Douglas P. Snyder

Represented the real estate investment authority for a group of foreign pension funds in the formation of a “club” investment platform, making a $300 million commitment therein, that will provide the client opportunities to invest in the development of first-class office buildings in major commercial markets throughout the United States. Under this platform arrangement, the sponsor/developer presents potential investments to investors who have the option to participate therein, in which case a separate project joint venture is formed for each investment. At closing, an office building in San Francisco was acquired as the initial investment, for which the firm also represented the client in due diligence matters (closed in 2017).

Represented the real estate investment authority for a group of foreign pension funds in the formation of a separate account joint venture, making a $600 million commitment therein, that will acquire, develop and operate student housing projects near major universities throughout the United States, including the acquisition of an initial portfolio of completed and under-development student housing projects owned by the development partner. The client also funded a $105 million corporate loan to the operating company of the development partner (closed in 2017).

Represented the real estate investment authority for a group of foreign pension funds in the formation of a joint venture with a real estate operator and its sponsored funds, making a $200 million commitment therein, for the purpose of forming a separate joint venture with a development partner that will develop and operate a group of residential projects (apartment and condominium) located on the U.S. East Coast. The client’s joint venture made its primary investment in these projects by participating in a mezzanine construction loan to the development joint venture. The firm conducted due diligence on the development joint venture and senior construction loans (closed in 2017).

Represented a California public pension fund in the formation of a joint venture with the principals of a real estate development and operating company based on the U.S. East Coast. At the time this joint venture was formed, it acquired the primary assets of the development and operating company, and also purchased a portfolio of multi-family projects from an institutional seller that had hired the operating company to manage its projects and was liquidating its position. The new joint venture was formed in 2012 with assets valued at over $800 million. Subsequently in 2013 Doug represented the same client in the formation of separate platform joint venture with the original venture and its developer principals to provide equity capital for additional investments, with an initial commitment of $200 million which was later restructured and increased to $600 million in 2017.

Represented a real estate developer and equity partners in obtaining construction financing exceeding $70 million from a bank syndicate for a large mixed use project located in the Ventura Harbor community of Ventura, which project is subject to a complex ground lease with a local governmental agency.

Represented a real estate investor in the sale of two large apartment projects located in the Marina del Rey community of Los Angeles to a public company, for a total purchase price exceeding $270 million. These projects are located on land leased to the client by a local governmental agency, and this transaction requires a complex governmental approval process.

Represented a real estate company in the acquisition of 9 projects located throughout the desert communities of Southern California with a value of approximately $50 million. These projects were encumbered by loans held by a major bank, and this transaction consisted of the purchase of the loan portfolio from this bank, and subsequent deeds in lieu of foreclosure for each of the projects completed with the prior developer.

Represented New York real estate investors that acquired, by corporate merger, a portfolio of real estate assets located in the Arts District of Downtown Los Angeles, coordinating firm resources to provide advice regarding title, entitlements, environmental, property tax assessment and labor issues arising in this portfolio. Subsequent work also addressed environmental issues and sale transactions.

Represented a foreign investor providing mezzanine financing for a large historic multi-family project located in San Francisco, coordinating firm resources to provide advice regarding entitlements and development agreements for a renovation plan, property tax assessment issues and other due diligence.

Represented a real estate company in the refinancing of twin office towers located in West Los Angeles in the amount of approximately $175 million, which financing was provided by a major life insurance company.

Represented a real estate investor in the sale of two large apartment projects on a marina located in the Los Angeles area to a public company, for a total purchase price of exceeding $270 million. These projects are located on land leased to the client by a local governmental agency, and this transaction requires a complex approval process with this governmental agency.

Represented a joint venture between a Southern California developer and a New York based investor based in the acquisition of a master planned golf course community that had been partially completed before going into default with its lender. The price paid by the new ownership group was less than $30 million, for a high profile project in which the prior stakeholders had invested in excess of $100 million.

Represented a real estate company in the acquisition of 9 projects located throughout the desert communities of Southern California with a value of approximately $50 million. These projects were encumbered by loans held by a major bank, and this transaction consisted of the purchase of the loan portfolio from this bank, and the subsequent deeds in lieu of foreclosure for each of the projects completed with the prior developer.

Represented a New York real estate investor that purchased a retail center located in Orange County, for a price of approximately $75 million. This project had significant entitlement and operational issues for the client to resolve, which created the need for sophisticated local real estate counsel for this client.

Ongoing representation of a New York based real estate investor in connection with its investments in California real estate projects, working together with the client's lead counsel based in New York. Representations included the purchase of two large office buildings located in San Francisco in 2010 and 2011.

Represented a public pension fund in the formation of a platform joint venture with the principals of a real estate development and operating company based on the East Coast. At the time this joint venture was formed, it acquired the primary assets of the development and operating company, and also purchased a portfolio of multi-family projects from an institutional seller that had hired the operating company to manage its projects and was liquidating its position. The new joint venture was formed in 2012 with assets valued at over $800 million.

Represented the real estate investment authority for a group of foreign pension funds in the formation of a joint venture with a real estate operator and its sponsored funds, making a $200 million commitment therein, for the purpose of forming a separate joint venture with a development partner that will develop and operate a group of residential projects (apartment and condominium) located on the U.S. East Coast. The client’s joint venture made its primary investment in these projects by participating in a mezzanine construction loan to the development joint venture. The firm conducted due diligence on the development joint venture and senior construction loans (closed in 2017).