United States
Heather Horowitz
SociaAbout
Heather Horowitz focuses her practice on commercial real estate finance. Her clients include investment banks, private equity funds, in-bound overseas investors, and other institutional lenders. She guides them through the origination and/or acquisition, disposition, and restructuring of mortgage and mezzanine construction, bridge, balance sheet, and securitized loans secured by various asset classes throughout North America.
Heather’s experience encompasses not only loan origination and syndication, but workout and restructuring of existing facilities as well. Heather represents lender interests across the capital stack and has extensive experience in the drafting and negotiation of co-lending and intercreditor agreements.
Additionally, Heather has significant experience advising lenders and investors with the financing and refinancing of loan facilities secured by hospitality and lodging portfolios. Heather also has extensive experience with construction lending
Bar admissionsNueva YorkNew Jersey
EXPERIENCE
- Represented a Korean investment fund in the origination of a US$215 million mezzanine loan as part of a US$700 million financing facility secured by Extell’s residential developments at 555 Tenth Avenue and 510 East 14th Street in New York City.
- Represented a Japanese bank originating a construction loan, in two phases, in the aggregate principal amount of US$126 million, secured by a built-to-suit industrial/logistics facility located in Hagerstown, Maryland and fully leased to Conair.
- Represented a major US Investment Bank and the New York Branch of a Japanese Investment Bank in connection with the establishment of a joint program for origination of construction lending and bridge financing facilities secured by commercial real estate. Subsequently closed lending transactions under the platform including the refinancing of a US$40 million loan secured by a multifamily property located in Long Beach, California and the refinancing of a loan secured by a multifamily property located outside of Atlanta, Georgia.
- Represented a Korean investment fund in connection with the acquisition of a participation interest in a US$142 million junior mezzanine A note secured in part by the Atlantis Resort in the Bahamas, which was part of a complex financing transaction totaling over US$1.2 billion.
- Represented an international investment bank with the origination and securitization of a US$650 million financing secured by a three-building tech campus in Sunnyvale, California, a transaction that included a senior and mezzanine component and significant leasing issues.
- Originated a US$135 million construction loan for a Japanese investment bank operating through its New York branch in connection with the construction of a multi-family development in Fort Lauderdale, Florida. The project consists of a 36-story apartment building with approximately 380 luxury units, 2,757 rentable square feet of retail space. Represented lending syndicate members in connection with the workout and restructuring of a US$175 million senior and mezzanine loan facility secured by a ground lease interest in an office property located in Chicago, Illinois.
- Represented an international investment bank in connection with the workout and restructuring of a US$78 million loan secured by a multifamily property located in Portland, Oregon.
- Represented a life sciences company in connection with the development of a platform program with AIG for acquiring participation interests in construction loans. Further assisted with on-going participation acquisitions under the program, including interests in a portion of the construction loan debt secured by One Journal Square in Jersey City, New Jersey.
- Represent a Japanese Investment Bank in connection with a strategic partnership with Cross Harbor Capital Partners to originate and syndicate construction loan facilities. Includes negotiation of co-lending documentation and post-origination note sell-down.
- Represented a major national bank with the US$225 million refinance of the New York Palace hotel, a project that included ground lease and real estate investment trust (REIT) structure issues.
- Represented a major French investment bank in connection with the negotiation and development of a CRE asset backed co-origination balance sheet lending platform in partnership with the financing arm of a U.S. based life insurance company.
- Represented an international pension plan with a US$75 million upsizing and restructuring of an existing facility secured by retail and entertainment complexes in the US and Canada.
- Represented a Film and Content Studio in connection with obtaining C-PACE financing utilized for redevelopment of a sound stage and content production facility in Buffalo, New York.
- Represented an overseas investment bank originating a US$54 million construction loan in connection with the development of a multi-family housing development in Farmer’s Branch, Texas being developed by Fairfield Residential.
- Represented an international investment bank with the origination of a US$62 million financing secured by a ground leasehold interest within the Stanford Research Park in Silicon Valley.
- Represented a German investment bank in a US$90 million financing of a Hyatt Regency property located in Phoenix, Arizona and the financing of a two-hotel portfolio with properties located in Nashville, Tennessee and Princeton, New Jersey.
- Represented a French investment bank in connection with the origination of a US$150 million financing of the Atlanta Financial Center.
- Represented an international investment bank with the origination of a US$75 million financing secured by a resort property located within the Golden Gate National Recreation Area, a transaction that included a ground lease with the National Park Service.
- Represented the New York Branch of a Japanese investment bank in connection with originating a US$114 million construction loan to a subsidiary of the Rockefeller Group. The loan is secured by a two-property industrial development in southern New Jersey.
- Represented a regional airline in connection with obtaining construction loan financing for their headquarters and corporate housing facility in Indiana, with financing provided by Athene Annuities.
- Represented Bank of America in connection with the origination of an approximately US $100 million term loan and development loan facility secured by a portfolio of fourteen limited-service hotels across multiple jurisdictions including New York, Texas, North Dakota, California and Pennsylvania.
- Represented Avocet Hospitality in connection with the refinancing of the Tides Folly Beach hotel in Charleston, South Carolina.
- Represented a Korean asset manager and U.S. advisor in the acquisition of a US$190 million senior mezzanine loan secured by a pledge in all of the membership interests in the owner of an office building in Midtown Manhattan.
- Extensive experience negotiating co-lending and intercreditor agreements, both representing senior debt holder interests and subordinate/junior note holders.
Education
J.D., Cornell Law School
Managing Editor, Journal of Law and Public PolicyB.A., Cornell University
Publications and media
- Co-Author, "NY C-PACE: Local Law 96, Local Law 97, and how C-PACE May Be Coming Into Its Own," New York Law Journal, June 19, 2023
- Co-Author, "Manhattan Commercial Revitalization Program (M-CORE) Launched to Transform Aging Buildings," JD Supra, June 14, 2023
- Author, "COVID-19: The COVID-19 Emergency and Eviction Foreclosure and Prevention Act of 2020," JD Supra, January 11, 2021
- Co-author, "We Can Work It Out – A Pre-Negotiation Letter Agreement Primer," ABA RPTE eReport, 2020 Fall Issue, December 4, 2020
- Author, "COVID-19: Real Estate – The Revival of the New York Pied-À-Terre Tax," JD Supra, August 25, 2020
- Author, "Tips For Prenegotiation Letter Agreements In Loan Workouts," Law360, June 19, 2020
Seminars
- Speaker, "Upside Down: Exit Strategies and Negotiation Tips When "Handing Back the Keys" may be in the Cards," American Bar Association, Section of Real Property, Trusts and Estate Law 2024 National CLE Conference, May 2024
- Presenter, "Trouble at the Park Hotel: The Fictional Challenges of a Luxury Hotel Struggling to Stay Afloat and Avoid Foreclosure During a Global Pandemic," American Bar Association 33rd Annual Real Property, Trust, and Estate Law Section Conference, April 2021
- Speaker, "Not all Lenders Are the Same: What is a Nonbank Lender and What Difference Does It Make Anyway?," American Bar Association 33rd Annual Real Property, Trust, and Estate Law Section Conference, April 2021
- Speaker, "Distressed Real Estate and Loan Work Outs – Nuts and Bolts on Navigating Forbearance Negotiation and More," American Bar Association CLE, February 2021
Media Mentions
- Quoted, "3 Major Trends That Defined Real Estate in 2023," Law360, December 13, 2023
Prior Experience
Prior to joining the firm, Heather served as partner at an international law firm where she gained extensive experience representing in-bound foreign investors as well as institutional clients in financing transactions, including senior and mezzanine lending, construction lending, and preferred equity arrangements.
Memberships and Affiliations
- Member, New York State Bar Association, Real Property Law Section
- Member, American Bar Association, Section of Real Property, Trust & Estate Law – Vice-Chair of the Workouts, Foreclosure and Bankruptcy Committee within the Real Estate Financing Group
Connect
Phone
+1 212 335 4790
(Work, New York)
