Edward Elia Zughaib

International Partner

701 8th Street, N.W.
Suite 700
Washington, D.C. 20001
Phone: (202) 220-6904
Fax: (202) 661-2613
ezughaib@lockelord.com

Representative Experience

Work outs/Foreclosures

Numerous lender representations in foreclosure and workout matters with respect to real estate located in Virginia, Maryland and the District of Columbia. Recently represented a mid-western bank under government supervision in resolving a large troubled loan portfolio containing various types of collateral, including ongoing construction projects, accounts receivable, construction equipment and maritime vessels.
Experienced in representing commercial borrowers facing foreclosure or work out as well. Recently represented a developer client in connection with a deed in lieu transaction for an office/mini warehouse project located in Maryland. The final agreement provided, among other benefits, that the lender would pay all recordation fees and would split equally with the client all net proceeds of sale if the property sold within a year of the date the deed in lieu was delivered.

Real Estate Lending
Representation of regional and national lenders in loans secured by real estate and other collateral. Transactions of note include:

$95,865,000.00 syndicated acquisition and construction loan to develop large urban residential / retail project located in Washington, D.C. The project incorporated historic facades and buildings, art galleries and a community theater and required the assemblage and consolidation of numerous urban lots, some containing users that required construction to be undertaken without interference to their ongoing uses. Separate condominium units were formed to contain the retail, residential, art and historic components.
$73,496.000.00 syndicated acquisition and construction loan to develop residential condominium project on consolidated parcels of real property in Washington, D.C. The project incorporated transferable development rights from an adjoining hotel property.
$55,197,600.00 syndicated acquisition and construction loan to develop residential condominium project on consolidated parcels of real property in Washington, D.C.
$25,200,00.00 syndicated acquisition and construction loan to develop residential condominium project on consolidated parcels of real property in Fairfax County, Virginia.
$36,818,400.00 syndicated construction loan for landmark mixed use residential / retail project in Montgomery County, Maryland using documents formulated to reduce recordation fee impact on the borrower.
$68,118,325.00 syndicated construction loan for construction of GSA leased building in Chicago.
$68,700,000.00 syndicated acquisition and renovation loan for acquisition of existing rental community in Las Vegas, Nevada and conversion into residential condominiums, included $413,750,000.00 in mezzanine financing.
$40,000,000 revolving mortgage warehouse line to residential lending customer of major regional bank.
$16,000,000 (aggregate amount) in acquisition and development loans to a series of Virginia wetlands banks to create a reserve of wetlands that could be used to offset disturbed wetland areas elsewhere in the Commonwealth.

Real Estate Acquisition and Development
Representation of owners, developers and investors in acquiring and developing land for retail, commercial, industrial and residential real projects and in acquiring and selling operating retail, office, multi-family and industrial properties. Experience includes creating and administering complex reciprocal covenant and easement agreements for large office parks and mixed use developments.

Recent projects include:

Assemblage and acquisition of sites in Bethesda, Maryland to enable construction of an approximately 220,000 square foot mixed use office / retail project. Interesting issues included creation of a series of related condominium regimes and reciprocal easement agreements to accommodate the interests of land sellers that wanted to remain involved in the project.
Assemblage and acquisition of sites in Old Town Alexandria, Virginia from sellers, including the Commonwealth of Virginia, to allow construction of a mixed use residential / retail (including liquor component) project.
Assemblage and acquisition of sites in Anne Arundel County, Maryland to allow construction of large regional mixed use residential / office project. Numerous title issues made assemblage of this former historic freedman’s land interesting.

Master and Special Servicing

Representation of Master and Special servicers of REMIC pools in over 500 matters, including assumptions, loan modifications and consents. Experienced at developing alternative strategies to achieve a borrower requested modification within the confines of the REMIC rules. Representations include work for UK based servicers of European loan pools.
One recent matter of note involved representation of a Master Servicer in connection with the creation of a synthetic condominium in a 1.6M square foot Manhattan office tower to help a substantial tenant realize a reduction in its real estate tax burden. Interesting issues included a fee loan large enough to be split between two REMIC pools and four layers of mezzanine debt with related inter-creditor agreements.

Landlord and Tenant Representation
Representation of both landlords and tenants with respect to office, retail and industrial properties on a nationwide basis. Recent transactions include:

Representation of international business consulting company in connection with substitution of 110,843 square feet of leased space to cure a pending landlord default in Cambridge, Massachusetts.
Representation of major local energy resources company as lead off tenant for 83,400 square feet of space in a to be constructed office tower in Arlington, Virginia.
Nationwide representation of UK based company in leasing matters. Engagements include premises located in Washington, D.C.; New York City; Irvine, California; Chicago and Boston.

Publications & Presentations

CLE Lecturer, "A Lender’s Perspective on Real Estate Loan Restructuring and Foreclosure" (April 12, 2010)
Co-Author, "Client Alert: TALF Program Expanded to Include CMBS," Locke Lord Bissell & Liddell LLP (May 8, 2009)