Banking & Finance Notes

DarrowEverett’s Real Estate and Banking & Finance Practice Groups assisted a lender in providing approximately $9 million in financing to a prominent East Coast real estate investment firm for the acquisition and ground up development of a multi-unit residential townhome development located in northern New Jersey.

DarrowEverett’s Banking & Finance Practice Group assisted a lender in providing $15,500,000 in financing to a national hospitality owner-operator in order to refinance and redevelop a historic 288-unit hotel in downtown St. Louis, Missouri.

DarrowEverett’s Banking & Finance Practice Group assisted a lender in providing approximately $12 million in financing to a local development for the acquisition and renovation of a 67-unit multifamily apartment building in Chicago, Illinois.

DarrowEverett’s Banking & Finance Practice Group assisted a lender in providing $17,500,000 in financing to a Canadian-based real estate investment company in order to refinance the acquisition and provide a predevelopment loan for a 227-key beachfront resort in Daytona Beach Shores, Florida.

DarrowEverett’s Real Estate and Banking & Finance Practice Groups represented a multinational private lender in connection with its extension of an acquisition and construction loan facility for the redevelopment of a multi-unit residential and commercial condominium complex in Hampden County, MA.

DarrowEverett’s Banking & Finance group represented a regional lender with regard to a multi-million dollar loan transaction for the acquisition and renovation of commercial property in Rhode Island, financing for the acquisition of business assets for a related entity and a line of credit for a newly formed retail business. The real estate borrower will be utilizing the funds to remediate the environmentally sensitive property, renovate existing structures and construct a significant addition to house a national retail store. Additional space will be leased to a restaurant and other retail and service establishments. The DarrowEverett team worked closing with the Lender to review numerous environmental reports and remediation plans while also providing legal advice as to environmental escrows to provide for sufficient funds for such work in a timely manner. In addition, the attorneys played a key role in assessing zoning and permitting issues related to the project.

DarrowEverett’s Real Estate and Banking & Finance Practice Groups worked together with a quasi-governmental agency in Rhode Island in the refinance of existing bond transaction. DarrowEverett advised the Agency on title matters and the amending of the bond documents in order to provide significant cost-savings for the Agency.

DarrowEverett’s Banking & Finance and Corporate Groups successfully represented multi-national manufacturing and distribution borrowing-companies, having various manufacturing facilities and assets in the United States, Italy and Hong Kong, in connection with a global lender’s extension of various revolving and term loan facilities (aggregating $8MM) to the borrowing-companies. Transaction involved the: (i) extension of two (2) revolving line of credit facilities and an equipment acquisition facility; (ii) re-finance of two (2) existing term loan facilities extended by a prior lender; (iii) collateralization of both domestic and foreign assets; (iv) subordination of certain (a) shareholder indebtedness, and (b) acquisition-related indebtedness held by a multi-billion dollar manufacturer; and (v) resolution of complex stock redemption issues.

DarrowEverett’s Real Estate and Banking & Finance Practice Groups successfully represented and advised a regional real estate development company in the refinancing of several Rhode Island properties. The two loan facilities provided the client with the ability to select a fixed rate on one loan while permitting the client to select a floating rate as to the second loan. The proceeds will be utilized to financing existing debt and provide funds for tenant improvements. Both transactions were closed within a one week period in order to meet the client’s need to conclude the transactions before year-end.

Represented Massachusetts based real estate private equity firm in connection with negotiation of complex $11 million financing option transaction to reposition a large scale commercial cold storage facility

Represented large, national lender in connection with lender’s extension of various revolving and term loan facilities (aggregating $4MM) to a national publishing and production company. Transaction involved the (i) extension of a new revolving facility and the amortization of three (3) existing revolving line of credit facilities, (ii) pledge of, and/or granting of security interests in, a significant intellectual property portfolio and various equity and/or stock holdings in Borrower and certain of its affiliates, and (iii) complex subordinated debt and outstanding stock warrant issues.

Represented large regional lender in connection with lender’s extension of a $2.5MM commercial real estate loan, guaranteed in part by an SBA 504 debenture.

Represented large regional lender in connection with its extension of a $20MM (apx.) construction line of credit facility for the partial financing of constructing a One Hundred Sixty-Eight (168) unit apartment complex. Transaction involved complex sponsor equity, joint venture and partnership concepts and funding mechanisms, together with extensive analysis and negotiation in connection with title issues and multiple Limited Liability Company and REIT agreements.

Represented large regional lender in connection with its extension of a $8MM (apx.) non-revolving acquisition line of credit facility for Borrower to (i) establish management dental services organization; (ii) establish a network of dental practices within its management structure; and (ii) acquire the tangible assets of dental practices throughout the Northeast region of the United States. Transaction involved several months of underwriting and structuring the loan for the client, together with analyzing and ensuring compliance with myriad security and collateral issues in connection with personal assets and other collateral subject to protection under the Health Insurance Portability and Accountability Act of 1996.

Represented regional lender in connection with its $1.5MM refinancing and take-out of four (4) separate loans (including Small Business Administration loans) encumbering a large manufacturing facility in Worcester County, MA. Transaction involved multiple lease subordination matters and resolution of environmental and potential groundwater contamination issues.

Represented regional lender in connection with its extension of a revolving line of credit facility to a large and well-known New England retailer headquartered in Worcester, MA. Line of Credit involved a complex borrowing base calculation based on certain receivables and inventory, together with drafting and issuing certain letters of credit treated as advances under the master revolving facility

Represented regional lender in a highly complex, multinational, cross-border commercial loan transaction involving several million dollars of line of credit, term and commercial mortgage loan facilities. Transaction involved the collateralization of both domestic and foreign assets, and the perfection of security interests and other hypothecations in the U.S. and abroad.

Represented the mortgage lender in a $17 million dollar acquisition and renovation loan for a 304 unit multi-family community complex located in San Antonio, Texas.

Represented Lender in a $6,000,000 Mezzanine Loan secured by a 100% membership interest in the owner of a condominium development in Overland Park, Kansas

Represented Lender in a $12,650,000 loan to a Houston-based hotelier to acquire an abandoned commercial building in Houston, Texas, and convert the building to a Holiday Inn.

Represented the Lender in a $10,400,000 loan to a Philadelphia-based developer to acquire and rehabilitate two apartment buildings containing 111 rental units.

Structured, negotiated and documented $65 Million corporate joint venture between significant firm client and major national commercial real estate finance company.

Structured, in conjunction with the firm’s Commercial Real Estate Group, the formation of an equity investor-funded multi-limited liability company transaction structure to acquire and ground lease the Maryland distribution center of a leading national grocery distribution company.

Represented client in connection with a private offering of up to an additional $750,000 in common stock interests in its branded merchandising company to fund business growth and expansion. Representation included structuring the common stock offering and certain shareholder agreements.

Counseled national real estate portfolio manager and operating entity in connection with guaranties of mortgage loan facilities with an aggregate principal amount in excess of $140 Million. The lender was one of the world’s largest banks, for which a key feature of the loan documents included the future securitization of the underlying mortgage loans. The mortgage loans were secured by two collateralized asset pools comprised of commercial and industrial real estate properties located throughout the United States.

Represented client in connection with the formation and initial capitalization of a renewable energy finance consultancy; representation included assisting the client in negotiating, drafting and closing an initial round of convertible debt financing and general corporate governance matters.

Negotiated and closed $11 Million construction and development financing transaction for hotel development client in connection with acquisition and development of local hotel project.

Assisted real estate development group in restructuring multi-million dollar preferred equity financing, mortgage loan financing and development of golf course through multiple limited liability companies and Small Business Administration financing structure.

Served as lender’s counsel for the $1,500,000 refinance of renowned restaurants in the Federal Hill area of Providence, Rhode Island.

Served as lender’s counsel for a $2,500,000 C&I Loan to one of Rhode Island’s most prestigious wholesale jewelry firms.

Represented Lender in a $8,100,000 mortgage financing for a 250 unit rental property in Dallas, Texas.

Lender’s Counsel for a $13,200,000 Mortgage loan used to acquire a 365 unit apartment complex in Raleigh, North Carolina.

Lender’s counsel for a $27,500,000 Mortgage loan to finance the acquisition and condominium conversion of Verizon’s former headquarters in Santa Monica, California.

Represented a credit union lending consortium in the $5,200,000 refinancing of a Fairfield Inn in Sierra Vista, Arizona.

DarrowEverett prepared a private offering of more than $500,000 in units of membership interest in a local media development company.

































































































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