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Real Estate Finance

Moving great real estate ideas from plans to reality requires creative and innovative financing delivered timely and responsibly to the needs of borrowers, lenders and investors. Goulston & Storrs’ Real Estate Finance Group plays a critical role in the structuring and delivery of these funds for its clients. Construction loans, conventional permanent mortgage loans, participating mortgages, mezzanine financing, tax-exempt and taxable credit-enhanced bond financings, private placement financings and government-assisted financings, to name a few, are transactions regularly managed by the Real Estate Finance Group. Many of these transactions include complicated multi-creditor issues and intricate arrangements with public agencies and authorities.

Developers and owners of real estate, affordable housing lenders, national banks, investment banks, Wall Street investment firms, major insurance companies, publicly-traded funds and regional savings banks throughout the US benefit from the extensive experience of our Real Estate Finance Practice. The firm serves as counsel to entities in their purchase and sale of loan pools and portfolios, as well as in the establishment of funds to make debt and equity investments.

Our group counsels clients on construction and permanent financing and refinancing of raw land, office buildings, industrial parks, hotels, strip shopping centers, regional malls, apartment complexes, office parks and residential and commercial condominiums and cooperatives. Additionally, we assist with securitized financings, mezzanine financings, loan syndications, bridge financing, convertible and participating debt transactions and sale leasebacks.

Representative Projects and Transactions

  • Represented DekaBank in several acquisitions including:
    • $67M portion of a $115M construction loan with respect to a large condominium project near Naples, Florida
    • $30M portion of a $265M mezzanine loan made with respect to the John Hancock Tower, Boston, Massachusetts, a $30M portion of a $135M construction loan with respect to a large condominium project in Washington, D.C.
    • $100M portion of a $3.5B Senior Secured Credit Facility made to a major REIT and a $40M portion of a $195M construction loan with respect to a trophy office building in Boston, Massachusetts
    • $65M portion of a $925M loan which was originated by Deutsche Bank made to the owner of 60 Wall Street (the Deutsche Bank Headquarters) (this portion of the loan, together with the other syndicated portions of the loan totaling $625M in the aggregate, is parri passu with a securitized piece of the loan in the amount of $300M.)
    • $140M acquisition financing of the Renaissance Boston Waterfront Hotel, consisting of a $90M senior loan and a $50M mezzanine loan.
  • Represented Eurohypo in connection with a $82M of acquisition financing (senior and mezzanine) with respect to an industrial portfolio (27 improved properties and additional developable parcels) in Memphis, Tennessee.
  • Represented a privately held real estate investment, management and development company in the refinancing and restructuring of several loans as well as in the purchase of multiple loans.
  • Represented life insurance company in making $42M mezzanine loan in connection with an $180 million condominium project in New York City.
  • Represented a syndication of national real estate lenders on a $340M construction loan for office buildings located throughout the United States.
  • Representation of a commercial real estate investment firm on an $11M Mezzanine Loan for an office project in suburban Washington, DC.
  • Represented a Wall Street firm and national bank in leading a syndicated construction loan for an office project in the Mid-West.

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