Orrick Advises Hackman Capital Partners Entities on Award Winning “The Culver Steps” Mixed-Use Development Project
Jon’s pragmatic approach to real estate dealmaking helps clients take a practical approach to the most complex real estate investment opportunities.
He is a trusted advisor to private equity real estate investors, funds and institutional lenders on their complex acquisitions, dispositions, financings and developments of office, multifamily, industrial, mixed-use, hotel and golf course properties.
Jon has a particular focus on complex real estate financings, including the origination of mezzanine debt, A/B tiered structures and loan on loan structures, including bridge loans, full construction loans and TI/LC and CapEx future funding facilities.
Jon serves as a relationship co-lead for one of Orrick’s top real estate clients, Hackman Capital Partners. He also works closely with leading real estate private equity investors, including Walton Street Capital, Westbrook Partners and Ascend Real Estate Partners.
Jon recently advised
Credit Suisse, as senior and mezz lender, to an entity that owns and leases 85 properties operated by Shopko, which is in bankruptcy. The restructuring involved the foreclosure on the mezzanine loans, the restructuring of the underlying leases in the bankruptcy case and the ultimate disposition of the assets.
A real estate debt fund on the origination of a $75 million mortgage and $15 million mezzanine loan (including negotiation of intercreditor documentation with an international bank) made to a major Florida real estate investor secured by two office properties in Boca Raton. The loan included a future advance facility for construction of retail space within the office complex.
A real estate debt fund on the origination of a $38 million mezzanine loan that was advanced simultaneously with a $177 million mortgage loan made by a major banking institution and secured by a luxury high rise apartment building with office and retail components located in downtown Chicago, Illinois.
A real estate debt fund on a $52 million mortgage loan to a major private equity real estate investor and secured by an office property in Phoenix, Arizona and the related note-on-note financing of the mortgage loan.
Hackman on the acquisition of development rights from a major developer and the subsequent acquisition of the development parcel and negotiation of construction financing for The Culver Steps in Culver City.
Hackman on the purchase of a five-building portfolio in Emeryville, California, including The Thoroughbred Building, a historic commercial-industrial building which includes a former race track’s final quarter mile as a private alley. Also advised Hackman on the nearby acquisition of the Jelly Bean Square, a four-building portfolio, several of which have been converted from industrial space to creative offices.
Walton Street fund on the multi-step acquisition of multiple tranches of mezzanine debt and a portion of mortgage debt ultimately secured by a portfolio of 12 office buildings located in Seattle and Bellevue, Washington. After resolving multi state litigation brought by a minority co-lender, Orrick assisted Walton in concluding a UCC mezzanine debt foreclosure (which resulted in a Walton Street entity acquiring the portfolio) and in the restructure of $466 million of senior mortgage debt. Jon subsequently advised Walton Street on the $320 million refinancing of its Seattle office portfolio.
Ascend Real Estate Partners on the origination of a mezzanine loan and preferred equity investment for the conversion of a luxury apartment building in Manhattan to condominiums.
Westbrook on their visionary transformation of St. John’s Terminal in Manhattan, which has included the financing of the buyout of Fortress Investment Group for a majority stake in the property.
A global opportunity fund on the San Francisco 706 Mission mixed-use development project, consisting of luxury high rise condominium units, a cultural component to be occupied by the Mexican Museum and the Jessie Square parking garage. Represented a joint venture on the construction loan and preferred equity investment and the G-Max contract for the construction of a new tower and renovation of the existing Aronson Building.