Mortgage Financing
The Real Estate Practice Group has experience in representing lenders and borrowers in numerous transactions involving the financing of real property.
Experience
- 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 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 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 the senior lender of an approximately $6.4 million construction loan to finance the construction of a scattered site multifamily housing development in Ohio, including 9% LIHTC financing and subordinate public and private debt, which closed during the COVID-19 shutdown.
- Represented a large 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 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 refinancing of an approximately 400-unit multifamily apartment complex in Memphis, Tennessee, with a $15+ million Fannie Mae loan.
- 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 approximately $13 million financing of a shopping center in Evansville, 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 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 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 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 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 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 borrower in a $21 million CMBS loan secured by a five-property commercial real estate portfolio located in Bonita Springs, Florida.
- 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 $23+ million insurance company loan secured by an industrial building located in Brownsburg, Indiana.
- Represented the borrower in a $13+ million life insurance company loan secured by a multitenant industrial building located in Gainesville, Georgia.
- 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 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 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 borrower in a $4+ million life insurance company loan secured by an industrial complex located in Worthington, Ohio.
- 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 a borrower in the $36 million Fannie Mae refinancing of a 960-unit multifamily apartment and shopping center complex located in Philadelphia, Pennsylvania.
- Represented one of the largest real estate private equity funds in the U.S. as borrower on a $32 million CMBS loan secured by a grocery-anchored shopping center in Pennsylvania.
- Represented lender of $12 million mezzanine debt for a retail development in Illinois.
- Represented the borrower in the modification of a $5 million loan secured by a multi-tenant retail shopping center located in Chattanooga, Tennessee.
- Represented the owner in the $12 million refinancing of a ten-building multifamily apartment complex in Mishawaka, Indiana.
- Represented the borrower in the $14 million refinancing of a multifamily apartment complex in Fort Wayne, Indiana.
- Represented the purchaser in the purchase and financing of a 600,000+ SF single-tenant industrial facility in Ashland, Ohio.
- Represented the borrower in the $11 million refinancing of a 300-unit multifamily apartment complex in Fort Wayne, Indiana.
- 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 $11.5 million refinancing of a multi-tenant retail shopping center located in DeKalb, Illinois.
- Represented the lender in the modification of a $6+ million permanent financing of a single-tenant office facility near Akron, Ohio.
- Represented lender in $5+ million mortgage financing secured by an oil refinery in central Ohio.
- 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 $22 million refinancing of a 40+ building multifamily apartment complex in Indianapolis, Indiana.
- Represented the owner in the $4.5 million refinancing of a multi-tenant commercial retail shopping center.
- Represented the owner in the $26 million refinancing of a 500,000+ SF multi-building multifamily apartment complex in Indianapolis, 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 76,000+ SF shopping center for a purchase price in excess of $4.8 million.
- Represented the owner in the $13+ million refinancing of a 116,000 SF grocery-anchored shopping center in Tennessee.
- Represented the owner in the $6.5+ million refinancing of a high-rise multifamily apartment tower.
- 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 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 investor group in a $11+ million refinance of a shopping center near Milwaukee, Wisconsin.
- Advised multiple borrowers in negotiating new loans and loan refinancings.
- Served as local counsel to borrowers and lenders regarding Ohio loans.
- Advised multiple borrowers in connection with loan restructurings, loan workouts and deed-in-lieu transactions.
- 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 real estate developer in a $39 million loan to acquire a warehouse/industrial portfolio.
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