August 20, 2002 - For the third time this month, Proskauer Rose LLP announced today that it will be expanding its partnership. David Weinberger, 41, of Sidley Austin Brown & Wood LLP has joined its Real Estate Department, and James P. Gerkis, 42, of Winston & Strawn has joined its Corporate Department.
"This strategic move reinforces our commitment to grow our corporate and real estate practices," says Alan Jaffe, Proskauer's chairman. "The additions of David and Jim will increase our ability to offer a full range of mortgage lending, securities, mergers and acquisitions and private equity expertise to financial services firms and public and private companies."
Weinberger, who brings with him noted clients such as Merrill Lynch and Wachovia Bank, has a practice that is mostly focused on the origination of complex mortgage loans, which are securitized in the secondary mortgage market. He has assisted clients in the purchase, sale and development of property and the financing of commercial real estate ventures, including construction loans. Having also worked on initial public offerings, Weinberger has developed extensive experience in handling real estate investment trusts.
Merrill, which has relied on Weinberger to handle its conduit loans, recently turned to him to originate in excess of $500 million in mortgage loans for various borrowers.
Wachovia, on the other hand, has had him represent them in originating large fixed and floating rate mortgage loans and revolving credit facilities and other types of debt instruments. Weinberger recently assisted Wachovia in connection with a mezzanine loan and mortgage loan aggregating $250 million secured by 1185 Avenue of the Americas in New York City and an $80 million loan secured by a shopping center in Hawaii.
As for Gerkis, his experience with assisting acquirers in purchases proved helpful to L-3 Communications Corporation in its acquisition this year of Perkin Elmer's Detection Systems. L- 3 is a NYSE company, in the secured communications and surveillance products industry. About 70% of its business is with the defense industry and other governmental agencies. It was formed as a spinoff from Lockheed about five years ago, and Gerkis has represented them virtually since inception.
Gerkis' expertise has also been vital to his clients, such as Merrill Lynch, in private equity and venture capital transactions, as well as in leveraged buyouts and corporate real estate joint ventures. His experience in securities matters has allowed him to represent both issuers and underwriters in public offerings, private placements and in debt tender/exchange offers.
Gerkis also represents clients in areas of secured lending and leveraged leasing, letters of credit and derivatives, as well as real estate transactions, including mortgage financings, limited partnerships and leasing.