Commercial real estate and corporation transactional attorneys James Maher and Matthew Teich represented an American bank holding company in a term loan transaction secured by multiple office buildings located on the campus of a private university in the Greater Boston area of Massachusetts.
One unique feature of this transaction was a complex, multi-tier ground lease structure, with master leases that were negotiated in the mid-1970s, with subground leases that had been assigned and amended numerous times over the ensuing decades. This financing included negotiation of ground lessor consents from the University as master ground lessor and the subground lessor. Due diligence included lease reviews, SNDAs and estoppels from over 40 tenants.