Representative Experience

  • Represented an investment bank in origination and securitization of $5.5 billion+ of mortgage and mezzanine loans on fee and ground leaseholds in office, hotel, mixed-use, industrial and regional mall properties throughout United States.
  • Assisted Fifth Street Properties in obtaining $1 billion in mortgage and mezzanine financing in connection with its purchase of 787 Seventh Avenue in New York City.
  • Represented a government-supported non-U.S. bank and its investment vehicle in purchasing substantial amounts of illiquid securities and other distressed assets from another non-U.S. bank.

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  • Mortgage and Mezzanine Financing – Lender Representation
    • Assisted an investment bank in the origination, and later restructuring, of $6.5 billion of mortgage and mezzanine loans on hotel/casinos in various states.
    • Advised an investment bank in the origination of $2 billion bridge loan financing provided in connection with the acquisition of a retail REIT.
    • Provided guidance to an investment bank in the origination of a mortgage loan to a tenant-in-common owner of midtown Manhattan office building.
    • Represented an investment bank in the origination of mortgage and mezzanine loans (totaling approximately $1.5 billion) for acquisition, expansion and renovation of a Las Vegas hotel/casino.
  • Mortgage and Mezzanine Financing – Borrower Representation
    • Represented Hoffman-Struever Waterfront LLC in closing $550 million in construction financing and TIF bond financing for “The Wharf” redevelopment in Washington, DC.
    • Represented Lincoln Property Group as issuer of $583.8 million in Military Housing Revenue Bonds to finance demolition, renovation, construction and operation of U.S. Navy military housing in the Mid-Atlantic region.
    • Advised SBE Hotel Group regarding a variety of investment and development projects, including acquisition and financing of the Beverly Hills Le Méridien Hotel, and ongoing negotiation of equity investments in the hotel.
    • Assisted Shorenstein in its $1 billion recapitalization of 555 California Street, involving a mortgage and five mezzanine loans totaling $750 million.
    • Advised a real estate investment firm in its acquisition and financing of 707 Wilshire, a 1.1 million-square-foot commercial office tower in L.A.’s financial district.
  • Construction Loans
    • Acted for lender in a $74.6 million syndicated loan for construction of a 12-story, Class A 300,000-square-foot office building and freestanding parking garage in San Diego’s Kearny Mesa area.
    • Represented lender in connection with two syndicated loan financings for construction of assisted-living projects located in Prescott, Ariz. and Portland, Ore.
    • Advised the lender on a $42 million construction loan for a boutique hotel secured by a ground leasehold estate.
  • Acquisitions of Distressed Assets or Debt
    • Assisted a major private equity fund in pursuing acquisitions of loan portfolios from the FDIC and other federal financial regulatory agencies.
    • Provided guidance to a large New York real estate company in its liquidation and sale of scores of commercial and residential properties and mortgage interests.
    • Acted for bank in distressed sale of 28 agricultural properties and ranches (in multiple states) under bankruptcy court supervision.
    • Represented a financial institution in the seller-financed sale of single-family REO portfolios in Florida, California, Illinois and Nevada.
  • Loan Modification, Workouts and Restructurings – Lender Representation
    • Assisted a 72-member bank group in restructuring a $4 billion portfolio of real estate and business assets of Donald J. Trump, including an $800 million personal guarantee.
    • Representing one of the world’s largest banks in the workout of a $300 million loan secured by 50+ hotel properties and involving multiple trusts, lenders, servicers and borrowers.
    • Guided a bank group through the restructuring of real estate portfolios held by Portman Real Estate.
    • Represented an investment bank in the origination, and later restructuring, of $6.5 billion of mortgage and mezzanine loans on hotel/casinos in various states.
    • Advised an investment bank in restructuring $3.5 billion of bridge, mortgage, and mezzanine loans on retail shopping centers throughout the United States.
    • Assisted a large institutional investor, as national workout counsel, including in restructurings of its equity investments in multifamily and mixed-use developments.
  • Loan Modifications, Workouts, and Restructurings – Borrower Representation
    • Acted for the Trump Organization in restructuring the public bond debt on the Trump casinos in New Jersey.
    • Advised Olympia & York in a $20 billion restructuring of its global assets, including Canary Wharf in London.
    • Acted for borrower in its negotiation and settlement with two banks—one held a $125 million first mortgage and the other held a derivative contract secured by a second mortgage.
    • Represented the equity partner in successfully restructuring an at-risk joint venture for a mixed-used project in Tennessee.
    • Represented an investor in a transaction involving the removal of multiple general partners and management entities, including enforcement of guaranties.
    • Assisted PurEnergy in restructuring $320 million in debt as it took over the 440-megawatt, coal-fired Red Hills Generation Facility located in Choctaw County, MS.
  • Deeds in Lieu; Foreclosures
    • Advised Crescent Real Estate Equities (as lender and fee owner/ground lessor) regarding a deed in lieu of foreclosure of a leasehold interest in Trammell Crow Center in Dallas.
    • Represented Shorenstein in a mezzanine loan foreclosure and acquisition (from Tishman Speyer) of the 210,000-square-foot Santa Clara Towers (formerly known as McCandless Towers), located in California’s Silicon Valley.
    • Represented a real estate investment company in the purchase of a mezzanine loan for a Boston office property and negotiation of deed in lieu with the borrower.
    • Assisted a lender in a foreclosure of participated acquisition and development loans secured by real property in Florida, Nevada, Arizona, Utah and California.
    • Represented a lender in a complex participated loan workout involving a receiver’s sale of a failed housing development in Northern California.

Practice Area Highlights

  • Pillsbury’s real estate team and its lawyers are repeatedly recognized by Chambers USA and The Legal 500 U.S. and praised by clients as “technically excellent,” “efficient, responsive and knowledgeable.”
  • Pillsbury was ranked among the top 10 “Leading Real Estate Law Firms” by Commercial Property Executive, a publication that covers the commercial real estate industry’s key trends, issues and concerns.