Andrew W.Bengtson (Andy)

Partner

(T) 1.214.969.4572

Andy Bengtson's practice combines more than 14 years of legal experience in the commercial real estate sector with a pragmatic perspective to achieve the client's goals. He has a particular emphasis on joint venture formation, real estate finance, real estate fund sponsor formation, and acquisition and disposition of hotels, shopping centers, apartments, and office buildings throughout the U.S. Andy has experience representing borrowers in commercial mortgage-backed securities (CMBS), construction, and other types of real estate financing transactions and also has represented Firm clients in the real estate aspects of M&A transactions.

Representative transactions include (i) several with DDR, including (1) the recapitalization of a joint venture with an affiliate of Madison International Realty involving 52 shopping centers for a total of $1.05 billion, (2) a joint venture with Blackstone in a $1.93 billion acquisition of 71 shopping centers, and (3) the $1.46 billion acquisition from Blackstone of a prime shopping center portfolio; (ii) the formation of the Mill Creek joint venture, which raised more than $200 million for multifamily developments; (iii) many with The NRP Group, including the corporate recapitalization involving TriPost Capital Partners, LLC and Angelo, Gordon & Co., L.P; and (iv) several with Morgan Stanley, such as the $6.5 billion buyout of Crescent Real Estate Equities and the $1.5 billion buyout of the Town & Country Trust. Andy also has represented AllianceBernstein, American Greetings, Associated Estates, Behringer Harvard, Blackstone, H.I.G. Capital, StepStone Real Estate, Tanger Factory Outlet Centers, and Trigate Capital.

Andy is a member of the board of directors of The First Tee of Cleveland and a member of the State Bars of Texas and Ohio.

Experience

  • Blackstone Group sells national portfolio of Marriott-branded hotelsJones Day advised The Blackstone Group in the sale of a national portfolio of Marriott-branded hotels located across eight states to a single buyer.
  • NRP Group sells Kennedy at Brooks City Base in San Antonio, TexasJones Day advised The NRP Group LLC regarding the sale of the Kennedy at Brooks City Base, a 306-unit multifamily apartment community located in San Antonio, Texas.
  • Stepstone affiliate forms joint venture to acquire multifamily properties in Georgia and FloridaJones Day advised SRE Island – Investco, LLC (“Stepstone”), an affiliate of Stepstone Group Real Estate LP, in connection with the formation of, and an initial equity investment of approximately $59.1 million in, a joint venture (the “Joint Venture”) with affiliates of Cortland Partners, LLC and Clarion Partners LLC for the acquisition, by purchase of equity interests, of three multifamily apartment communities in Georgia and Florida (the “Properties”).
  • StepStone forms joint venture with Milhaus, acquires five multifamily developments, and forms additional joint venture with Milhaus for acquisition of multifamily development project located in MissouriJones Day represented StepStone Group LP in connection with the (i) formation of a joint venture with Milhaus and the acquisition by such entity of five multifamily developments located in Indiana, Oklahoma and Tennessee, and (ii) formation of an additional development joint venture with Milhaus for the acquisition of a multifamily development project located in Missouri and capital commitments for the acquisition of additional multifamily development projects.
  • HIG forms joint venture to develop 232-unit apartment community in Woodbridge, New JerseyJones Day advised H.I.G. Realty - Woodbridge Holdings, LLC ("HIG"), an affiliate of H.I.G. Realty Partners, in connection with the formation of, and a $19 million preferred equity investment in, a joint venture (the “Joint Venture”) with an affiliate of Sturm Asset Management for the development of a 232-unit apartment community in Woodbridge, New Jersey (the “Project”).
  • NRP Group to develop 200-unit multifamily project in Euless, TexasJones Day advised The NRP Group LLC in the formation of a joint venture and subsequent construction loan financing for the development and construction of a 200-unit multifamily project located in Euless, Texas.
  • DDR forms joint venture with affiliate of Madison International Realty to manage portfolio of shopping centersJones Day advised DDR Corp. (NYSE: DDR) and an affiliate of Madison International Realty in a recapitalization of a joint venture with 52 shopping centers previously owned by DDR and various partners through the DDR Domestic Retail Fund I, totaling $1.05 billion.
  • StepStone provides $87.5 million financing in favor of HRI PropertiesJones Day advised StepStone Real Estate as lender on two credit facilities made in favor of HRI Properties and its affiliates ("HRI"), in an aggregate amount of up to $87.5 million, which credit facilities were issued in connection with an additional financing provided to HRI by Almanac Realty Securities.  
  • HighBrook Income Property Fund acquires office building in Raleigh, North CarolinaJones Day represented HighBrook Income Property Fund II, LP, in connection with the acquisition, negotiated financing, and recapitalization of a 30-story, Class "A" office building with approximately 544,482 square feet located in Raleigh, North Carolina, including a joint venture with certain existing owners.
  • NRP Group completes corporate recapitalizationJones Day represented The NRP Group, a multifamily real estate developer, builder, and property management company, in connection with a corporate recapitalization, including the related growth capital equity investments made by TriPost Capital Partners, LLC, a New York-based real estate investment firm, and Angelo, Gordon & Co., L.P., a New York-based private equity firm.
  • Tanger acquires 100 percent ownership of Tanger Outlets located in Greater Savannah, Georgia MarketJones Day advised Tanger Factory Outlet Centers, Inc. in its acquisition of 100 percent ownership of Tanger Outlets located in the Greater Savannah, Georgia Market (in Savannah, Georgia) for $15 million in cash and distribution of certain retail outparcels to Ben Carter Enterprises.
  • NRP Group obtains $32 million CMBS financing secured by San Antonio, Texas apartment complexJones Day represented The NRP Group LLC in a $32 million CMBS financing secured by an apartment complex located in San Antonio, Texas.
  • NRP Group obtains $34 million CMBS financing secured by Akron, Ohio apartment complexJones Day represented The NRP Group LLC in a $34 million CMBS financing secured by an apartment complex located in Akron, Ohio.
  • Macquarie Capital forms joint venture to acquire, finance, and manage residential real estate in Manhattan, New YorkJones Day represented Macquarie Capital (USA) Inc. in connection with the formation of a joint venture with a third party venturer to acquire, finance, and manage predominantly residential real estate in the Manhattan Borough of New York City, New York.
  • NRP Group forms joint venture and obtains financing for development of multifamily housing project in San Antonio, TexasJones Day represented The NRP Group LLC in a joint venture and $35 million construction financing for the development of a multifamily housing project in San Antonio.
  • Blackstone Group through Equity Office Management completes $1.3 billion sale of two office buildings in Boston to JPMorgan Chase and Oxford PropertiesJones Day advised The Blackstone Group in connection with its $1.3 billion sale of 500 Boylston St. and 222 Berkeley St. to JPMorgan Chase & Co. and Oxford Properties Group, respectively.
  • Spinoso Real Estate Group acquires shopping mall in Citrus Heights, CaliforniaJones Day advised Spinoso Real Estate Group DLS, LLC and a third party investor in connection with the acquisition and financing of a shopping mall with approximately 424,000 square feet located in Citrus Heights, California.
  • HighBrook Income Property Fund II acquires and recapitalizes office building in Jacksonville, FloridaJones Day represented HighBrook Income Property Fund II, LP, in connection with the acquisition and recapitalization of an office building complex with approximately 187,238 square feet, located in Jacksonville, Florida, including a joint venture with certain existing owners.
  • Associated Estates acquired by Brookfield Asset Management for $2.5 billionJones Day advised Associated Estates Realty Corporation in the acquisition by an affiliate of Brookfield Asset Management for $2.5 billion including the assumption of debt.
  • DDR and Blackstone complete joint venture acquiring 71 shopping centers for $1.93 billionJones Day advised DDR Corp. in the formation and closing of a joint venture with an affiliate of Blackstone Real Estate Partners VII, to acquire 71 shopping centers owned by American Realty Capital Properties in a transaction valued at $1.93 billion, including assumed debt of $437 million and approximately $800 million of new financings.
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