Joint Venture and Fund Formation:
Represent life insurance company as sponsor of a separate account joint venture with a foreign life insurance company with the purpose of owning a "build-to-core" portfolio of industrial and multifamily real estate properties with initial aggregate capital commitments of up to approximately $409 million, and in turn represented the separate account joint venture as investor in connection with property-level joint venture transactions to acquire and finance numerous development projects, including recent transactions in Savannah, GA (industrial, $250,000,000) and Irving, TX (industrial, $75,000,000).
Represented life insurance company as sponsor to form joint venture with a foreign pension fund to invest in property-level joint venture with a national developer to acquire and finance development of twelve-story, Class AA office building with 321,307 sq. ft. of rentable space in Denver, CO ($206,000,000).
Represented life insurance company in connection with negotiation and formation of program advisory agreement with foreign pension fund to establish a platform for investing in commercial real estate assets in the United States with aggregate equity commitments of $312,500,000.
Represented life insurance company in connection with two-tiered joint venture (the first among the client, a private-equity sponsor and an additional insurance company investor and a second between the upper-tier venture and a developer joint venture) for the purpose of developing two multifamily residential projects, one with 267 market rate units and the other with 347 units (of which 92 are affordable housing units), together with 25,413 square footage of rentable retail space in the former United States Navy Yard in Philadelphia, Pennsylvania, collectively having an expected total project cost of approximately $290,000,000.
Represented private equity investor to negotiate and form a programmatic joint venture featuring aggregate equity capital commitments of $120,000,000 to acquire and develop specialized health care facilities in the United States, including one initial acquisition in Youngstown, OH to develop a 66,000 square foot, 60 bed inpatient rehabilitation facility with an anticipated project value of $43,871,015.
Represented university endowment fund in connection with programmatic joint venture investment (via Delaware series LLC) to redevelop existing multifamily project in Austin, TX to include up to 1,700 multifamily units in mid-rise project within two miles of downtown.
Represented family office in connection with joint venture with developer to acquire and develop 39 acres located in Charlotte, NC to construct a Class-A industrial development project totaling approximately 448,000 rentable square feet.
Debt Funds:
Represented private equity investor to negotiate and form a joint venture with a debt sponsor with initial capital commitments of up to $120,000,000 to finance senior housing assets in the United States, with a particular focus on bridge to permanent mortgage loans and leverage with a repurchase facility.
Represented private equity investor to negotiate and form a joint venture with a debt sponsor with initial aggregate capital commitments of $100,000,000 (with options to expand the fund up to $1,000,000,000) to finance multifamily housing assets in the United States, with a particular focus on small bridge loans and leverage with a repurchase facility. The client also acquired warrants for up to 10% of the debt sponsor’s parent company.
Preferred Equity and Alternative Capital:
Represented life insurance company in connection with a speculative industrial development project in Central Pennsylvania in which the client and its state pension fund partner made a structured equity investment in a joint venture with a national developer in the form of both a senior equity investment and a preferred equity investment in lieu of a conventional construction loan.
Represented life insurance company in connection with a two-tier joint venture (the first between the client and a state pension fund and the second between the upper tier joint venture and a developer partner) to refinance a retail center in Aurora, CO with a low leverage mortgage loan plus an approximately $28,000,000 preferred equity investment.
Represented family office in connection with a preferred equity investment in the maximum amount of $11,383,459 in connection with the development of a 340-unit, Class-A, multi-family rental development known located in New Braunfels, Texas.
Represented private U.S. based real estate firm in a preferred equity investment in a former textile mill that has been redeveloped into an innovative mixed-use property in Charlotte, NC that includes a food hall, and other retail and office uses. The transaction is valued at $72,000,000.00 and included purchasing the existing mortgage debt as a bridge loan to refinancing the project with new permanent mortgage debt, an existing historic tax credit structure, the redemption of the sponsor's previous preferred equity and mezzanine investors, and certain internal transfers and conversions required to occur prior to closing for tax purposes.
Represented a public REIT in acquisition a 20-story office high-rise located in suburban Atlanta via acquisition of 100% of the common stock of “baby-REIT”, redemption of preferred stock and subsequent liquidation REIT for tax purposes through merger of REIT up into purchaser.
Single-Family Programs:
Represent life insurance company as investor in connection with negotiation and formation of joint venture to acquire and finance single-family residential properties with equity capital commitments of up to $200,000,000.
Represent private U.S. based real estate firm in the recapitalization of a single-family residential homes portfolio consisting of approximately 4,150 homes in Ohio and Indiana in which its investors transferred their partnership interests in subsidiaries to a new operating partnership owned by private equity investors and a newly formed REIT in exchange for cash and roll-over equity in the new operating partnership to be managed by our client, all in transactions valued at approximately $350,000,000 and financed in part by Freddie Mac.
Represented private U.S. based equity firm in connection with disposition of single-family residential platform to institutional investors in two transactions involving over 1,700 and 4,200 homes each for approximately $150,000,000 and $409,000,000, respectively.
Sale/Leaseback and CTL Transactions:
Represented a private real estate firm in sale/leaseback of urban, mixed-use developments outside of Dallas, Atlanta, and Phoenix consisting of multi-building office projects (including ground floor retail) for purchase prices of $793,000,000, $275,400,000, and $930,000,000 respectively, including leases of over 4.75 million square feet, joint venture investments by foreign pension funds and traditional mortgage financings.
Represented a global financial institution in connection with credit tenant lease (CTL) financing involving ground lease/leaseback of land for construction of international headquarters of Fortune 50 company in Michigan.
Foreign Investments:
Represent Middle Eastern financial services firms in connection with Shari’ah-compliant and traditional investments in the U.S., including formation of single-asset or programmatic joint ventures to acquire multifamily and student housing projects, assemble portfolios of industrial assets, and dispose of office and industrial portfolio assets.
Represented a Los Angeles-based private quity firm in connection with formation of single and programmatic joint ventures with local developers of multifamily projects in major metropolitan areas of Brazil.
Infrastructure:
Represented foreign and domestic renewable energy companies with acquisition, disposition, equity investment and tax equity financing of wind and solar energy generation projects collectively estimated to generate in excess of 1,000 MW of electricity.
Represented a Charlotte-based private equity firm in sale/leaseback transaction involving manufacturing plant located in Concord, North Carolina, consisting of approximately 2,000,000 square feet of usable space and 2,000 acres of land for manufacture of commercial-grade batteries for energy storage.
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