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MoFo Advises PCCP on $175m Construction Loan for Residential Conversion of 80 Broad Street in New York City

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Morrison Foerster advised PCCP, an investment manager providing commercial real estate debt and equity capital solutions in the...

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Morrison Foerster advised PCCP, an investment manager providing commercial real estate debt and equity capital solutions in the U.S., in connection with creating of a new joint venture with Broad Street Development, an NYC based developer and asset manager, and OneIM, a global alternative investment manager, and securing a $175 million construction loan for the residential conversion of a 36-story New York City office building at 80 Broad St. in Manhattan. The construction loan from alternative asset manager Derby Lane Partners is part of a $250 million recapitalization that will allow the joint venture to immediately begin construction work that will transform the property into a 326-unit residential tower. The property will benefit from New York City’s 467-m tax incentive for office-to-residential conversions. The MoFo team advising PCCP was led by real estate partners Joshua Pierce and Jeff Temple and associate Bo Sarzynska, with support from tax partner Shane Shelley, tax of counsel Rebecca Balinskas, and real estate associate Anaheed Mobaraki.

MoFo Advises PCCP on $175m Construction Loan for Residential Conversion of 80 Broad Street in New York City

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Josh Pierce has a decade of experience working with clients on commercial real estate matters, with a particular focus on the acquisition, financing, and disposition of U.S. real estate assets.Josh represents domestic and foreign investors (including private equity and investment fund sponsors) in large-scale acquisitions, financings, and dispositions of U.S. commercial real estate assets and in the structuring and documentation of strategic joint ventures and direct investments in U.S. commercial real estate assets. His practice frequently involves the representation of foreign institutions making in-bound investments into the United States.Josh also represents institutional lenders providing financing to commercial real estate projects and borrowers throughout the United States and abroad with respect to a wide variety of asset classes, including office building, multi-family, hotel, industrial, condominium, and land deals. He regularly represents lenders in connection with construction, mortgage, and mezzanine loans; fund, REIT, and bond transactions; sale-leasebacks; unsecured lines of credit; and warehouse lines of credit.Prior to joining Morrison Foerster, Josh worked in the finance group of a law firm in New York, as well as at the U.S. Department of State in the Office of the Legal Adviser.Josh received his J.D. from Georgetown University Law Center in 2009, where he was the notes and articles editor of the Georgetown Journal of International Law. Josh is admitted to the bar in New York and Massachusetts.

Joshua Pierce

Partner

Jeff Temple is the co-head of the firm’s U.S. Real Estate Group and has over 35 years of experience representing a broad spectrum of clients making investments in, acquiring, financing, developing, operating, and selling large commercial real estate assets. He regularly advises institutional lenders, private equity investors, investment fund sponsors, REITs, foreign investors, and family offices.Leading lenders and borrowers call on Jeff for representation in complex, multi-tiered finance transactions and credit facilities of all types, including transactions involving the acquisition and disposition of real estate assets, as well as the acquisition and sale of loans and loan portfolios. Jeff regularly represents financial institutions, REITs, and private equity funds in connection with syndicated credit facilities (secured and unsecured), construction loans, preferred equity investments, A/B notes and participation arrangements, mezzanine financings, note purchase transactions, note financings, and intercreditor and co-lending arrangements involving major office, residential, industrial, retail, hospitality, and mixed-use projects.Jeff also regularly represents institutional domestic and foreign investors in large-scale acquisitions and dispositions of a wide variety of U.S. commercial assets, and the structuring and documentation of strategic and programmatic joint ventures, sale/leaseback transactions, and direct investments in U.S. real estate assets. He has also guided a variety of sponsors and family offices in the establishment of real estate funds and various private placements and other alternative capital raising structures. Jeff also actively represents U.S. opportunity fund investors making strategic acquisitions and forming joint ventures with local partners in Europe and Asia. His practice frequently involves the representation of foreign institutions making in-bound investments in U.S. commercial real estate, and provides guidance on the proper cross-border structuring of these investments. Following the formation of joint ventures for his clients, Jeff has continued to represent these ventures in numerous complex acquisitions, financings, and subsequent dispositions.Jeff is a member of the firm’s Distressed Real Estate Group and represents clients in a broad variety of loan restructurings and workouts, utilizing decades of experience through multiple “down cycles” to achieve creative and meaningful solutions to highly complex matters often involving adversarial situations. He has successfully completed restructurings involving billions of dollars of investments for both lenders and borrowers. He advises clients on the exercise of both UCC and mortgage remedies regarding problem loans and the restructuring of troubled joint ventures and other distressed real estate investments.He has developed a leading practice in the area of EB-5 investments and financings, having worked on transactions that have included over $2 billion of EB-5 investments. He represents both developers seeking EB-5 investments and senior lenders making secured loans with EB-5 in the capital stack.He also actively represents owners, developers, and investors in hotels, office buildings, and other commercial properties in the development, management, and leasing of such commercial properties.Jeff is the author of numerous articles and publications on fast-developing issues and trends in the real estate space, and is an active speaker in the New York real estate community and frequently moderates and participates on panels covering a broad variety of commercial real estate topics. In 2021 and 2022, Jeff was named a “Top Author” in the JD Supra Readers’ Choice Awards, recognizing top authors for thought leadership. Jeff was also selected as a nationally recognized lawyer as part of Connect CRE’s 2024 Real Estate Awards and received the “recommended” distinction for Real Estate and Real Estate Finance by Legal 500.

Jeffrey Temple

Bo Sarzynska represents clients in complex commercial real estate transactions, including the acquisition, financing, and development of a wide variety of commercial real estate assets across the United States. She also has experience in the fund finance space, working with both lenders and borrowers in connection with credit facilities, including subscription lines of credit, unsecured lines of credit, and borrowing base facilities for private equity funds and REITs. Bo also advises clients in workouts and restructurings of troubled loans.

Bo Sarzynska

Associate

Shane Shelley is a partner in the Federal Tax Group and is based in Morrison Foerster’s San Diego office. He has a comprehensive tax practice with a focus on U.S. federal income tax matters.Shane advises on the tax aspects of most business transactions, including M&A, fund formations, joint ventures, spin-offs and divestitures, international structuring, capital markets offerings, and venture capital investments. In addition to his general tax practice, he offers a vast depth of knowledge in a variety of complex tax areas, including REITs and real estate, renewable energy, and financial products. He counsels his REIT and real estate clients regarding tax compliance and structuring in connection with their significant offerings, M&A transactions, U.S. and non‑U.S. fund formations and joint ventures, property contributions, like-kind exchanges, and other transactions. He advises clients in the renewable energy sector with respect to tax matters through all phases of project development, including project M&A, “beginning of construction” issues, tax equity structuring matters, and the monetization of tax benefits. Clients have described Shane as “one of the brightest tax minds” they have ever worked with, having “the rare ability to simultaneously think like a tax expert and a business leader.”Shane is Chambers-ranked in the areas of both Tax and REITs and is recommended by Legal 500, Taxes, Non-Contentious and International. He is the author or co-author of a number of articles, including Federal Income Tax Considerations in Going Private Transactions, Tax Considerations for Venture Capital and Technology-Related Start-Ups, and the Taxation of REITs and Shareholders in PLI’s Tax Practice Series. He speaks and lectures regularly on a variety of tax topics. Shane is an adjunct professor at the University of San Diego School of Law, where he teaches partnership taxation and the taxation of REITs and related real estate transactions. He is also a Fellow of the American College of Tax Counsel.

Shane M. Shelley

Rebecca Midori Ulich-Balinskas is of counsel in the Tax Group and is based in Morrison Foerster’s New York office. Her practice focuses on U.S. federal, state and local tax transactional and controversy matters.Rebecca provides U.S. federal, state and local tax advice, guidance, and representation on most business transactions, including M&A, reorganizations, fund formations and fund investments, joint ventures, spin-offs and divestitures, international structuring, and capital markets offerings. Her state and local tax practice encompasses matters across the U.S. regarding sales and use tax, franchise and income tax, gross receipts tax, excise tax, unclaimed property, and real estate transfer tax, among others. Her clients include large multinational companies, banks, financial institutions, Fintech companies, REITs, joint ventures, start-ups, and fund sponsors and investors. She also has extensive experience representing clients before the IRS and in state and local tax controversy matters at the audit, administrative, and judicial levels. In addition, her work includes advising non-profits and charities in their formation and/or ongoing charitable activities.Rebecca has written on various tax issues and has spoken at several tax conferences.Rebecca obtained her LL.M. in Taxation from New York University School of Law. She earned her J.D. from St. John’s University School of Law, where she served as an Articles Editor of the St. John’s Law Review. Rebecca received her B.A. in Economics and Mathematics from Columbia University, Barnard College.

Rebecca M. Balinskas

Of Counsel

Anaheed Mobaraki is an associate in the Real Estate Group in Morrison Foerster’s New York office.Before joining Morrison Foerster, Anaheed served as an advocacy intern for the American Civil Liberties Union and as an appellate legal intern for the Federal Public Defender for the District of Maryland, Southern Division. She also worked as a legal extern and housing defense pro bono scholar for the Neighborhood Defender Service of Harlem, where she drafted legal research memoranda, prepared motions, and wrote and negotiated stipulations for adjournment. Additionally, she worked as a summer associate at the firm.Anaheed earned her J.D. from Columbia Law School, graduating with Harlan Fiske Stone Honors. She was awarded the Judge Iravani-Sani Public Interest Scholarship and Richman Leadership Fellowship, received the Clinical Legal Education Association’s Outstanding Clinical Team Award, and was recognized as a New York Pro Bono Scholar. During her time at law school, Anaheed was also on the staff of The Columbia Human Rights Law Review – Jailhouse Lawyers’ Manual and a member of the Criminal Defense Clinic. She earned her B.A. in political science with distinction from Yale University, where she was honored with the Nat H. Newman and Seyed Ahmed Razavi Memorial Scholar Award and the Lawrence Family Scholar Award in recognition of her academic excellence, leadership, and commitment to service.

Anaheed Mobaraki

Real Estate

U.S. Tax