Ballard Spahr's Transactional Finance Volume Surges Past $30 Billion in First Half of 2024

Ballard Spahr’s national Finance Department had a strong second quarter, bringing its total closed-deal volume for the first half of 2024 past $30 billion.

Finance Department Co-Chairs Dominic J. De Simone and Emilie R. Ninan noted that the year-to-date volume of work handled by Ballard Spahr is attributable to improving debt/equity markets, stabilizing of interest rates, and the depth and range of the team.

“Market conditions aren’t ideal, but we’re noticing some warming up to the idea that certain projects do need to move forward,” Dominic said.

“‘Wait and see’ remains an appealing approach for many clients, but a healthy number of projects can’t be held in a holding pattern forever,” Emilie added. “They are now moving forward.”

While volume was up in all practice areas from housing and real estate to commercial finance, the Finance Department’s strong performance also was buoyed by more than $10 billion in financings closed by the Public Finance Group, a nationally preeminent team that represents issuers, underwriters, purchasers, and trustees, as well as serving as bond and tax counsel, on a wide range of transactions across the country. The group has been nationally recognized in The Bond Buyer’s Municipal Marketplace for more than a half century, including on its list of Top Bond Counsel: All Issues and Top Underwriter’s Counsel: Equal Credit Each Firm All Issues for the first half of 2024.

Building on Ballard Spahr’s Q1 2024 transactions, the firm advised on the following Q2 2024 transactions:

• Represented Berkadia Commercial Mortgage in the refinancing of a $1.2 billion senior housing portfolio through both Freddie Mac and Fannie Mae, closed in conjunction with the recapitalization of one of the country’s largest owner/operators of seniors housing properties. Thomas A. Hauser led the Ballard Spahr team.
• Represented Honor Health as bond counsel in a series of transactions that facilitated the borrowing of approximately $200 million in hospital revenue bonds, a forward delivery series of $283 million that will be delivered in September 2024, and approximately $250 million in lines of credit. Michele L. Bax and Tyler M. Cobb led the Ballard Spahr team.
• Represented Jefferies LLC as representative to the underwriters in the issuance of $245.5 million in New Jersey Housing and Mortgage Finance Agency bonds to finance mortgage loans for single-family, owner-occupied residences throughout New Jersey. Jere Thompson led the Ballard Spahr team.
• Represented a bank holding company with more than 1,000 branches across 12 states in navigating two high-profile distressed credits, one for a $75 million floor plan and related real estate facilities for a multi-state RV dealership chain and one for a $120 million floor plan for a multi-state boat dealership chain. Chrissey Barba led the Ballard Spahr team.
• Represented BridgeInvest in its $34.5 million loan to a commercial real estate firm for the acquisition of a multifamily property in northern New Jersey, which was converted from a shuttered hospital building. David Zive led the Ballard Spahr team.

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