Mortgage Financing
Benesch’s Real Estate team advises borrowers and lenders in structuring, negotiating and closing mortgage loans for commercial real estate assets nationwide. Our work spans permanent financing, portfolio refinancings, credit-enhanced loans, conventional mortgages, CMBS loans, agency executions, life insurance company loans, publicly assisted financings and capital stack recapitalizations.
Overview
We guide clients through all aspects of mortgage financing, including collateral evaluation, loan structuring, underwriting, diligence, regulatory issues, title and survey review, zoning and use compliance, environmental considerations, existing debt assumptions, defeasance and prepayment issues, and coordination with joint venture and equity arrangements. We also help clients align financing terms with forward-looking ownership, recapitalization and disposition strategies.
Our team regularly handles complex financing arrangements involving multiple borrowers, cross-collateralized or cross-defaulted loan structures, multistate portfolios and institutional capital partners. We also negotiate and document loan modifications, refinancing, restructuring, extensions, assumptions, workouts and related credit support arrangements.
We work closely with clients to keep transactions moving efficiently and to achieve favorable, timely closings that support project schedules and long-term asset goals.
Related Industries and Practices
Experience
Represented Blackstone in connection with its acquisition of a portfolio of 228 mortgage loans from Atlantic Union Bank for approximately $2 billion.
Represented Brookfield Asset Management in connection with the real estate and loan-related matters of its acquisition of a portfolio of 43 mortgage loans from Valley National Bank for over $920 million.
Represented the borrower in a $21 million CMBS loan secured by a five-property commercial real estate portfolio located in Bonita Springs, Florida.
Represented the owner in the $22 million refinancing of a 40+ building multifamily apartment complex in Indianapolis, Indiana.
Represented the purchaser in the acquisition and financing of a shadow-anchored shopping center located near Grand Rapids, Michigan, including a “reverse” 1031 exchange.
Represented the purchaser in the acquisition and Fannie Mae-backed financing of a 150+ unit multi-building apartment complex in Florida for a purchase price in excess of $9 million.
Represented the borrower in a $4+ million life insurance company loan secured by an industrial complex located in Worthington, Ohio.
Represented the lender in the modification of a $6+ million permanent financing of a single-tenant office facility near Akron, Ohio.
Represented the investor group in a $11+ million refinance of a shopping center near Milwaukee, Wisconsin.
Represented the owner in the $11.5 million refinancing of a multi-tenant retail shopping center located in DeKalb, Illinois.
Represented the purchaser in the membership interest purchase of a limited liability company that owns a 150+ unit multifamily apartment complex located near Louisville, Kentucky, which acquisition also involved a HUD loan assumption and a joint venture.
Represented the borrower in the modification of a $5.6 million loan secured by a single-tenant industrial property located in Columbus, Ohio.
Represented the owner in the approximately $21 million refinancing of an industrial portfolio consisting of properties located in Lenexa, Kansas; Branchburg, New Jersey; Sheffield Village, Ohio; and West Chester, Ohio.
Represented a real estate developer in a $39 million loan to acquire a warehouse/industrial portfolio.
Advised multiple lenders with respect to loan workouts, loan restructurings and foreclosures on numerous projects involving mortgages transactions (including leasehold mortgages) in excess of $60,000,000.
Advised and negotiated on behalf of a non-profit borrower on obtaining tax free bond financing for an assisted living project.
Represented a borrower in the $36 million Fannie Mae refinancing of a 960-unit multifamily apartment and shopping center complex located in Philadelphia, Pennsylvania.
Represented Canadian investors in the acquisition of a value-add multifamily apartment complex with ground floor retail located in Northeast Ohio and acquisition and renovation financing through a CMBS loan.
Served as local counsel to borrowers and lenders regarding Ohio loans.
Represented lender in $5+ million mortgage financing secured by an oil refinery in central Ohio.
Represented the borrower on a $32 million CMBS loan secured by a grocery-anchored shopping center in Pennsylvania.
Advised multiple borrowers in negotiating new loans and loan refinancings.
Represented the owner in refinancing of an approximately 400-unit multifamily apartment complex in Memphis, Tennessee, with a $15+ million Fannie Mae loan.
Represented the owner in the approximately $13 million financing of a shopping center in Evansville, Indiana.
Represented the owner in the refinancing of a 320-unit multifamily apartment complex in Indianapolis, Indiana, with a $16+ million Fannie Mae loan.
Represented the owner in the $13+ million refinancing of a 116,000 SF grocery-anchored shopping center in Tennessee.
Represented the owner in the $6.8+ million refinancing of a 120+ unit multi-building apartment complex.
Represented the owner in the $10+ million refinancing of a 98,000+ SF grocery-anchored retail shopping center in Massachusetts.
Represented the borrower in the $11 million refinancing of a 300-unit multifamily apartment complex in Fort Wayne, Indiana.
Represented the purchaser in the acquisition of a 76,000+ SF shopping center for a purchase price in excess of $4.8 million.
Represented the borrower in the $14 million refinancing of a multifamily apartment complex in Fort Wayne, Indiana.
Represented the owner in the $12 million refinancing of a ten-building multifamily apartment complex in Mishawaka, Indiana.
Represented the purchaser in the acquisition of a 150 unit multi-building apartment complex in Florida for a purchase price in excess of $7 million, including the assumption of existing HUD indebtedness on the property.
Represented the purchaser in the acquisition of a 104,000+ SF shopping center west of Chicago, Illinois, with a purchase price of approximately $6.7 million, including a 1031 exchange, and the development of a new outparcel.
Represented the owner in the $26 million refinancing of a 500,000+ SF multi-building multifamily apartment complex in Indianapolis, Indiana.
Advised multiple borrowers in connection with loan restructurings, loan workouts and deed-in-lieu transactions.
Represented the borrower in the modification of a $5 million loan secured by a multi-tenant retail shopping center located in Chattanooga, Tennessee.
Represented a national bank in a loan modification with membership interest pledges for a loan secured by an industrial building located in Cleveland, Ohio.
Represented the owner in the $4.5 million refinancing of a multi-tenant commercial retail shopping center.
Represented the borrower in a $7.6 million life insurance company loan secured by a multitenant industrial building located in Menomonie, Wisconsin.
Represented the borrower in a $13+ million life insurance company loan secured by a multitenant industrial building located in Gainesville, Georgia.
Represented the borrower in a $23+ million insurance company loan secured by an industrial building located in Brownsburg, Indiana.
Represented the owner in the refinancing of an almost 300-unit multifamily apartment complex in Memphis, Tennessee, with a $16+ million Fannie Mae loan.
Represented the owner in the refinancing of an almost 1,000-unit multifamily apartment complex near Philadelphia, Pennsylvania, with a $36 million Fannie Mae loan.
Represented the purchaser in the purchase and financing of a 600,000+ SF single-tenant industrial facility in Ashland, Ohio.
Represented the owner in the $6.5+ million refinancing of a high-rise multifamily apartment tower.
Represented the lender of a $12 million mezzanine loan for a retail development in Illinois.
Represented a national vehicle dealership chain in the negotiation of a mortgage loan to be used as indirect financing for the future expansion of the client’s business and related acquisition of other assets.
Represented the lender in a $49 million senior construction loan to finance the development of a multifamily residential complex in Colorado.
Represented one of the nation’s largest multifamily housing developers as borrower in a refinancing of one of their Ohio properties that involved a drop-down membership interest transfer, recapitalization of joint venture equity, prepayment of bond financing, collapsing of a complicated multi-tier ground lease structure with the Cleveland-Cuyahoga County Port Authority and negotiation of a new $60 million Freddie Mac loan.
Represented three co-borrowers on a $40 Million CMBS loan to refinance three apartment complexes.
Represented a distressed debt fund in the acquisition of lender’s rights to a defaulted mortgage loan cross-collateralized by 2 properties and subsequent negotiation with the borrower of a deed in lieu of foreclosure for the properties.
Represented a distressed debt fund in the real estate aspects of the acquisition of defaulted mezzanine and mortgage debt from a multinational bank secured by over 70 properties in 12 states, a deed-in-lieu of foreclosure transaction to take title to the underlying properties and negotiation of a new loan from the same bank to finance acquisition of the defaulted debt, which was secured by the portfolio.
Represented a large publicly-traded REIT in the negotiation of a joint venture agreement in which the REIT was an equity investor in a property it formerly owned in California.
Represented one of the nation’s largest multifamily housing developers in the debt refinancing and equity recapitalization of a 300+ unit multifamily apartment complex in northeast Ohio, which involved unwinding a complicated mix of leases related to a 1031 exchange structure and bonds related to the construction financing, a new $55+ million Freddie Mac loan, a membership interest sale agreement for a partial cash-out of select investors and a new joint venture structure including existing and new equity.
Represented one of the nation’s largest multifamily housing developers in the $100 million debt refinancing and equity recapitalization of a 300+ unit multifamily apartment complex in Pittsburgh, Pennsylvania, which involved amending and restating an existing ground lease structure, a new $60 million life insurance company loan, a partial cash-out of select investors and a new joint venture structure including existing and new equity.
Represented the owner in the approximately $13 million financing of a shopping center in Evansville, Indiana.
Represented the owner in the approximately $21 million refinancing of an industrial portfolio consisting of properties located in Lenexa, Kansas; Branchburg, New Jersey; Sheffield Village, Ohio; and West Chester, Ohio.
Represented the owner in the refinancing of a 320-unit multifamily apartment complex in Indianapolis, Indiana, with a $16+ million Fannie Mae loan.
Represented the owner in the refinancing of an almost 1,000-unit multifamily apartment complex near Philadelphia, Pennsylvania, with a $36 million Fannie Mae loan.
Represented the owner in the refinancing of an almost 300-unit multifamily apartment complex in Memphis, Tennessee, with a $16+ million Fannie Mae loan.
Represented the owner in refinancing of an approximately 400-unit multifamily apartment complex in Memphis, Tennessee, with a $15+ million Fannie Mae loan.
No results found
Related News
Clients Rank Benesch’s Real Estate Practice a Leader in Client Relationships in BTI Report
BTI Industry Power Rankings 2017: The Law Firms with the Best Client Relationships in 18 Industries. This report includes a detailed …