Real Estate

Sullivan’s Real Estate Group is nationally recognized for representing real estate developers and operators, and institutional, family office and non-US investors in every aspect of the commercial real estate industry and global capital markets. Clients know us as innovative problem-solvers who take sophisticated real estate projects and investments from idea through exit.

Our clients rely on us for counsel regarding risk and opportunity in connection with each transaction, including:

• Acquisitions and dispositions
• Development
• Finance and Private Equity investments and fund formation
• Zoning and permitting, environmental compliance and public infrastructure
• Affordable Housing
• Workouts
• Leasing
• REITs

In a rapidly adapting real estate capital market, we are focused on advising our clients on the latest developments in alternative investment structures and opportunities in individual and programmatic real estate projects, joint ventures and private real estate funds. Given our attorneys’ reputations and networks, we are a full service resource for foreign-based investors looking to enter the U.S. market. Wherever based, our clients need pragmatic and efficient execution of their projects, as well as skilled navigation of obstacles that might otherwise get in the way of their Next.

Clients

Serving as general counsel for development projects across asset classes from hospitality, to mixed use, to luxury condominiums, to state-of-the-art student housing and everything in between, is a special focus of our practice, demonstrated by our work on iconic, large-scale development projects, such as:

• Retail project development for one of the region's major supermarket chains
• Assisted living projects
• Apartment and condominium development projects
• Health care and biotechnology facility projects

Owners, developers, investors, lenders, tenants and other real estate entities turn to us for advice and representation in projects of all sizes. Our clients comprise many of the market's leading names, including:

• Alpine Capital Bank
• American Tower Corporation
• Bank of Ireland
• Clarendon Properties
• DivcoWest
• Eastdill Secured LLC
• Equity Resource Investments
• Ernst & Young US LLP
• First Republic Bank
• Five Star Senior Living
• Gables Residential
• Graystar
• Iron Mountain Incorporated
• John Hancock Financial Services
• Madison Marquette
• Manulife Financial
• Mercentil Bank, N.A.
• Novaya Real Estate Ventures
• Office Properties Income Trust
• People's United Bank
• The RMR Group LLC
• The Roseview Group
• Scape Student Housing
• Senior Housing Properties Trust
• Service Properties Trust (formerly known as Hospitality Properties Trust)
• Sonesta International Hotels Corporation
• The Cronin Group
• TravelCenters of America
• Wells Fargo Bank

Delivering on Your Next: Case Studies

Helping a foreign REIT enter the U.S. student housing market with plans to expand

Challenge

Our client -­ a London-based global real estate owner, operator and developer that specializes in the private, academic accommodations sector ­- wanted to enter the U.S. market. It intended to develop thousands of units of student housing, first in Boston and then in other major markets coast to coast.

Getting to Next

Sullivan has been engaged as lead counsel to represent all aspects of the client’s work in the U.S., including international tax, corporate law, REIT, CRE acquisition, CRE finance and land use.

Results

The client's first two projects are underway in Boston, which will serve as the client's U.S. headquarters and where there is currently a need for 16,000 units of student housing. It is projected to invest $1 billion in Boston over the next five years while poised to move into four more U.S. cities -­ New York, Seattle, Chicago and Dallas.

Helping a global client enter the real estate development industry in a major market

Challenge

Our client's objective was to expand its existing fund and asset management into real estate funds and development. This global entity -­ while well-regarded for alternative asset investment-related expertise ­- was new to real estate. Having worked with Sullivan in connection with its existing investment management services, it made economic and strategic sense to engage Sullivan’s experienced real estate team to help. 

Getting to Next

Since the spring of 2018, we have worked with our client to put every piece of this hundred million-dollar-plus development in place.  This includes structuring the project's complex funding platform, advising on all aspects of the “dirt side” of real estate, tapping into Sullivan's interdisciplinary expertise and connecting the client with international debt sources.

Results

The first phases of the multi-use project are under construction.

A long-term Sullivan client relies on our real estate team for sophisticated financing advice for a Boston waterfront development

Challenge

Our client ­- The Cronin Group ­- had a strategic and majestic vision for a luxury condominium development on one of the only remaining developable parcels in Boston's Seaport district. 

Getting to Next

We helped Cronin Development with a $294 million construction financing for the development of a dramatic 22-story luxury residential condominium and restaurant on Boston Harbor.

Results

The iconic development is slated to be open in 2021. Ashley Brooks, Vic Baltera, Warren Heilbronner and Joel Carpenter provided counsel to Cronin Development on every aspect of this development – including, land use, debt and equity financing, structure and creation of condominium documents, retail leasing and third party management agreements with Marriott’s St. Regis.

Representative Client Work

• The acquisition of a portfolio of nine senior living rental communities in six states for approximately $478 million, including approximately $164 million of assumed mortgage debt, in a RIDEA-compliant structure
• Completed the transfer of over 65 leasehold interests covering over two million square feet of office space throughout the United States in conjunction with the spin-off of a new company from a national financial services company
• Represented the holders of leasehold and mortgage interests in approximately 57 real properties located in 13 states in settlements whereby the properties were recovered and the debt resolved within a short time of Chapter 11 filings
• Represented lending group providing $200 million in acquisition and renovation financing for a Class B+ office building in Washington, D.C.
• On-going representation of the largest independent restaurant owner in New England, one of the country's largest supermarket operators and the country's leading retail pet care supplier
• Served as counsel to REITs and real estate operators in raising over $4 billion through the sale of debt and equity securities in the past four years
• Nationwide leasing of more than six million square feet of Class A office space for a Big 4 accounting firm
• The development of Boston's World Trade Center, consisting of a 420-room hotel and one million square feet of office space
• Defended environmental and Superfund claims against manufacturers, including one action that was concluded with no fine or penalty against a well-known manufacturer of specialty consumer products, arising out of more than 100 years of manufacturing activities on the Boston waterfront
• The acquisition of nearly 4,000 sites for a tower company in a series of portfolio sales, including one which totaled over 1,900 sites in 47 states
• Represented Hartford Life Insurance Company in a series of real estate private equity joint venture transactions with an aggregate investment value of over $38 million and $118 million in property value in 2017. We have also assisted them with various direct platform investments totaling over $100 million in capital commitments