Real Estate Finance


The variety and consequences of the decisions that borrowers and lenders face in structuring and completing real estate financings demand experienced and thoughtful counsel, and Ulmer & Berne’s real estate financing team is uniquely qualified to provide such counsel. Comprised of members of the firm’s real estate and corporate groups and supported by our commercial, environmental, regulatory and tax lawyers, our real estate financing team brings an intensely practical approach to designing and completing transactions that match the needs of the parties involved.

Contemporary real estate financing encompasses far more than the traditional construction and permanent loan model of project funding. The increasing difficulty of the development process, the availability of novel financing products and the value inherent in real estate make for a confusing but potentially rewarding marketplace of ideas. While we’re experienced and efficient at traditional real estate financings, we regularly participate – on behalf of commercial and institutional lenders, equity participants and other capital providers, as well as on behalf of capital users – in the development of nontraditional arrangements to finance the acquisition, construction, ownership and operation of all kinds of real property and real property interests.

We have helped our lending clients develop and implement transaction structures and techniques that are responsive to their needs and to those of their customers and markets. We take pride in identifying and designing transactions to meet the special needs of particular kinds of participants in the real estate industries (including public/private partnerships, real estate investment trusts, the developers of long-term multi-phased projects, nonprofit or public developers and corporations eager to monetize the value of their real property holdings).

We listen carefully to our clients, and work hard to recognize and anticipate their needs. We also pay attention to emerging issues in real estate development and finance and have been able to contribute to some of those emerging developments. Our lawyers have structured and closed a variety of innovative transactions, including equity and debt-secured mezzanine financings, pooled collateral transactions, sale/leasebacks and securitized financings, participating loans, off balance-sheet financings, taxable and nontaxable bond financings and a variety of agented and syndicated transactions. We understand that our work is not completed once a closing takes place.

“Top-Class Hospitality: Renovated Cleveland Board of Education Building reopens as new Drury Plaza Hotel” Properties Magazine June, 2016

Ulmer & Berne LLP is pleased to name Mary Forbes Lovett chair of the firm’s nationally recognized Real Estate Practice. Ms. Lovett, a partner in the firm’s Cleveland office, represents developers, nonprofit organizations, lenders, and investors in a wide variety of urban development projects utilizing federal and state historic, low...

Representative Experience

  • Representing the lender in connection with the modification of a $14 million loan facility for a Cleveland law firm.
  • Representing the lender in connection with the modification of a $25 million revolving line of credit.
  • Representing lender in connection with first mortgage loan involving six lenders for a $44 million deal in University Circle.
  • Represent Fannie Mae lender with respect to financing of multifamily projects throughout the Midwest.
  • Represented the lender in its $24 million construction loan to finance the construction of a 46-unit condominium project in Washington, D.C.
  • Represented the lender in financing the acquisition and conversion to condominiums of three apartment complexes involving over 635 housing units and $45 million in loans.
  • Represented the lender in connection with a $35 million loan for the construction of two office buildings and two parking garages in Hamilton County, Ohio.
  • Represented the lender in a $24.5 million hotel loan in Dublin, Ohio.
  • Represented the lender in connection with its $22.5 million participation in a $47 million loan by another lender for the refinancing of a number of office buildings in Norwood, Ohio.
  • Represented the lender in a $20 million loan to facilitate the construction of a student housing facility near the University of Cincinnati.
  • Represented the borrower in the closing of a $5.6 million Fannie Mae mortgage loan secured by a 218-unit apartment complex in Flint, Michigan.
  • Handled the $21million refinancing of an apartment project with HUD under Section 223(a)(7).
  • Represented a national bank in a $16.3 million loan to facilitate the refinancing of various office, warehouse and retail properties.
  • Represented the owner of an urban entertainment center in Newport, Kentucky in the conversion of a $46.2 million construction loan into a $46.2 million bond issued by the city of Newport.
  • Represented the developer in a $15.5 million loan for a 238-unit apartment complex in Louisville, Kentucky.
  • Represented the lender in connection with its $10 million participation in a $63 million refinancing facility to a corporation and its subsidiaries.
  • Represented the lender in connection with the modification of multiple loan facilities in the aggregate amount of over $105 million.
  • Represented HUD lender in connection with multiple multifamily projects throughout the region.