| Biography:
Christopher L. Pennington, a partner in Proskauer's Real Estate Department,
joined the Firm's New York office in 1995. Chris' practice is national in scope.
He handles a broad range of complex commercial real estate and real estate finance
transactions and has expertise in structured mortgage and mezzanine financings
(including loans originated for securitization in the CMBS markets), debt acquisitions
and dispositions (including participations), portfolio and single asset acquisitions
and sales, property assemblage and development, joint ventures, sale-leasebacks
and workouts. Chris represents institutional lenders, real estate opportunity
funds, real estate investment trusts, developers, private investors and professional
sports associations in complex New York and multistate transactions involving
office buildings, hotels, shopping centers, multifamily properties, condominium
conversion projects, arenas, theaters and other commercial properties.
Representative transactions include:
- Representation of Wachovia Bank, National Association in a $336 million
floating rate first mortgage loan (including a $250 million senior participation
for securitization and $86 million in junior and sub-junior participations)
secured by fee and ground leasehold interests in 10 retail developments located
in 8 states.
- Representation of Morgan Stanley Mortgage Capital Inc. in a $137 fixed rate
first mortgage loan for securitization secured by 12 net-leased retail shopping
centers.
- Representation of DLJ Real Estate Capital Partners in the acquisition of
$105 million of distressed debt from Puerto Rican governmental agencies relating
to Tourism Revenue Bonds used to fund the development of The Ritz-Carlton
San Juan Hotel, Spa & Casino, the related loan workout, property acquisition
and refinancing, and the subsequent sale of the property.
- Representation of J.D. Carlisle Development Corporation in connection with
its ground leasing of a Manhattan property and its agreement to develop and
construct a new medical facility at the site for a leading hospital corporation.
- Representation of Credit Suisse First Boston in assembling, selling and
providing acquisition financing to the purchaser-developer of one of midtown
Manhattan's largest development sites, including the transfer of air rights
and TDRs.
- Representation of GMAC Commercial Mortgage Corporation in a $385 million
refinancing of the first mortgage debt of 44 syndicated limited partnerships,
secured by 125 credit-leased fee estate for years and ground leased properties
in 29 states.
- Representation of Bank of Scotland in a complex two-tier mortgage loan to
the developer of a major residential and leisure development located in Nevada.
Chris is a 1988 graduate of Bowdoin College and a 1994 graduate, with honors,
of Tulane Law School, where he served as a managing editor of the Tulane Law
Review.
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