Alert 01.28.25
Service
A recognized leader for both real estate and finance, Pillsbury represents lenders and borrowers of debt and equity capital in all types of real estate financing transactions.
Pillsbury’s Real Estate Finance team advises on, negotiates and closes all types of secured and unsecured real estate finance arrangements for debt and equity capital providers and users, handling all types of real estate financing transactions, including mortgage, mezzanine, construction and bridge loans, purchases and sales of loans and interests in loans, forbearances, workouts and restructurings (both in and out of court) and the enforcement of and exercise of remedies under loan documents. The team has experience involving every class of property, including office buildings, hotel and leisure-related assets, retail, industrial, multifamily and sustainable buildings.
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We regularly provide advice to borrowers and lenders on structuring and documenting financings secured by real property (from individual assets to nationwide portfolios), including term loans, acquisition loans, bridge loans, construction loans, lines of credit, warehouse liens, and syndicated and securitized loans. Drawing on the experience and market knowledge of lawyers from our real estate, finance, tax, litigation, environmental, insolvency and insurance practice groups, we provide comprehensive service, advising on and negotiating corporate transactions, mezzanine finance and preferred equity structures, construction loans, agency loans and distressed debt resolutions.
As climate change remains a continual focus and more legislative efforts take effect nationwide, sustainable development goals and financial investments encompassing environmental, social and governance (ESG) have expanded to include Sustainable Buildings. Pillsbury advises clients on the development and construction of new buildings, as well as the retrofitting of existing buildings to achieve sustainability. Our team is well-versed in addressing regulatory and compliance issues as key stakeholders look to reduce carbon emissions produced by buildings, warehouses and facilities. Bringing our multidisciplinary team of Sustainable Finance, Renewable Energy, Projects, and Real Estate attorneys together, we advise building owners, investors, sellers and purchasers, tenants, and lenders on compliance with local regulations such as “The Climate Mobilization Act of New York City.” We are committed to helping our clients comply with purchasing carbon offset credits and renewable energy and have a unique understanding of sustainable building-related construction disputes and issues. We also have assisted clients with Commercial Property Assessed Clean Energy (C-PACE) financing.
Our services include:
Corporate Transactions and Advice
In conjunction with our Corporate and Tax practices, we work with clients on a variety of corporate transactions, such as bulk sales of whole loans and participations, multijurisdictional loan syndications, mergers and acquisitions with significant real estate components, and REIT-related transactions. We also provide guidance on establishing and maintaining origination programs, draft form documents and legal due diligence policies, and provide post-closing asset management support.
Mezzanine Finance and Preferred Equity
We regularly represent borrowers and senior and junior lenders in connection with mezzanine debt, preferred equity, and other subordinate and multilevel debt structures. Our lawyers have negotiated intercreditor and co-lender agreements in highly structured capital stacks.
Construction Lending
Our construction-lending lawyers tap the resources of our Real Estate Lending team as well as our construction and insurance lawyers. Applying deep knowledge of the construction industry, we coordinate the efforts of borrowers and lenders to ensure that a project is financeable.
Agency Lending
For more than a decade, we have represented agency lenders in multifamily conduit financing transactions involving Freddie Mac as ultimate purchasers, including loan assumptions, conventional loans and bond financings. We are experienced in the complexities of various loan structures and have a dedicated database of financings forms and content and handle on all aspects of agency lending transactions, including documentation, negotiation, due diligence and legal opinions.
Distressed Debt
We advise lenders, special servicers, subordinated debt investors and borrowers regarding workouts, distressed debt acquisitions and dispositions, senior and mezzanine foreclosures, and deed-in-lieu transactions. Our capabilities include reviewing underlying real property asset, understanding rights granted to lenders and third parties in loan documents and in intercreditor and co-lender agreements, documenting transactions and replacement financing, defending lenders in related litigation, and ensuring all relevant bankruptcy, tax and regulatory issues are addressed.
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