Capital Market Transactions: Real Estate Finance

Our South Florida real estate lawyers advise borrowers, lenders, developers and equity investors on a diverse range of real estate-related capital market transactions across all commercial product types. All facets of real estate lending are encompassed by our finance practice, including office, retail, industrial, multifamily, residential, condominium, timeshare, hospitality and senior living. From conventional financing arrangements to national mortgage lending conduit programs, our lawyers have the experience and acumen necessary to deliver sage and practical advice.

ATLANTIC SAPPHIRE

Holland & Knight advised U.S. and Danish subsidiaries of Atlantic Sapphire, a company traded on the Oslo Stock Exchange in Norway, on a $210 million senior secured syndicated financing arranged by the New York branch of DNB ASA, Norway's largest financial services group. The financing is tied to the company's development of a world-class, above-ground salmon farm in Homestead, Florida.

Atlantic Sapphire is a land-based Atlantic salmon farming company with production operations in Hvide Sande, Denmark, and Homestead. Atlantic Sapphire uses its "Bluehouse" production technology, which was developed in collaboration with a wide range of supply chain partners to optimize growing conditions for Atlantic salmon by eliminating exposure to lice, algae and other diseases, as well as producing the salmon closer to the end-consumer.

The $210 million refinancing allows Atlantic Sapphire to continue the next phase of construction on its salmon farm in Homestead, just south of Miami. The main building consists of a 390,000-square-foot, climate-controlled facility where salmon will be hatched, raised and harvested. The facility will be one of the largest salmon farms in the world when it is completed.

BANKUNITED

Holland & Knight represented BankUnited N.A. in connection with a $50 million term loan to refinance existing debt on 17 commercial real estate buildings totaling 704,598 square feet of office and industrial space. The properties are located in Miami-Dade County.

CANADA LIFE ASSET MANAGEMENT

A team of South Florida Holland & Knight attorneys acted as U.S. counsel to Canada Life Asset Management (CL), a company incorporated in England and Wales, in connection with a $371.6 million loan to the borrower. The representation included three different stages.

In Stage 1, our attorneys assisted CL in connection with an increase to the existing loan. As part of this representation, the team provided CL with guidance regarding three U.S. properties – one located in Illinois and two located in New York. These properties served as additional collateral to the loan. The firm negotiated modifications to mortgages and assignments of leases and rents, an amended and restated guaranty, and additional related documents.

Stage 2 involved the corporate reorganization of the three U.S. entities that owned the properties granted as collateral to the loan. The reorganization involved creating a new U.S. vehicle that acquired the shares of the entities that owned the U.S. properties. This stage involved the drafting and negotiation of an amended and restated guaranty and new pledge agreements, as well as review of a variety of corporate documents related to the reorganization, including stock powers and ledgers.

As part of Stage 3, CL obtained a mortgage on another property in New York that served as additional collateral to the loan. In this stage, to save on mortgage tax, the existing lender agreed to assign the existing mortgage on the property to CL. Accordingly, in addition to drafting typical loan finance documents (e.g., amended and restated mortgage and assignment of rents and leases), our attorneys also reviewed all the assignment documents related to the transaction.

Holland & Knight's representation in all three stages involved the review of all due diligence related to the properties and applicable U.S. entities. The agreement evidencing the loan debt is governed by U.K. law. Therefore, as part of the representation, our team worked closely with a U.K. law firm.

GOMEZ DEVELOPMENT

Holland & Knight represented 275 Fontaineparc, a Delaware limited liability company, in refinancing a $27.55 million loan. The collateral property is located at 275 Fontainebleau Boulevard in Miami.

GROVE BANK & TRUST

Holland & Knight represented Grove Bank & Trust as construction lender's counsel in connection with a $12 million loan to demolish an existing Bank of America building and drive-through facility and replace it with a freestanding Bank of America branch, ABC Fine Wine & Spirits Store and a retail shopping center.

M&T BANK

Holland & Knight represented M&T Bank as lender's counsel in connection with a $26.9 million construction loan for the development of a supermarket-anchored shopping center and related improvements in Boynton Beach, Florida.

MARQUIS BANK

Holland & Knight represented Marquis Bank in modifying an existing $11 million loan to 7300 Kendall Drive and Kendall Drive Joint Venture and secured by a commercial office building located at 7300 North Kendall Drive in Miami. The firm prepared and negotiated the loan documents, reviewed the title to ensure a proper endorsement to the existing loan policy was issued and reviewed various proper due diligence on the client's behalf.

OCEAN BANK

Holland & Knight represented Ocean Bank in connection with the financing of 13 commercial properties in Boca Raton, Deerfield Beach and Plantation, Florida. These properties included strip malls, multi-tenant office buildings, a grocery-anchored neighborhood center, multi-tenant industrial warehouses, single-tenant flex buildings, a single-tenant fast-food restaurant and a retail center. The sizes of the properties ranged from 18,750 to 411,565 square feet.

SANTANDER BANK

Holland & Knight represented Santander Bank in connection with a $57 million syndicated construction loan for a 338-unit apartment project with ground-floor retail located on Ludlam Trail in Miami.

Holland & Knight also represented Santander Bank in connection with a $43 million syndicated construction loan for a 280-unit apartment project located in West Palm Beach, Florida.