Construction Financing
The Real Estate Practice Group has extensive experience in representing borrowers and lenders in connection with all aspects of real estate construction financing.
Experience
- Represented a nationwide private equity lender on a $66 Million loan to acquire and improve a 739 unit garden apartment complex.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture including a contributing landowner and a large, institutional investor and construction financing for the development of a $99+ million apartment community with a mix of market-rate and affordable units located in White Plains, New York. This complicated development included negotiation of a reciprocal easement agreement with an adjacent office owner for certain shared infrastructure and negotiation of certain affordable housing incentives through the county’s Industrial Development Agency.
- Represented one of the nation’s largest multifamily housing developers in the approximately $100 million debt and equity financing of a 440+ unit multifamily apartment complex in Pittsburgh, Pennsylvania, which involved a ground lease structure, negotiating new easements and amendments to an existing REA, a new $65 million construction loan, and a multiple-layered joint venture structure.
- Represented one of the nation’s largest multifamily housing developers in a joint venture and construction loan for the financing and development of an approximately $123 million 390-unit market-rate multifamily apartment development in Virginia in the Washington D.C. area.
- Represented one of the nation’s largest multifamily housing developers in a joint venture and construction loan for the financing and development of an approximately $80 million 354-unit market-rate multifamily apartment development in Maryland in the Washington D.C. area.
- Represented one of the nation’s largest multifamily housing developers in a joint venture and construction loan for the financing and development of an approximately $60 million 184-unit market-rate multifamily apartment development in Wakefield, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a joint venture and construction loan for the financing and development of an approximately $59 million 331-unit market-rate multifamily apartment development in the Tampa, Florida area.
- Representation of the developer in the refinancing of a mixed-use residential and retail development in northeast Ohio, with an $80+ million CMBS loan.
- Lead counsel for a national private equity fund in structuring and deploying a total of more than $150 million of loans within a one-year time period, with each individual loan in the $1 million to $12 million range, to acquire, construct or refinance troubled properties across all asset classes including retail, hospitality, multifamily (low-income and market rate) and senior living, industrial and office.
- Representation of a national banking lender in a $75+ million construction loan for the rehabilitation and conversion of an office building into a residential rental apartment building in Cleveland, Ohio.
- Representation of an owner in the financing for the construction of its new headquarters office in a Chicago suburb.
- Representation of RES Polyflow in the $185 million bond financing for construction of a new plastics conversion plant in Indiana.
- Representation of a national banking lender in an approximately $25 million refinancing of an industrial/office portfolio with properties located in several states throughout the country.
- Representation of the lender in the financing for the construction of a market-rate townhome project in North Carolina.
- Represented a NYSE company in the refinancing of revolving credit facilities for two casinos in Atlantic City, New Jersey for $65 Million and $20 Million, respectively (represented the borrowers).
- Represent a nationwide private equity lender making bridge loans on development projects and distressed properties in major cities across the country with loans ranging from $12 Million to $36 Million.
- Represented a national bank as co-lender on a $63.4 Million senior construction loan to finance construction of a 19 story 230 unit apartment tower atop an existing parking garage, with redevelopment of the garage and street-level retail space.
- Represented a national bank in a $8.4 Million subordinate construction loan to bridge federal and state historic tax credits. Project was a $42 Million conversion of an historic office building into 123 apartments and 40,000 square feet of retail and restaurant space, using multiple tranches of debt and equity.
- Represented a national bank as co-lender on a $73 Million senior construction loan to finance the construction of a 20 story 280 unit luxury apartment building with retail space and a parking garage. The transaction involved port authority bond financing and multiple tranches of subordinate debt.
- Represented a national bank as co-lender on a $63 Million senior construction loan (documented as three separate loans) to finance the redevelopment of a 29 story office tower into a mixed use project that included a 156 key hotel, 104 unit class A apartment tower, retail space and parking garage. The transaction involved historic tax credits, port authority bond financing and multiple tranches of subordinate debt.
- Represented one of the nation’s largest national banks as the lead syndicator and arranger of construction financing for the development of an approximately $140 million residential apartment tower with ground floor retail space and a parking garage in Cleveland, Ohio, which included a vertical subdivision and multiple ground lease structure.
- Represented one of the nation’s largest multifamily housing developers in a joint venture with a large, institutional investor and construction financing for the development of an approximately $51 million market-rate apartment building with retail located near Boston, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture including a contributing landowner and a large, institutional investor and construction financing for the development of a $48 million 130+ unit market-rate apartment building located in Jersey City, New Jersey.
- Represented one of the nation’s largest multifamily housing developers in the financing and development of a $51 million 145-unit market-rate multifamily apartment development with retail space near Boston, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture including a contributing landowner and a large, institutional investor and construction financing for a $52 million 190+ unit multifamily apartment project in a mixed use development near North Andover, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a joint venture and construction loan for the financing and development of an approximately $62 million 270-unit market-rate multifamily apartment development in Maryland near Washington DC.
- Represented one of the nation’s largest national banks as the lead syndicator and arranger of construction financing in Cleveland, Ohio.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture in North Andover, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture in Jersey City, New Jersey.
- Represented one of the nation’s largest multifamily housing developers in the financing and development of a $51 million 145-unit market-rate multifamily apartment development with retail space near Boston, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a joint venture in Boston, Massachusetts.
- Represented one of the nation’s largest multifamily housing developers in a joint venture and construction loan in Maryland.
- Represented a national bank in a construction loan for a single-tenant building located in Port Charlotte, Florida.
- 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.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture.
- Represented one of the nation’s largest multifamily housing developers in a multiple-layered joint venture.
- Represented the developer in a multiple-layered joint venture and construction financing for a $48 million 360+ unit multifamily apartment development near Austin, Texas.
- Represented the lender in the $14+ million construction financing of a single-tenant office facility near Akron, Ohio.
- Represented the developer in a multiple-layered joint venture and construction financing for a $80 million 330+ unit multifamily apartment development in Pittsburgh, Pennsylvania.
- Represented a participating lender in a $20 million participation in a $65.5 million construction financing for the development of a multi-tenant retail shopping center near Pittsburgh, Pennsylvania.
- Represented the developer in the acquisition and construction financing for a $56 million 300+ unit multifamily apartment development in Cleveland, Ohio, including a $42 million senior syndicated construction financing and $12 million mezzanine financing.
- Represented the developer in the acquisition and financing, including a $47+ million construction financing, $12+ million mezzanine financing, Port Authority financing, EB-5 financing and a 1031 exchange.
- Represented the developer in a $21+ million construction financing and $8+ million mezzanine financing for the development of a 200 unit multifamily apartment development in Dallas, Texas.
- Represented the developer in a joint venture and $29+ million construction financing for a 300,000+ SF multifamily apartment development in north Texas.
- Represented the developer in a joint venture and $30+ million construction financing for a 320,000+ SF multifamily apartment development in Austin, Texas.
- Represented the developer in a $22+ million construction financing and $7+ million mezzanine financing for the development of a 290+ unit multifamily apartment development in San Antonio, Texas.
- Acted as lender's co-counsel in connection with a handful of the 35 sources of funds that were assembled to fund the $272 million initial phase of the Flats East redevelopment project in downtown Cleveland, Ohio.
- Advised and negotiated on behalf of national lenders on several construction and permanent loans ranging in size from $1 million to more than $100 million.
- Represented a regional financial institution in providing multi-million dollar construction loan to a developer for the construction of a mixed-use development.
- Represented a national financial institution in providing $11 million loan to a developer for construction of a multi-tenant regional shopping center.
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Summer 2015
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