Michael J. Waters
Michael J. Waters has broad-based experience in commercial real estate matters and has structured and closed numerous sophisticated real estate acquisitions, sales, triple-net ground leases, financings, joint ventures and retail and office leases involving all property types, including luxury multi-family, mixed-use, office, retail and hotel assets. He counsels owners, developers, tenants, institutional investors and lenders on all aspects of their real estate business. Having worked extensively with distressed commercial real property assets, he has represented parties from the perspective of both the owner and the lender. Michael has negotiated complex debt restructurings and workouts of senior and mezzanine loans and equity investments, as well as the acquisition and disposition of distressed loans and real estate assets. Of particular note, Michael has lectured and written on the topics of intercreditor and participation agreements and the complex inter-lender issues arising in distressed real estate projects.
“Gaining Control of Collateralized Mortgage-Backed Securities Pools,” Institutional Investor, December 2009.
“Purchasing Loan Participations: The Devil is in the Details,” The Real Estate Finance Journal, Winter 2008.
“Mezzanine Loans and the Intercreditor Agreement: Not Etched in Stone,” Real Estate Finance Journal, Spring 2007.
“Real Estate Mezzanine and A/B Loans: Structuring and Enforcing Intercreditor and B Note Agreements” (September 2015), Strafford Publications, Inc.
Commercial Real Estate Financing 2012: Getting Back to Business (January 2012)
“Junior/Senior Participations and Intercreditor Agreements Under Fire”, Practising Law Institute
Professional Associations and Memberships
Georgetown University Real Estate Alliance, Co-Founder
Association of the Bar of the City of New York, Member
Development of a SoHo retail property, including $275 million financing.
Sale of a midtown Manhattan development site for $320 million.
Acquisition and financing of sponsor units in a luxury Manhattan condominium for $112 million.
Acquisition and financing of various rent regulated luxury Manhattan multi-family buildings.
Acquisition of a 1,400 unit Bronx residential complex.
Acquisition and financing of a Manhattan hotel for $217 million.
Acquisition, financing and redevelopment of a Washington, DC hotel for $52 million.
Sale and restructuring of a $400 million Manhattan retail mall/office building.
Workout of a $180 million construction loan on a luxury resort on behalf of the B-note holder.
Resolution of litigation regarding a construction lender’s failure to fully fund a $300 million loan for expansion of a retail mall in central New York.
Advised securitized mortgage borrowers and lenders in the restructuring and enforcement of mortgage and mezzanine loans.