Hotel Projects: Financing with Tax-Exempt Bonds

The Orrick Public Finance Green Book Series
February.01.2003

Authors

Jenna Magan Partner, Public Finance

Sacramento

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D:+1 916 329 7980
E: [email protected]

Practice:

Finance Sector
Public Finance

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Jenna Magan Partner

Sacramento

Jenna has worked on all structures available in public finance, including fixed and variable, tax-exempt and taxable, insured, letter of credit and liquidity supported bonds, conversions, tenders, exchanges, restructurings and reofferings, senior/subordinate, capital appreciation and convertible capital appreciation bonds, securitizations, project finance, direct purchases, bank-qualified transactions and 144A and Section 4a2 offerings.

Jenna's practice focuses on the following areas, in which she has acted as bond, borrower’s, disclosure, underwriter's, and bank/direct purchaser’s counsel:

Healthcare, Senior Living and Other 501(c)(3) Financings
Local Government Lease, Enterprise (Water, Wastewater, Airport, Solid Waste), Pension Obligation and Short-Term Financings
State of California Bond Financings
Project Financings
Tobacco Securitization Financings
Post-Issuance Compliance

Roger Davis Partner

San Francisco

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Practice:

Finance Sector

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Roger Davis Partner

San Francisco

Among the attributes that contributed to his Hall of Fame selection were:

Recognized and sought out for his ability to apply his unusually extensive and diverse experience to solve problems as they arise and develop new programs or financial structures, and for his expertise and judgment in securities laws and disclosure.
Dedicated to helping bring about projects and programs (whether sponsored by public entities, nonprofit corporations or for-profit enterprises) that provide a public benefit and make people’s lives better.
Having led the development of the housing and healthcare practices at Orrick, his recent focus has been on governmental transactions, all manner of non-profit corporations, public private partnerships (P3), portfolio sales, securitizations, energy and water efficiency programs, student and workforce housing, pool programs, new financial structures and programs and applications of Public Finance Authority (created in Wisconsin to finance any type of project or program in any state).
Some of those new financial structures and programs have included pension obligation bonds, variable rate lease financing, and, more recently, joint powers authority ownership structure (turning private activity projects or projects not generally eligible for tax-exempt financing into tax-exempt governmental purpose bonds; for example, for middle income workforce housing), and infrastructure as a service (P3, simplifying procurement, off balance sheet).
Responsibility for legislation crucial to the scope and operation of California public finance, including California Health Facility Financing Authority, California School Finance Authority, changes to joint power authority law that helped propel California Statewide Communities Development Authority and California Municipal Finance Authority into two of the most prolific issuers in the country, local agency refunding law, authorizations for swaps, investment agreements and other derivative products, creation of security interests, streamlining validation actions, and in several other states including Hawaii and creation of Public Finance Authority in Wisconsin.
Chair of Orrick’s Public finance department for several decades through 2020, during which he presided over the growth of the department from one office with 12 lawyers in San Francisco to 10 offices and over 100 lawyers and paralegals around the country, consistently ranked (for more than 2 decades now) as number one bond counsel and disclosure counsel, and within the top four underwriter counsel, for bonds issued by state and local governments throughout the United States. During this period, he also held a number of other leadership positions at Orrick, including several terms on its Executive Committee and on the Management Committee of Orrick’s wholly owned subsidiary, BLX Group, LLC (providing the public finance community with a variety of non-legal services).

In addition to his selection by The Bond Buyer for its Public Finance Hall of Fame, Roger has been recognized by the American Lawyer as Dealmaker of the Year (twice), as “best,” “super,” “most honored,” “preeminent” or “lawyer of the year” by several other publications, ranked by Acritas as an Acritas Star Lawyer, and declared “the Bond King” in a cover article by California Lawyer.

Michael Liever Senior Counsel, Real Estate, Real Estate

San Francisco

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D:+1 415 773 5808
E: [email protected]

Practice:

Finance Sector
Real Estate
Real Estate
Real Estate

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Michael Liever Senior Counsel

San Francisco

He has extensive involvement in representing both foreign and domestic investors in the acquisition, disposition, development, leasing, financing, and joint venture of office buildings, shopping centers, hotels, industrial parks, and apartments. In the Northern California Real Estate category of Chambers USA, a client said, “Mike has tremendous legal expertise and is generally engaged for very complicated and complex matters. Mike is one of the best real estate attorneys in the industry.”

His clients include RREEF America L.L.C. and its various separate accounts, Bentall Kennedy Group, New York Life Insurance Company, Alecta Investments Management (USA), Morgan Stanley, BlackRock Realty Advisors, Heitman Properties, McMorgan & Company, Gerson Bakar & Associates, Legacy Partners Commercial, Inc., Broadreach Capital Partners LLC, CharterMac Mortgage Capital, GLL US Office, L.P., University of California, Rockwood Capital Corporation, Industrial Income Trust, Inc., Stockbridge Real Estate Funds, Divco West Properties, Bristol Group, Cargill, the City & County of San Francisco, CalPERS, IowaPERS, Mass PRIM, San Bernardino County Retirement System, the County of San Diego Retirement System, the County of Alameda Retirement System, the City of Sacramento, Los Angeles County Employees Retirement Association, RNM Properties and Union Property Capital.

Prior to joining Orrick, Mike had been a partner (1984-1996) and an associate (1978-1984) at Morrison & Foerster LLP. He was Managing Partner for Operations for Morrison & Foerster LLP from 1989 through 1994.

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