Eckert Seamans Team Assists Penncap Properties on Significant Real Estate Transactions
February 21, 2024
A cross-practice team from national law firm Eckert Seamans recently assisted Penncap Properties with complex real estate transactions involving 31 office and light industrial buildings, which were owned through 26 separate limited partnerships. The mortgage debt was securitized and had been sold into separate securitized pools.
The transactions included the sale of 18 properties to Denholtz Properties, the sale of four additional buildings to other buyers, the refinancings of five buildings, and the clearing of liens on four buildings to remain in the portfolio. The Eckert Seamans team also advised on the negotiation of modifications to loan documents; obtaining releases from mortgage and mezzanine lenders to permit partial releases for sales; the negotiating, documenting, and closing of new loans; and changing organizational documents to address demands of limited partners and requirements of the new lender. The sale to Denholtz Properties closed on January 3rd, 2024, and the refinancings closed on January 4th, 2024. The transaction resulted in the payment in full of the secured and mezzanine debt and a substantial return to the limited partners.
The Eckert Seamans team was led by Philadelphia-based Of Counsel Gary Schildhorn and included Members Chris Strom, Dan Reisman, Michael Ecker, Greg Wiengard, Jack Kearns, and Sam Franklin and Associates Matthew Vassil, Krista Stefkovic, and Andrew Schwabenbauer.