REIT Credit Facilities: Structuring Considerations, Key Terms, Financial Covenants, Developments and Trends

Ms. Patterson’s practice focuses on commercial lending, loan workouts and restructurings, and business law. She has extensive experience representing borrowers and lenders in connection with secured and unsecured revolving, bridge and term loan facilities, including both cash-flow and asset-based facilities. Ms. Patterson also represents residential mortgage companies and lenders in financing servicing advance receivables and mortgage servicing rights. In addition, she advises a broad range of funds and their sponsors in all types of fund financings, including subscription facilities, net asset value (NAV) financings and hybrid financings. Ms. Patterson regularly advises clients on corporate law issues and provides counsel on contract compliance. She has spoken at national conferences and written on topics related to her practice, including negotiating and complying with credit agreements and asset-based facilities and has been an adjunct law professor at the University of Richmond School of Law.

Ms. Sibley focuses on federal income tax issues related to REITs and private investment funds. She regularly assists clients with structuring and executing capital markets transactions, initial public offerings, fund formations, mergers and acquisitions, and securitizations. Ms. Sibley represents issuers and underwriters in various capital markets transactions, and she represents equity REITs and mortgage REITs in connection with public and private equity and debt offerings, including REITs investing in mortgage-backed securities, mortgage loans, hotels, excess mortgage servicing rights, commercial office buildings, industrial and single-family rental (SFR). Ms. Sibley represents private equity funds and investors in fund formation using REITs, blockers and other structures to address FIRPTA issues. She also advises clients on roll-up transactions, OP unit deals, and tax protection agreements.

Ms. Tobin’s practice focuses on the representation of corporate borrowers in both cash-flow and asset-based financings. She has experience representing borrowers and lenders in connection with secured and unsecured revolving, bridge and term loan facilities, including acquisition financings, recapitalizations and “going private” transactions, with an emphasis on the representation of portfolio company borrowers. Ms. Tobin also represents residential mortgage servicers and lenders in financing servicing advance receivables and servicing rights.