Our commercial mortgage-based securities (CMBS) and collateralized loan obligations (CLO) teams work closely with loan originators, master servicers, and special servicers to efficiently and effectively execute CMBS and CLO deals across the country. Further, our CMBS and CLO teams have specialized experience collateralizing assets involving ground leases, fragmented condominium regimes, tenants in common, Delaware statutory trusts, tax increment and payment in lieu of taxes (PILOT) financing, and historic rehabilitation tax credits.

Loan Originations, Workouts & Enforcements

We represent the majority of major CMBS lenders in the market today, as well as several large CLO lenders, real estate investment trusts (REITs), and borrowers in connection with deals throughout the United States. Our team also represents many institutional lenders in closing their portfolio of balance sheet and bridge loans from varying capital sources, including national and international banks, REITs, insurance companies and other capital sources. For non-performing loans, our team has vast experience assisting clients through loan modifications, workouts, and enforcements.

Master Servicing & Asset Management

Our CMBS and CLO teams routinely represent master servicers in connection with a variety of servicing-related matters. We have also represented borrower clients on both sides of assumption transactions, with added efficiency assisting clients in tenant bankruptcies. Furthermore, we handle a substantial volume of asset management work for our lending clients that do not regularly securitize their loans.

Special Servicing

Our CMBS and CLO teams represent a variety of special servicers, typically in the enforcement of the loan documents through the foreclosure process or by taking title through a deed in lieu of foreclosure. We also routinely help our borrower clients address challenges related to working with special servicers.

Our balance sheet lending team understands the objectives of our clients’ lending programs, as well as their complex documentation and procedural requirements, and uses this knowledge to guide the transaction team through the loan closing. We are skilled and meticulous in handling a variety of loan types and financing transactions for projects across an array of industries, including: commercial real estate, energy, manufacturing, health care, multifamily housing, senior living facilities, technology, retail, healthcare, environmental, hospitality, industrial, and higher education.

Loan Originations

From the drafting and negotiation of the loan applications, loan commitments, and loan documents through closing, our balance sheet lending team guides clients regarding the rights, remedies and practices arising from the origination, servicing, sale, syndication and participation process. Our experience with a wide range of loans with varying maturities, leverage ratios, and debt coverage ratios has proven, time and again, to be a competitive advantage for our clients. We also leverage transaction management software equipped with advanced artificial intelligence (AI) tools to deliver the most cost-effective service for our clients.

Post-Closing Servicing

Our balance sheet lending team strives to maintain a deep knowledge of our clients’ operations to address their current needs and anticipate future needs. We routinely assist clients with a variety of servicing-related matters. The close collaboration among lawyers in our real estate, financial services, creditors’ rights, bankruptcy, and litigation practices allows our firm to readily assist clients with their post-closing challenges. This post-closing support includes handling modifications, workouts, restructurings, assumptions, bankruptcy matters, foreclosures and deeds in lieu of foreclosure.

Our life insurance company lending team routinely advises our life insurance company clients, including direct life company lenders and asset managers who invest life company capital, in connection with commercial real estate loans secured by diverse asset classes (e.g., multifamily, office, retail, warehouse/industrial, self-storage, and hotels/hospitality). Based on a studied understanding of our clients’ lending programs, we are able to guide the transaction team through the loan closing. Our clients, as a result, receive end-to-end service covering the full range of legal/transactional needs, from sourcing opportunities, through due diligence and structuring and closing the initial transaction, to servicing the loan, assisting with any potential workout or deal restructuring, and navigating any refinancing and other deal modifications. That attentive, comprehensive coverage ultimately enables continued success along with enhanced value and growth propositions for our clients.

Loan Originations

We understand the complexities of making commercial real estate loans and place an emphasis on ensuring that our due diligence reviews are thorough and our documents are carefully prepared. But we also know that our clients’ businesses are built on relationships, so we view responsiveness to our clients and their borrowers, grounded in efficient deal management practices, as a top priority too.

Our team has specialized experience collateralizing assets involving ground leases, fragmented condominium regimes, tenants in common, Delaware statutory trusts, tax increment and PILOT financing, and historic tax credits.

Post-Closing Servicing

After structuring and closing the deal, our attorneys remain an integral part of our clients’ teams and assist with routine servicing matters as well as more complex modifications and workouts. When issues arise, we are also prepared to take all necessary actions to enforce our clients’ interests. The close collaboration among the lawyers in our creditors’ rights, bankruptcy, and litigation practices allows our firm to readily assist clients with such post-closing challenges, including bankruptcy matters, foreclosures and deeds in lieu of foreclosure, and enforcement of guaranteed obligations.

Our private capital team works closely with loan originators, private equity groups, venture capital firms, developers and various other players in the space to execute a variety of debt/equity deals in markets throughout the U.S. Those deals often include a variety of debt and equity positions as well as a mix of economic and other deal terms in many different types of credit facilities, including first mortgage fixed and variable term loans, mezzanine debt, hard and soft preferred equity and common equity positions, construction/project financing, bridge loans, and venture financing with portfolio companies.

Deal Structure/Loan Originations & Documentation

Our private capital team works closely with REITs, private equity groups, venture capital firms, and related alternative real estate lenders in various capital transactions. Given the wide array of deal types that our team regularly handles—varying by debt-to-equity mixes, by specific real estate and other collateral types, and by particular project substance and timeline—we are well equipped to not only analyze each situation with a mind toward client- and project-specific goals, but we are also careful to document and solidify our clients’ interests in the most appropriate way, ensuring success in each transaction.

Debt/Equity Servicing & Workout

After structuring and closing the deal, our private capital team remains an integral part of each client’s team. We provide end-to-end services, enabling continued success and driving additional value and growth propositions for our clients and their portfolio companies. This often starts with identifying sourcing opportunities, performing due diligence, and structuring and closing the initial transaction. We also assist in servicing the credit facility, any potential workout or deal restructuring, along with refinancing and other deal modifications. When necessary or appropriate, our team is prepared to take action to protect and enforce our clients’ interests through foreclosure and receivership actions, bankruptcy proceedings, and other remedies.

Industry/Market Experience & Insights

Our private capital team’s experience is extensive. Our reach and relationships are deep throughout the U.S., in all major markets, built on connections that are long-standing and solid. This network encompasses traditional and non-traditional lenders, venture, private equity, and other investors and financiers, entrepreneurs, policy makers, and thought leaders. We source ideas and opportunities through these relationships, many of whom are clients who recognize us as a committed member of the team, helping them advance ideas and grow their businesses.

Our team’s unique wealth of information and experience expands our thinking, while our wide breadth of data contributes context in each negotiation, which enables us to provide experienced judgement and market-specific advice. We extend the vast capabilities of our entire firm for the benefit of our clients and their portfolio companies. Through our functional expertise, technology platform, and commercial relationships, we deploy considerable resources to help our clients grow revenues, enhance margins, digitize processes, manage human capital, and drive sustainability and impact.

Our legal opinions team works closely with lenders and borrowers on commercial real estate transactions across the country. We predominantly act as local counsel to borrowers in real estate finance deals, engaged by primary borrower counsel to advise on local practices within our footprint. Our work covers all aspects of reviewing security instruments governed by local law, confirming those documents are enforceable, and issuing opinion letters that are relied upon and required by lenders in virtually every commercial real estate financing.

Our team can issue simple opinions on single property deals or that cover several properties and jurisdictions in large multi-state portfolio deals. We routinely work opposite highly sophisticated lenders and lenders’ counsel and have developed an incredibly efficient and effective practice where we are able to leverage the lower rates of our more junior attorneys.

In addition to our standard enforceability opinions for local law, our legal opinions team can draw on the breadth of experience from our CMBS, CLO, REIT, and life insurance company clients to provide highly specialized opinions that are required in most (if not all) high-dollar commercial lending transactions. We have the knowledge and capability to provide special Delaware LLC opinions, more commonly referred to as “no dissolution and authority to file” opinions. In addition, we can provide enforceability opinions under New York law, as this is often the choice of governing law for loan documents in many large lending transactions. Finally, we have the expertise to provide substantive non-consolidation opinions, which involve complex aspects of bankruptcy law and are similarly required in most sophisticated commercial lending transactions.

As a companion to our legal opinion services on the borrower side, we are able to serve as local counsel for lenders to review security instruments from that perspective and also review opinions that lenders are receiving to ensure all aspects are properly covered.