L. Jeffrey Hubenak

Jeff Hubenak has extensive experience representing a variety of clients in a wide range of corporate finance and real estate transactions, including real estate and non-real estate-related loan originations, workouts, restructures and foreclosures, as well as development, acquisition, leasing and disposition of all types of commercial real estate. Jeff has been recognized in The Best Lawyers in America and consistently named a Texas "Super Lawyer" by Texas Monthly Magazine.

Real Estate Lending

Representation of national money center and regional financial institutions, as well as real estate developers, in construction, development and/or permanent loan facilities secured by real estate and other related collateral, including the following transactions:

• Represented administrative agent for syndicated $105,200,000 senior acquisition/construction loan facility for regional retail shopping center project in Austin, Texas involving local sales and property tax abatements/credits and equity interests in various non-borrower entities as additional collateral.
• Represented administrative agent for syndicated $97,000,000 senior construction loan facility (with Tranche A and Tranche B components) for high-rise apartment project in Maryland involving subordinate mezzanine financing and utilizing documents formulated to reduce recordation fee impact on the borrowing entity.
• Represented administrative agent for syndicated $90,000,000 senior construction loan facility for urban, multi-story retail project in Austin, Texas involving subordinate mezzanine financing and local government development incentives as additional collateral for senior construction loan.
• Represented administrative agent for syndicated $55,000,000 senior construction loan facility for a "build-to-suit" medical school/office building structure leased entirely by a public state university having a purchase option for the building structure and involving an unsubordinated ground lease for the building location.
• Represented lenders for $22,300,000 and $17,000,000 "build-to-suit" construction loans for US/GSA leased buildings in Houston and McAllen, Texas.
• Represented lender for $15,100,000 construction loan for affordable housing apartment project in Lubbock, Texas involving assignment of related federal tax credits as additional collateral.
• Represented various financial institution lenders or borrowing entities, as applicable, in mezzanine financing facilities ranging from $2,500,000 million to $20,000,000 for real estate acquisition and/or construction loans.

Commercial Lending/Corporate Finance

Representation of national money center and regional financial institutions in revolving and term loan credit facilities, highly leveraged acquisition financing and mezzanine/subordinated debt facilities, including the following transactions:

• Represented administrative agent for syndicated unsecured $400,000,000 revolving line of credit and $311,000,000 term loan facilities to a publically traded, investment grade company.
• Represented administrative agent for syndicated $250,000,000 revolving line of credit and $751,000,000 term loan facilities to a publically traded company, with such facilities originally unsecured, but providing for "springing liens" on all assets if debt ratings for the company fell below investment grade.
• Represented lender under unsecured $225,000,000 term loan and $75,000,000 revolving line of credit facilities to a quasi-governmental utility provider.
• Represented administrative agent in various syndicated asset-based or "ABL" credit facilities monitored through controlled disbursement/cash management systems and secured by substantially all real and personal property and subsidiary equity interests, including the following:
  • $135,000,000 senior revolving line of credit (with a Canadian borrowing sublimit) involving US and Canadian collateral and related separate borrowing bases, as well as a $44,000,000 senior term loan facility provided by an a third-party lender and secured by a subordinate second lien on all collateral.
  • $65,000,000 senior first lien revolving line of credit and a $44,000,000 second lien term loan facility involving Warrants as additional collateral and additional subordinate unsecured mezzanine financing.
  • $60,000,000 facility for acquisition of toy manufacturer involving inventory bearing trademarks licensed by third parties;
  • $42,500,000 facility to plastic container manufacturer involving multi-state warehouse locations leased by the manufacturer or operated by third-party warehousemen; and
  • $47,000,000 facility to a commercial industry parts wholesaler and retailer involving significant multi-state consignment inventory.
• Represent money center bank under secured $21,000,000 land acquisition loan based upon a permanent "take-out" commitment from a national insurance company and negotiation of related multi-party agreement. Represented a variety of commercial lenders, on both a syndicated and non-syndicated basis, in secured and unsecured "middle market" revolving and/or term loan commercial credit facilities ranging from $5,000,000 to $75,000,000.

Loan Restructures, Workouts and Foreclosures

Representation of national money center and regional financial institutions, as well as real estate developers, in workouts, restructures and foreclosures of real estate and non-real estate-related loans, including the following transactions:

• Represented national money center and regional financial institutions in workout and foreclosure matters with respect to real estate secured loans, including the following:
  • Recent representation of money center bank in connection with the pre-bankruptcy and post-bankruptcy restructure and workout of a $191,900,000 loan portfolio (both syndicated and non-syndicated loans) involving a national multi-family project developer and secured by projects in California, Nevada, North Carolina and Virginia.
  • Recent representation money center banks in connection with ongoing restructures/workouts of $54,362,000 and $21,759,000 construction loans for now completed office building and multi-family projects in Austin, Texas involving permanent "take-out" commitments from various national insurance companies.
• Recent representation of national money center bank in "as-is" discounted sale to third-party of $33,210,000 real estate secured loan.
• Recent representation of national money center bank in negotiation of reservation of rights/forbearance agreements for defaulted ABL revolving and term loan facilities involving payment blockage of subordinated mezzanine loan payments.
• Recent representation of developer of Central Texas student housing project in workout/restructure negotiations and potential foreclosure of securitized $23,000,000 permanent loan involving requested loan principal discount, reduction in interest accrual rate, cash flow repayment structure and release of guarantors.

Real Estate Acquisition and Development

Representation of a variety of real estate investors, developers and end-users in the development, acquisition, leasing, and disposition of a wide range of commercial real estate, including single family, multi-family, and mixed-use developments, office buildings, retail shopping centers and raw land, including the following transactions:

• Representation of various national and regional Texas home builders in real estate acquisition and development activities, including raw land purchases, financing provided by third-party sellers, acquisitions of partially developed subdivisions and joint residential subdivision development agreements with other homebuilder/developers.
• Representation of various national and regional Texas home builders in contracts for the periodic purchase of single-family lots developed or to be developed in residential subdivisions by third-party developer/sellers, including the negotiation of subdivision completion requirements, multiple lot takedown requirements, subordinate liens to secure earnest money released in advance to the developer/sellers, and deferred sales price components based upon gross or net sales prices realized on subsequent resales of completed residences.
• Representation of developer in conversion of a high-rise hotel and apartment building to a multi-unit, mixed use condominium project in Houston, Texas, with separate condominium units formed to contain the hotel, residential living and parking components.
• Representation of various investors in connection with due diligence and resulting equity transactions for multi-family apartment and condominium developments in Texas, Florida, California, Washington, D.C., Nevada and Virginia.