Practices

Western Real Estate Finance

Our Western Real Estate Finance Team represents real estate lenders, investors, owners, developers, and loan servicers in transactions and projects throughout the West and nationwide. With offices in key metropolitan locations, we combine deep knowledge of local markets with national scope and resources to help clients maximize the success of their deals.

Ballard Spahr real estate finance attorneys in the West have experience with a wide variety of project types and deal structures, encompassing both debt and equity financing. We advise on structuring, negotiating, documenting, closing, and servicing loans, investments, and projects to assist our clients in achieving their goals in each transaction.

Leveraging technology and the resources of the firm's national Real Estate Department, our Western Real Estate Finance Team provides efficient staffing, value-based pricing, and collaborative project management to exceed our clients' expectations. Leaders of the firm's CMBS Loan Origination and Distressed Real Estate teams reside in the West and provide a strong regional focus to these national practices. We share our insight on local markets and analyze how trends and issues might affect the immediate and long-term business objectives of our clients.

Our clients include some of the nation's most prominent banks, pension funds, insurance companies, hedge funds, specialty lending and finance companies, private equity firms, and mortgage REITs, as well as developers and real estate managers. We advise these clients on the deployment of capital into real estate projects—whether as equity or debt and through a variety of investment vehicles—including multifamily residential, commercial condominium, retail, office, industrial, and hospitality projects. Our Western attorneys have concentrated experience in financing energy generation and transmission projects with real estate components, including solar, wind, biomass, geothermal, and other renewable energy facilities.

Our attorneys are active in real estate organizations across the West, including the Annual University of Southern California Real Estate Law and Business Forum, Commercial Real Estate Finance Council, American College of Real Estate Lawyers, Commercial Real Estate Women, the Urban Land Institute, and NAIOP.

Experience

Representation of an institutional lender in connection with an $820 million loan secured by 16 large apartment projects in Southern California; the transaction involved multiple layers of title insurance, the negotiation of a comprehensive intercreditor agreement with the mezzanine lender, and an extremely short closing period.
The origination of a $37 million bridge loan to finance the purchase of a non-performing construction loan secured by a failed high-rise luxury condominium project in Berkeley, California. The financing was structured to allow the note-purchaser to subsequently obtain title to the property by foreclosure or deed-in-lieu of foreclosure, complete construction of the project, and convert the project to a luxury multifamily rental project.
Representation of a major life insurance company in the $360 million financing of a major high-end shopping mall in a suburb of Denver; the transaction involved negotiation of a master lease and agreements with a business improvement district; the complex transaction closed in less than three weeks.

The origination of a $19 million loan secured by a defaulted $32.3 million construction loan note secured by a mortgage on a multifamily project located in Las Vegas, Nevada, where the underlying borrower was in bankruptcy. This representation included extensive structuring to allow for a number of possible resolutions to the bankruptcy including sale, foreclosure, deed in lieu of foreclosure, or restructuring.
Representation of various loan servicers in the foreclosure, loan workout, receivership appointment, and disposition of more than $348 million in total loans. This included loans for multifamily, resort, retail and mixed-use, and office properties throughout Arizona.
Representation of a national finance company in establishing and maintaining its proprietary lending program and creating relevant documents and procedures, including required deal structure and closing requirements for the origination and potential sale/securitization of commercial real estate loans. Since its formation in 2011, Ballard Spahr has served as primary counsel for this lending program, closing numerous loans and working closely with the client's legal, closing, and servicing groups in maintaining updated document forms, developing updated and uniform closing procedures, and addressing servicing issues as part of the loan origination process.
Representation of a major life insurance company in connection with a $350 million financing of the Royal Hawaiian Center, a Class A retail center in Waikiki. The center contains more than 300,000 square feet with high-end tenants such as Tiffany and Company, Hermès of Paris and Salvatore Ferragamo. This transaction was highly complex due to the ground lease structure of the property and was closed in an expedited time frame.
Representation of a major pension plan trust in connection with its formation of a joint venture with a national developer for the acquisition of a property in downtown Seattle, Washington and the ground-up construction of a $200 million luxury high-rise apartment complex. The representation included negotiation of complex joint venture agreement, related development agreements, and a condominium declaration with the existing seller.
Representation of a national finance company in a cross collateralized and cross defaulted $112 million bridge loan financing transaction, secured by seven properties located in Texas, and subsequent transfer of the loans to the client's repurchase facility line. The representation also included the documentation of a $3 million mezzanine loan, secured by a pledge of the membership interests in each of the mortgage loan borrowers.
Representation of an investment bank in the origination of numerous CMBS conduit loans secured by real estate of various types and located across the country, including a $19 million mortgage loan secured by a mixed use office and shopping center located in Plano, Texas. This transaction involved a complicated declaration of covenants and easements and the negotiation of an estoppel and agreement with the owners' association.
Representation of one of the nation's largest life insurance companies in a $161.5 million financing of a prominent high-rise office building in Houston, Texas, including the preparation and negotiation of a reserve agreement for the disbursement and utilization of $9.5 million to fund capital improvement work for the project.

Western Real Estate Finance

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