billion bond refinancing for 4 World Trade Center.

Tokyu Land US Corporation in connection with the amendment and extension of the US$556 million mortgage construction loan and US$107 million mezzanine construction loan provided by Massachusetts Mutual Life Insurance Company for the 425 Park Avenue project in Manhattan.

Ventas Life Science & Healthcare Real Estate Fund in (i) a US$148 million mortgage loan from TIAA secured by two life science buildings in the Science + Technology Park at Johns Hopkins in Baltimore, MD; (ii) a US$180 million loan from JPMorgan Investment Management secured by 100 College Street in New Haven, Connecticut, which is leased to Alexion Pharmaceuticals and Yale University; and (iii) in a joint venture with GIC and Wexford Science & Technology in connection with a US$270 million construction loan from a syndicate of lenders led by Wells Fargo, for the construction of a life science building, lifelong learning center and parking garage.

Representative lender transactions include:

National lender in its US$915 million mortgage loan secured by 100 properties located in California, Texas, Georgia, Illinois, Washington, Virginia, Arizona, Connecticut, Florida, Indiana, Missouri, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, and Utah.

Investment bank in the origination of a US$430 million floating rate mortgage loan secured by a boutique hotel in California.

Insurance company as lender in a US$352 million construction loan secured by 24 industrial properties located in Florida, Georgia, Illinois, Ohio, Tennessee, and Texas and known as Exeter ET Industrial Portfolio.

Lender in a US$335 million loan secured by a hotel portfolio in Massachusetts, California, Illinois, and Pennsylvania.

Commercial mortgage lender in the US$250 million acquisition and construction loan for a luxury iconic midtown Manhattan hotel.

Investment bank in the origination of a US$250 million mortgage loan and mezzanine loan secured by a Manhattan office building.

Life insurance company in a US$250 million loan secured by Presidential Towers in Chicago, Illinois.

Life insurance company in a US$220 million loan secured by a portfolio of fulfilment facilities in Texas, Florida, California. and Virginia leased to a major online retailer.

Life insurance company in a US$180 million loan secured by Washington Center, Washington, DC.

Insurance company as lender in a US$175 million secured by properties known as Exeter Eagle II Portfolio located in California, Pennsylvania, Tennessee, and Texas.