Walter R. McCabe III
Walter most recently led the firm’s national real estate investments & transactions group. For nearly 30 years, Walter has served as counsel and advisor to a broad range of clients, including institutional investors in real estate, private equity investors, municipal and nonprofit institutions, real estate operators and Fortune 500 corporations handling a broad range of real estate investment and real estate related matters.
Walter focuses his practice on representing investors in all types of real estate investments and financings. Simply put, such activity involves “putting money to work” in real estate. Walter handles acquisitions, sales, financings, fund formations, co-investments and joint venture investments.
Walter also represents a number of institutional clients and public entities in connection with development, design and construction-related projects. Walter regularly represents Abrams Capital, TPG Capital, and Siguler Guff & Company in real estate related investments.
- A major fund sponsor: Represented in a joint venture deal to acquire 5 Times Square in New York City for approximately $1.5 billion. In addition to negotiating the joint venture agreement, the transaction involved the transfer of a ground lease from the City of New York, the assumption of an approximately $1.1 billion CMBS mortgage loan and the defeasance and replacement of the existing mezzanine debt.
- Abrams Capital Management LP and Amerimar Enterprises Inc.: Represented in a joint venture acquisition of 401 North Broad Street, Philadelphia housing telecommunications facilities for a total purchase price of approximately $200 million. The 11-story building, listed on the National Register of Historic Places, includes 1.3 million square feet of space.
- Morgans Hotel Group Co.: Negotiated the term sheet, mortgage loan and mezzanine loan documents, and navigated a variety of issues relating to ground leases, hotel management agreements, permits and licensing, and condominium issues, in the $450 million refinancing of the Hudson Hotel in New York and the Delano South Beach Hotel in Miami
- A preeminent global hedge fund: Leads the negotiations of numerous joint ventures with operating partners and related acquisitions of real estate and real estate related debt, including many acquisitions of hotels and distressed debt from banks and other financial institutions throughout the U.S. and around the world.
- The distressed investment division of one of the largest private equity firms: Represents this client in a series of fast paced acquisitions of individual and pooled non-performing loans and foreclosed commercial property. The transactions include both FDIC auctions and private purchases from a number of troubled banks.
- Works with our investment management attorneys in the formation of a series of real estate investment funds for an existing distressed fund sponsor, now representing such funds in combined joint venture/co-investment/fund investment involving feeder structures, investment and property level REITs, tax exempt and ERISA issues.
- One of the world’s largest retailers: Represents on all major real estate matters over the past 20+ years including review, evaluation and strategic advice and assistance. Matters include acquisition of the corporate headquarters, the handling the closure, repurposing and disposition of over 160 stores, and the sale of a surplus warehouse location including solving land disposition agreement and other restrictive use covenants to allow a sale and reuse of the property.
- A worldwide biotech company: Acts as global real estate counsel on transactional matters including overseeing the complex real estate aspects involved in the disposition of 3 major business units, with an aggregate purchase price of nearly $1.5 billion. Recent work on these transactions involved the disposition of 18 major facilities, including lab, manufacturing and R&D centers located in the U.S., Europe and Japan.
- A multinational pharmaceutical company: Advises on select real estate matters including acquisitions and dispositions on the development and operation of innovation centers.
- A New York health care institution: Represented on development projects where we have handled major and minor project management, design and construction contracts for projects as well as resolution of construction and mechanic’s lien issues.
- Co-author, “Club Deals - The Convergence of Commingled Funds and JVs,” Preqin Global Real Estate Report (2016)
- Quoted, “With Olympics Bid, Boston To See Push On Infrastructure,” Law360 (January 09, 2015)
- Supreme Court's Ruling in Koontz Extends Concept of Unconstitutional Takings to Monetary Exactions, Alert Real Estate Investments & Transactions (August 20, 2013)
- When “Loan to Own” Becomes “Own a Loan” – How a Recent Fifth Circuit Decision Rejecting the Artificial Impairment Doctrine Increases Risks for Distressed Real Estate Investors, Alert Real Estate Investments & Transactions, Alert Real Estate Investments & Transactions, Business Restructuring (March 6, 2013)
- Walter R. McCabe III and Garin Muranaka, “Playing On the World Stage; Cross-Border Real Estate Investing,” Inside the Minds: Navigating Cross-Border Real Estate Matters (October 2013)
- Creditors’ Rights Coverage Decertified by ALTA and Withdrawn by Title Insurance Companies, Alert Real Estate Investments & Transactions (March 5, 2010)
- Miller-Moore Amendment to Limit Secured Creditor Claims, Alert Real Estate Investments & Transactions, Hedge Funds (December 7, 2009)
- New FDIC Public-Private Approach To Sales of Loans From Failed Banks, Alert Real Estate Investments & Transactions (June 1, 2009)
- Expansion of Federal Reserve's TALF to include certain CMBS issued prior to January 1, 2009, Alert Real Estate Investments & Transactions (May 29, 2009)