Partha Pal

Partner

pal-partha-300
  • LLM, Georgetown University Law Center, 1997
  • MA, 1996
  • Bar Vocational Course, Inns of Court School of Law, 1993

Qualifications

  • England and Wales, Solicitor, 2004
  • Bengali
  • Hindi

Partha Pal

Partner

Partha S. Pal is a partner in the firm’s real estate group. He is a finance lawyer whose work, for almost 20 years, has focussed heavily on the financing of real estate assets, during which time he has led the execution of transactions involving real estate assets in the UK, Germany, France, Italy, Belgium, the Netherlands, Spain, Portugal, Sweden and Finland, as well as in South Korea, PRC and Hong Kong. Mr. Pal’s expertise covers both senior and mezzanine lending arrangements and related inter creditor agreements, as well as sophisticated capital markets products such as cash-flow and synthetic commercial mortgage backed securities, commercial real estate loan related whole sale financing arrangements (both loan on loan and repurchase agreements) and non performing loan securitisations. He also advises regularly on regulatory matters relating to investments in securitised products, particularly in relation to risk-retention considerations.

Given his long experience of the securitisation and structured finance markets, Mr. Pal has also advised on structured financing transactions involving other asset classes such as residential mortgage loans, commercial loans, consumer loans, trade receivables, equipment lease receivables and credit card receivables.

Mr. Pal is an active member of the Commercial Real Estate Finance Council in Europe having previously co-chaired a sub committee set up to consider hedging in commercial real estate financing transactions and is currently heavily involved in its work relating to the financing of Build to Rent/Private Rented Sector asset.

Experience

Commercial Real Estate Lending – Lender Representations

  • Acting for lender (a leading US insurance company) in the financing of an office building in the City of London with a whole loan in an amount of approximately £ 200 million.
  • Acting for the lender (a leading US insurance comp company) in the financing of a private rented sector asset in Manchester with a whole loan in an amount of approximately £ 26 million.
  • Acting for the lender (a Luxembourg debt fund) in the financing of a portfolio of office and residential assets in London with a mezzanine loan in an amount of approximately £12 million, with a senior loan being provided by a UK clearing bank.
  • Acting for a lender (a Luxembourg debt fund) in the refinancing of development land in the UK, with a whole loan of £ 5 million.
  • Acting for a lender (a Luxembourg debt fund) in the financing of an office building in Leeds with a whole loan in an amount of £20 million.
  • Acting for a lender (a Luxembourg debt fund) in the financing of a portfolio of shared workspace assets in London in an amount of approximately £150 million.

Commercial Real Estate – Borrower Representations

  • Acting for the capital partner (in a joint venture with an operating partner) in relation to the financing of a senior living development in London in an amount of £100 million.
  • Acting for the sponsor in relation to the financing of the acquisition of an office building in the City of London in an amount of £95 million.
  • Acting for the sponsor in relation to the financing of the acquisition of an office building in the City of London in an amount of £55 million.
  • Acting for the capital partner (in a joint venture with an operating partner) in relation to the financing of the acquisition of a data centre in the Netherlands
  • Acting for a limited partner of a limited partnership in relation to the financing arrangements being put in place by the general partner/manager of the limited partnership in relation to the leveraged recapitalisation of a portfolio of commercial real estate assets in the Netherlands
  • Acting for the sponsor in the refinancing of a portfolio of 24 commercial real estate assets in the UK through a combination of a senior loan (provided by a UK insurance company lender) and a mezzanine loan (provided by a Luxembourg debt fund).

Non Performing Loan and Wholesale Funding

  • Acting for the sponsor, the credit arm of a leading private equity house in the acquisition and financing of a portfolio of Spanish non performing loans secured on commercial and residential real estate.  The financing was structured as a securitisation in an amount of approximately €1 billion
  • Acting for the sponsor, the credit arm of a leading private equity house in the acquisition and financing of a portfolio of Spanish non performing loans secured on commercial and residential real estate.  The financing was structured as a securitisation, in an amount of approximately €72 million
  • Acting for the sponsor, the credit arm of a leading private equity house in the acquisition and financing of a portfolio of Spanish non performing loans secured on commercial and residential real estate.  The financing was structured as a securitisation, in an amount of approximately €372 million
  • Acting for the credit arm of a leading private equity house in providing an approximately Euro 1 billion credit facility to part finance the acquisition of a Spanish NPL portfolio involving the repackaging of the loan into notes and a repurchase agreement in relation to the notes
  • Acting for the lender (a Luxembourg debt fund) in providing a loan – on – loan financing to another lender who provided loans to small and medium sized UK real estate developers

Commercial Mortgage Backed Securities and Related Restructurings

  • Acting for the sponsor in a £ 70 million commercial mortgage backed securities offering relating to a shopping centre in Swindon.  The transaction involved the refinancing of a loan that was held in an existing commercial mortgage backed securities offering.

Publications

Disclaimer

Ropes & Gray International LLP is a limited liability partnership registered in Delaware, United States of America and is a recognised body regulated by the Solicitors Regulation Authority (with registered number 52100).
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