Baker Botts is proud to be a sponsor of the 2021 Kayo's Real Estate Private Equity Virtual Summit on March 9-10.
Jeff Wutzke represents owners, sponsors and investors in commercial real estate projects across the United States. This work covers all aspects of the acquisition, development, operations and disposition cycle, including formation of joint ventures and TICs, negotiation of secured and debt and equity investments, and negotiation of management agreements, CC&Rs, development agreements and ancillary documentation. Subject properties range the gamut from agricultural production to industrial, multi-family, senior housing, first-class office, and major retail centers. Mr. Wutzke has also represented clients in the project finance sector, including with respect to wind and geothermal facilities and gas-fired power plants.
Mr. Wutzke has more than 20 years of experience focusing on complex real estate investment transactions, joint ventures, and structured finance and lending matters. He has represented sponsors, equity investors, lenders, participant banks, borrowers, and guarantors in a variety of loan and finance transactions including CMBS and Fannie Mae loans, mezzanine and participatory structures, short-term unsecured financings, and formation of joint ventures and TICs.
Finance & Investment Transactions
- Drafted $250 million revolving credit line for Canadian investment entity as lender, secured by interests in San Francisco residential properties.
- Negotiation of construction loan documents for a 5-property senior housing portfolio in Michigan and Ohio.
- Represented preferred junior equity investor in $75 million investment in joint venture portfolio, owning over 70 multifamily properties in San Francisco in a transaction that included senior preferred equity, a CMBS loan, and multiple subordinate loans.
- Complex $500 million revolving credit line from Freddie Mac on behalf of multi-family residential property REIT, secured by portfolio of properties in multiple states, with borrower rights to add and remove collateral based on pre-defined criteria.
- Negotiated $39 million mezzanine loan on behalf of lender (also in conjunction with refinancing of multifamily residential portfolio in California.
- Refinance of $161 million loan secured by shopping center, and concurrent formation of joint venture by equity investor client, negotiated and closed in 26 days.
- Represented acquiring lender in the assumption of a $140 million loan secured by multiple Florida properties.
- Negotiated loan assumption documentation for a 14-property apartment portfolio in central Florida, assuming loans by seven lenders (including securitized Fannie Mae loans) in a transaction valued at $300 million.
- Performed numerous project finance transactions across the United States on behalf of domestic and foreign lenders, including negotiation and documentation of security agreements, ancillary project documents, intercreditor and syndication agreements, and subsequent loan modifications.
- Represented insurance company fund as lender in a $235 million multifamily residential transaction secured by 11 properties in Santa Monica, California.
- Assisted local community banks in loan assumptions, assignments and modifications necessitated by 2008/2009 economic downturn, including modifications of collateral packages and modification of terms to preserve bank/borrower relationships.
- Performed defeasance of $130 million mortgage to facilitate 2003 office property REIT IPO in Los Angeles.
- Represented numerous CMBS loan defeasances totaling $160 million in conjunction with California, Florida and Texas apartment property sales.
- Represented re-insurer with respect to the $66.5 million refinancing of multimodal public bond for generation facility in New Jersey.
Acquisition & Sales
- In multiple transactions, represented sponsor and operator client in the acquisition of existing senior housing portfolios in Wisconsin, Iowa and Idaho.
- Represented equity investor in 2018 acquisition of permitted multifamily construction project in Alexandria, Virginia, together with associated joint venture documents with new development partner.
- Acquisition of equity interest in 5-star Seattle hospitality site and associated joint venture and management agreement negotiation.
- Negotiated acquisition of 580 acres of planted vineyards near Paso Robles, California in transaction valued at $37.5 million.
- Represented insurance company client in acquisition of organic blueberry plantation in southern California.
- Represented major hotel brand in the $40 million acquisition of historic property in South Beach, Florida for renovation and expansion.
- Assisted client with the $120 million acquisition of over 66,000 hectares of forest plantation in Uruguay.
- Represented pension fund in 2013 formation of joint venture investment entities to acquire and operate student housing projects in Los Angeles.
- Negotiated a specialized goods contract on behalf of a major western power utility, for the manufacture, installation and maintenance of turbine rotors for nuclear power plant.
- Aided numerous Silicon Valley startups with investment rounds, bridge loans and corporate organization.
- $226 million acquisition of 33-story San Francisco office tower, including formation of equity joint venture, and $130 million secured purchase loan, from start to finish in less than one month.
- Helped client negotiate and sign $262 million hotel acquisition agreement over a 6-day period.
- Represented major Canadian real estate investment firm in multiple transactions to acquire 17,000 acres in the southwestern and south-central United States; followed acquisitions by formation of tenancy-in-common agreements and LLC structure to incorporate foreign investors.
- Negotiated $600 million investment, via a portfolio of joint ventures, to acquire 47 properties at a multi-model industrial and transportation complex in central Texas; subsequently represented investors in a further acquisition of adjacent properties valued at $100 million.
- Diverse energy facilities, from California and Washington to Texas, New Jersey and Massachusetts - including gas-fired plants, wind towers, small solar array citing, biomass cogeneration, and coal waste.
- Represented major hedge fund as equity investor in leasing of numerous retail and hotel sites in California, Arizona, New Mexico and other locations, including negotiation with big box retailers for major store and warehouse spaces.
- Pro bono representation of Bay Area open space trust in several multi-million dollar acquisitions of over 1,000 acres of land in the Santa Cruz Mountains.
- Represented landowner in complex lease and sublease transaction of major Santa Clara office and cafeteria space, in conjunction with an outgoing tenant's bankruptcy proceeding.
- Created and represented a joint venture in a 2006 portfolio acquisition of California property near Sacramento, valued at $100 million for subsequent residential entitlement and development.
- Represented financial backer in 2004 acquisition of land and development rights for a 24-story mixed-use building in San Diego, California in conjunction with ballpark redevelopment.
- Represented Los Angeles to Pasadena Metro Blue Line Authority in a transit-oriented construction project, including property acquisition and disposition, development agreements and access easements.
- Represented Bay Area, California city in restoration and preservation of historic WWII “Liberty Ship”/“Rosie the Riveter” manufacturing facility and its conversion into a compatible mixed-use project.