IRVINE, Calif. (PRWEB) November 08, 2017
Global law firm Greenberg Traurig, LLP assisted client KBS Real Estate Investment Trust III (“KBS REIT III”) in closing on a $1 billion financing agreement, the largest financing facility in the company’s history. The three-year $1.01 billion financing commitment consists of a $757.5 million term loan that was funded at close and a $252.5 million revolving loan, of which $222.5 million remains unfunded.
Bruce Fischer, Chair of Greenberg Traurig’s West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County office, led the firm’s multi-office team, which included Tatyana Litovsky (Senior Associate, Orange County), Amanda Kennedy (Paralegal, Orange County), Tina Ross (Shareholder, Dallas), Rick Melnick (Shareholder, Northern Virginia), and Dean A. Isaacs (Shareholder, Chicago).
According to the announcement, under the terms of the agreement, proceeds from the new term loan facility will be used to replace existing debt agreements and for other KBS REIT III liquidity needs including capital improvement and capital expenditures on office properties held by KBS REIT III.
Fischer works with real estate funds and real estate investment trusts (REITs) and their advisors in connection with the purchase and sale, development and financing of commercial properties throughout the United States (including multi-property and multi-state portfolio sales and acquisitions), directly or through the formation of joint ventures with local operators and/or developers, as well as the origination and purchase of, and participation in, senior mortgage and subordinate "mezzanine" loans.
About Greenberg Traurig's Real Estate Practice
The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive legal solutions for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 300 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, and Latin America. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.
Greenberg Traurig's Real Estate Practice is the first team of real estate lawyers to win the Chambers USA Award of Excellence - Real Estate Law Firm of the Year three times: in 2017, 2013, and 2010. The firm's Real Estate team is also the first to twice receive the prestigious "immobilienmanager Award 2016” by the Immobilien Manager Verlag (2012 and 2016), which recognizes the most successful individuals, companies, and projects from the real estate industry.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. One firm worldwide, GTLaw has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and among the Top 20 on the 2016 Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.