Overview
Jay’s practice focuses on the financing of complex real estate transactions. Jay represents clients in complex commercial real estate finance and capital markets transactions, including multi-property and multistate acquisitions, construction loans, mezzanine financings, securitizations and refinancings. His practice involves office buildings, shopping centers, hotels, child care centers, adult assisted living complexes, multifamily apartment complexes, development land and other commercial properties located throughout the United States, focusing on lending, real estate finance, workouts and distressed asset transactions.
Experience
- Represented insurance company lenders in connection with the origination of a $1 billion mortgage loan to a real estate developer and secured by an upscale shopping center in New Jersey.
- Represented institutional lender in connection with the origination of a $78 million loan (including future advances for leasing costs) in connection with the acquisition by of an office complex located in California.
- Represented an institutional lender in connection with two Shariah compliant mortgage loans in the aggregate amount of $50 million secured by multiple office buildings in Texas with a master lease structure.
- Represented an institutional lender in connection with the $159.5 million mortgage and mezzanine financing of a historic hotel in Washington, DC. The transaction included the sale of one of the floors as an air space parcel to a vacation club and the negotiation of the documents governing the relationship between the hotel and vacation club.
- Represented client in connection with refinancing a new five-star hotel in California, with a $72 million mortgage loan. The transaction involved multiple ground leases, tideland leases and a retail sublease.
- Represented client in the due diligence relating to a securitization of approximately 65 loans.
- Represented client in the due diligence of a $150 million acquisition comprised of five REO properties and one non-performing loan, including JV structuring with third party operator.
- Represented Israel Discount Bank of New York in connection with the origination of a $5.5 million floating rate mortgage loan secured by a 320,000 square foot industrial warehouse and office in Texas.
- Represented institutional lender in the origination of a $93 million mortgage loan in connection with the acquisition of an historic building in the Bronx, New York..
- Represented an institutional lender in connection with the origination of a $180 million mortgage loan secured by an office building in mid-town Manhattan, New York.
- Represented an institutional lender in connection with the origination of $34 million in mortgage and mezzanine loans secured by a hotel in Illinois.
- Represented an institutional lender in connection with the origination of a $55.7 million mortgage loan and $27.75 million in mezzanine loans secured by a portfolio of five office buildings in New Jersey and Massachusetts.
- Representation of a national bank in connection with a $145 million mortgage and multiple mezzanine financing of a portfolio of nine hotels located in eight states; the transaction included a condominium, four ground leases and several franchisors
- Representation of a national bank in connection with a $19.2 million mortgage loan of a shopping center located in Texas
- Representation of a national bank in connection with a $28 million Sharia-compliant mortgage loan of nine office buildings located in Illinois with a master lease structure
- Representation of a national insurance company in connection with the extension and modification of a $298,500,000 portfolio of crossed mortgage loans secured by 18 industrial-office properties located in various states
- Representation of a national bank in connection with $51 million mortgage and mezzanine loan of offices in Texas
- Represented national insurance companies as co-lenders in connection with a $507 million refinancing involving a funded loan and future funding loan secured by 11 Times Square in New York City.
- Represented a national bank in connection with the origination of two pools of loans to a hotel portfolio and development company in the aggregate of $125 million consisting of two mortgage loans, two senior mezzanine loans and two junior mezzanine loans secured by 23 major franchised extended stay hotels located in Virginia, North Carolina, Florida, Texas and Tennessee.
- Represented a national bank in connection with simultaneous leasehold and fee mortgage loans in the aggregate amount of $47.5 million secured by a first-class hotel on Boston Harbor’s Tudor Wharf, with a ground lease structure and special licensing features.
- Represented a national bank in connection with the financing of nine industrial properties located in Massachusetts, Ohio, North Carolina, Virginia, New York, and Pennsylvania. The mortgage loan was structured as a cross-collateralized loan in the aggregate amount of $90.4 million. An accommodation ground lease structure was used to save the borrower a hefty mortgage tax in Pennsylvania. The properties also included an ADA lease and a tenants-in-common structure. The transaction also involved an $18 million preferred equity investment, which required negotiation of intercreditor-type provisions with the preferred equity member.
- Represented a national bank in connection with a $15 million syndication to another lending institution in connection with a $187.5 million mortgage loan secured by an office park in Minnesota.
- Represented a global private equity firm in an amendment of a loan facility whereby an additional advance of over $10 million (secured by, among other things, the mortgage borrower's interest in an underlying mortgage loan) was added to an existing loan facility of $30 million secured by four mortgaged properties in Florida.
- Represented a national bank in connection with the financing of seven industrial properties located in Texas, Ohio, Michigan, Illinois and Pennsylvania. The mortgage loan was structured as a cross-collateralized loan in the aggregate amount of $93.9 million with a mezzanine loan for $16.1 million that included an accommodation pledge arrangement with related entities.
- Represented an international bank in connection with the origination of a $75 million loan secured by pledges of equity in the owners of seven retail centers located in Texas, Georgia, Kansas and Colorado.
- Represented a global private equity firm in connection with their acquisition of hundreds of millions of dollars of loans, and refinancing the same.
- Represented a national bank in connection with the origination of two separate mortgage loans to related borrowers in the amounts of $41 million and $60 million, each secured by an office building near Dallas, Texas.
- Represented a national bank in connection with a Shariah-compliant mortgage loan in the amount of $56 million secured by an office building located in Houston, Texas with a master lease structure.
- Represented a national bank in connection with the origination of an $18 million mortgage loan secured by an office building with a restaurant located in San Antonio, Texas.
- Represented a national bank in connection with the origination of an $11 million mortgage loan secured by a Marriott hotel located in Miami, Florida.
- Represented a national bank in connection with a Shariah compliant mortgage loan in the amount of $45.5 million secured by three office buildings located in Westminster, Colorado with multiple master leases and property releases.
- Represented a national bank in connection with a $9.5 million refinancing of a retail shopping center located in Houston, Texas.
- Represented a national bank in connection with a $10 million refinancing of an industrial office building located in Maryland.
- Represented a national bank in connection with a $6.7 million refinancing of a residential apartment complex located in Houston, Texas.
- Represented a national bank in connection with a Shariah compliant mortgage loan in the amount of $35.4 million secured by an office building located in Tysons Corner, Virginia.
Affiliations
Professional
- Member, Dallas Bar Association
- Member, Tarrant County Bar Association
- Member, The Texas Real Estate Commission
- Member, Real Property Section Committee on Real Estate Finance
- Member, Committee on Real Estate Workouts & Bankruptcy of the New York Bar Association
Insights
Events & Speaking Engagements
- October 9, 2013Event
News
- 17 Minute ReadNews
- 3 Minute ReadApril 1, 2015News
JD, St. John’s University School of Law, Dean's List, Editor-in-Chief, New York Real Property Law Journal, 2005
BA, New York University, College of Arts and Sciences, 1995
Texas
New York