REITs Obtain Financing for Walgreens Portfolio AcquisitionNews | February 2, 2015
Kutak Rock LLP attorneys Mitch Padover and Heather Fox of the Scottsdale office and David Weill of the Omaha office successfully represented two non-traded real estate investment trusts (REITs) in connection with a $144 million loan which was used to acquire 35 properties leased to Walgreens and located throughout the United States. The Kutak Rock attorneys assisted the REITs in the review and negotiation of the loan documents, as well as the closing of the transaction.
The loans were structured through a commercial mortgage-backed securities (CMBS) financing that had to be closed in two weeks from start to finish. The Walgreens location in Ferguson, Missouri was included in the initial deal, but it was vandalized less than two days before the closing. The Kutak Rock team worked quickly to remove the location from the transaction without delaying the closing.