Media Coverage 12.04.18
Caroline Harcourt, a partner in Pillsbury’s Real Estate practice, represents owners, lenders, investors, developers and tenants in all aspects of commercial real estate.
Caroline advises on acquisitions and dispositions of property, development projects including large mixed-use development projects, financing transactions, joint ventures, leases, condominium projects and hotel management and franchise arrangements. She has also represented large institutional investors in connection with the origination, securitization and sale of mortgage and mezzanine loans, the negotiation of intercreditor or co-lender agreements among participants in complex debt stacks, and the workout and restructuring of such arrangements.
Represented a joint venture between Fifth Street Properties and a major pension fund in its purchase of 787 Seventh Avenue, New York, NY for approximately $2 billion and, concurrently, in obtaining $1 billion in financing.
Represented corporate end user in connection with the development of Time Warner Center, including the purchase and sale agreement for the site, joint venture arrangements, development agreements, construction and construction management agreements, construction loan documentation and condominium documents.
Represented investment banks in the origination, securitization and sale of mortgage and mezzanine loans in excess of $6 billion in total value.
- Acquisitions and Dispositions
- Represented real estate investor in the sale of a 49 percent interest in 1211 Avenue of the Americas, New York, NY - and formation of a private REIT to hold title to the building.
- Represented owner in its sale of the U.N. Plaza Hotel, located in midtown Manhattan.
- Represented owner and operator of Manhattan hotel properties in connection with the creation of ground leases for (and the sale of land under) each hotel.
- Represented purchaser of office building located at 750 Seventh Avenue, in midtown Manhattan.
- Represented purchaser of office building located at 745 Seventh Avenue, in midtown Manhattan.
- Represented large New York City not-for-profit in its sale of air rights and facilities in Manhattan and the outer boroughs.
- Represented hospital in its disposition of assets in lower Manhattan.
- Development Projects
- Represented developer in the development and ground-up construction of a hotel and retail project at Battery Park City (in lower Manhattan), including construction and permanent loans for both the hotel and retail portions of the project, joint venture agreements, hotel management agreements, ground lease documentation and creation of a commercial condominium.
- Represented developer in the development and ground-up construction of a large retail property in Queens, including development agreements, construction loan documents and condominium documents.
- Represented large New York City not-for-profit corporation in connection with its re-development of existing facilities throughout New York City, including the negotiation of development and sale agreements, air rights transfer agreements and condominium documentation.
- Represented trading exchange in development of a trading facility in lower Manhattan, including the negotiation of the ground lease, construction loan documents, and development and management agreements.
- Joint Ventures
- Represented real estate opportunity fund in the formation of a joint venture to recapitalize an existing multi-family project.
- Represented large pension fund in structuring and negotiating real estate joint venture agreements, for real estate investments made throughout the United States.
- Mortgage, Mezzanine and Construction Loans and Intercreditor Agreements
- Represented investment bank in the origination of $6.5 billion of mortgage and mezzanine secured by interests in hotel casinos.
- Represented investment bank in the origination of $3.5 billion of mortgage loans provided in connection with the acquisition of retail REITs.
- Represented investment bank in the origination of $1.4 billion bridge loan financing to finance acquisition activities throughout the United States.
- Represented commercial bank in the origination and syndication of various construction loans relative to the construction of properties in New York City, California and Nevada.
- Represented two commercial banks in the co-origination of an acquisition, renovation and conversion loan secured by a mixed-use building in lower Manhattan.
- Represented investment bank in the origination of a $1 billion bridge loan to public REIT and owner of warehouse properties.
- Represented investment bank in the origination of an acquisition and renovation loan secured by a resort in Aruba.
- Represented investment banks in their mezzanine loan sales and the negotiation of highly structured intercreditor and co-lender agreements.
- Distressed Real Estate
- Represented investment bank in restructuring $6.5 billion of mortgage and mezzanine loans secured by hotel/casinos.
- Represented investment bank in restructuring $3.5 billion of bridge, mortgage and mezzanine loans in connection with retail shopping centers located throughout the United States.
- Represented investment bank in providing debtor-in-possession financing for a casino.
- Represented investment banks in loan foreclosures (including mezzanine loan foreclosures) and work-outs.
- Represented commercial bank in extending and restructuring numerous defaulted construction loans.
Honors & Awards
- The Legal 500 U.S., Real Estate (2016 – 2017)
- Former president of WX, New York Women Executives in Real Estate
- Young Leadership Series at the Flagship Real Estate Deal Makers Conference, Host (May 10, 2018)
J.D., Columbia University School of Law, 1986
B.A., Princeton University, 1982