Real Estate Finance

To view our Commercial Mortgage Lending Experience Map, click here.

Polsinelli has forged a national practice and reputation in real estate finance. We regularly represent our real estate lending clients, including insurance companies, CMBS lenders, banks and other financial institutions, in acquisition, construction, bridge, permanent and mezzanine financing transactions of all sizes and complexities.

Our attorneys and paralegals have documented and closed more than 4,600 commercial mortgage loans exceeding $44 billion in principal amount in all 50 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico.

We also represent our lending clients, as well as some of the largest commercial loan servicers in the country, in connection with the administration and servicing of commercial real estate mortgage loans. The scope of this representation includes the full spectrum of issues that may arise during the term of a mortgage loan, including loan modifications, extensions, assumptions, defeasance transactions, collateral substitutions, participation and intercreditor agreement issues and loan sales and purchases. Loan structures range from loans with one property, borrower and lender, to the most complex structured finance loans involving multiple properties and parties, with participations, A/B notes and multiple mezzanine tiers.

Our extensive national experience in real estate loan enforcement and bankruptcy cases gives us a bottom-line, common-sense perspective that enhances our loan origination and servicing work, and positions us for rapid, effective action when there is an impending loan default. Our attorneys have significant experience in workouts and restructuring of mortgage loans and work closely with our loan enforcement group to maximize our clients’ recoveries on troubled loans.

We supplement our extensive experience by integrating lawyers and support personnel specializing in distinct disciplines of finance, real estate, corporate, tax, securities, bankruptcy and creditor's rights - together with a nationwide network of local counsel. This translates into state-of-the-art loan and servicing documentation, and a problem-solving, proactive transaction approach focused on positive outcomes that is as borrower-friendly as possible without compromising lender and servicer interests.

Members of our real estate finance group have particular knowledge and experience in the defeasance of securitized loans. Defeasance is used in connection with refinancing a CMBS loan or a sale or other disposition of real property securing a CMBS loan and involves the substitution of U.S. government-backed securities for the real estate collateral. The obligation to make loan payments is not terminated and continues until the maturity date, but the real estate is released upon completion of the defeasance. The securities are pledged to the lender and provide the sums necessary to pay the debt when due. Our attorneys assist in all aspects of the defeasance process, including preparation of documentation, structuring the successor borrower which becomes the loan obligor after the defeasance is completed, coordinating approvals from rating agencies, advising on REMIC compliance issues and closing the transaction.

• Represented a lender in a $51 million mortgage secured by 31 single tenant properties in Illinois and Indiana.
• Represented a lender in a $196 million mortgage loan secured by an office building in Washington, D.C.
• Represented a lender in a $95 million mortgage loan secured by a portfolio of 29 self-storage facilities in nine states.
• Represented a lender in a $106 million mortgage loan secured by an office and retail facility in Florida.
• Representation of a $24 million senior preferred equity investment in a limited liability company owning a 535-unit apartment complex located in San Diego, California.
• Represented a lender in $19 million mezzanine financing secured by the membership interests in a limited liability company owning an office/data processing facility located in Phoenix, Arizona, credit tenant leased to a global financial services company.
• Representation of a $9.3 million senior preferred equity investment in a limited liability company owning two residential apartments buildings located in Midtown Manhattan.
• Represented a lender in a $15 million mezzanine financing facility secured by the membership interests in a limited liability company owning five retail properties acquired in a sale-leaseback transaction.
• Represented a mortgage and mezzanine lender in a $53 million construction loan for conversion from an office to multi-family unit in Chicago.
• Represented a lender in a $10 million mezzanine financing secured by the membership interests in a limited liability company owning an 85,000 square foot office condominium unit located within a major New York City landmark.
• Represented a mortgage and mezzanine lender for a $33.95 million construction/conversion of boutique hotel, mortgage and mezzanine loan as well as A/B component in Portland, Oregon.
• Representation of a $34 million combined mortgage and mezzanine loan with preferred equity component multi-property flex building portfolio.
• Representation of lender in $258 million loan secured by portfolio of office, retail, and self-storage properties located in eight states.
• Represented a national bank on a $80.5 million loan secured by 278,133 sq. ft. medical office building located in Bronx, New York.
• Represented a private commercial real estate finance company on a $6.15 million mezzanine financing construction facility secured by the membership interests in a limited liability company owning a to be built 327 unit Class A apartment complex located in Houston, Texas; $9 million mezzanine financing construction facility secured by the membership interests in a limited liability company owning a to be built a 318 unit apartment complex located in Fort Worth, Texas; and a $8.25 million mezzanine financing construction facility secured by the membership interests in a limited liability company owning a to be built a 120 unit apartment complex located in Denver, Colorado.
• Represented the servicer in loan and intercreditor agreement modifications of $295 million in mortgage and mezzanine loans secured by a portfolio of 7 hospitality properties.
• Closed a series of loans by a CMBS lender to a national hospitality REIT involving $110 million principal amount secured by 11 properties in seven states.
• Represented the servicer in a combined $209 million defeasance involving multiple loans held in several different securitized loan pools.
• Closed a $26.5 million loan for a bridge lender secured by a North Carolina office park.
• Represented the preferred equity provider and mezzanine lender in connection with multiple construction loans.
• Represented a group of lenders in connection with multiple modifications of a $1 billion plus loan structure involving eight separate loans secured by close to 200 individual properties.
• Represented a CMBS lender in closing a $60 million loan on a retail center in Virginia.
• Represented mortgage and mezzanine lenders closing combined loan amounts of $38 million secured by a New York City hotel.
• Preferred equity provider’s counsel in connection with the origination of a $15 million senior preferred equity investment in a limited liability company acquiring 14 residential apartment buildings containing over 3,500 units located in Arizona, Texas, Oklahoma, Nevada, Maryland, Florida and Virginia subject to a $140 million restructured senior credit facility.
• Closed $44 million loan secured by regional mall in South Carolina.
• Represented the servicer in the assumption of a portfolio of 5 loans secured by student housing projects in three states, with modification of all loan documents to accommodate joint venture structure involving US and Canadian REITS.
• Although the primary focus is lender representation, we also represent borrowers in loan transactions, including the recent representation of a borrower in obtaining loan secured by multiple properties located in Chicago.
• Closed a $20 million loan for a balance sheet lender secured by seven industrial properties located in Michigan and Illinois.
• Represented the servicer in multiple modifications of $150 million loan secured by an office building in Mexico City.
• Closed a $75 million transaction secured by various hotel franchises, including multiple properties across multiple states.
• Closed 16-property multi-state transaction secured by multiple office parks.
• Closed an eight-property multi-state transaction secured by the multiple apartment complexes.
• Closed a preferred equity transaction in connection with a construction project in California.
• Closed a multi-advance loan for purposes of land acquisition transaction to be developed for residential subdivisions.
• Assisted client with implementation of a mezzanine program in order to provide mezzanine loans to borrowers in addition to the senior mortgages being provided by the client.