Real Estate Credit Facilities and Financing

From the Ground Up

During a challenging economy, lenders must be creative dealmakers while maintaining the controls necessary to preserve collateral and ensure repayment upon maturity. As markets become re-energized, lenders and borrowers must work to compete effectively without losing sight of lessons learned when markets were distressed. The continually changing environment requires legal counsel that is responsive to client needs and able to adapt conventional documentation to new structures.

Blank Rome attorneys represent clients in negotiating real estate financing and other related transactions that range from middle-market, single property secured loans to large-scale, multiple property/multi-state credit facilities.

Our Practice

Our attorneys work to identify issues early and structure financing transactions that are practical and minimize risk. Our real estate lawyers have decades of experience negotiating a full spectrum of capital services related to commercial real estate and leasing, including:

  • senior mortgage loans on all property types (including multi-family, commercial, industrial, hotel , and mixed-use)
  • mezzanine loans, preferred equity , and mixed debt/equity financings
  • construction and development financing
  • credit lease and sale-leaseback financings
  • affordable housing financings, including those involving Fannie Mae and Freddie Mac
  • syndications, loan participations , and intercreditor agreements
  • interest rate swaps, caps , and hedges
  • new markets tax credit and other tax-advantaged financings
  • single and multiple loan securitization
  • multi-state secured financings

Our Awards & Recognition

  • Ranked in Chambers USA in 2010, 2011, 2012, and 2013, and recognized as a leading real estate practice offering a diversity of expertise ranging from transactional work to zoning and land use matters. Sources tell Chambers that Blank Rome:
    • “Provides the highest quality legal advice in a business-oriented and cost-effective manner. A go-to team of excellent practitioners that is well known for its real estate expertise.”
    • “They are accessible, available and effective, and they got the job done. They're experienced, smart and competent."
  • Recognized as a “Top Issuer Counsel” for U.S. commercial mortgage-backed securities (CMBS) by Commercial Mortgage Alert in February 2013.
  • In 2012, the Real Estate Credit Facilities and Financing team handled over 300 transactions totaling an aggregate value of over one billion dollars. 

Our Clients

  • lending institutions
  • investment banks
  • developers
  • private equity funds
  • publicly-traded REITS
  • issuers
  • underwriters
  • loan sellers and purchasers

Our Successes

  • One of the largest banks in Europe in a syndicated $500 million construction loan financing the acquisition and ground-up construction of a 56-story luxury condominium hotel and apartment tower on Fifth Avenue in midtown Manhattan.
  • Lender in a $531 million loan to refinance a 5,881-unit housing complex in Brooklyn, New York and the largest publicly-assisted affordable housing complex in the nation.
  • One of the world’s leading financial management and advisory companies in connection with a $66.7 million term loan and $4 million line of credit to various entities owned and operated by a nationwide nursing and retirement facility operator. The loans were secured by, among other things, first-priority liens on nine of the borrower's properties located in six states.
  • Investment bank in a $79 million securitized mortgage loan to finance the construction of a 277,700 square-foot office building and underground parking structure in Norwalk, Connecticut; net leased upon completion to the United States headquarters of a London-based premium liquor distributor.
  • Private equity fund in a $90 million construction loan relating to the Miami Jai-Alai facility.
  • Publicly-held financial services company in connection with a series of loans to finance the acquisition out of bankruptcy of 58 skilled nursing facilities in 14 states, owned in fee or under long-term ground leases The client also made a loan to the exiting company, as well as negotiated a revolving credit facility to the new operators of the facilities.
  • A $59.5 million first mortgage loan to refinance existing indebtedness on the Palo Alto Research Center in Palo Alto, California, a renowned high technology research facility net leased to Xerox Corporation. Concurrently with loan origination, the mortgage loan was transferred to a special purpose trust, the beneficial interests in which were sold to a single institutional investor.