Lisa M.Spelhaug

Counsel

Chicago + 1.312.269.4196

Lisa Spelhaug has almost 20 years of experience representing borrowers, bank groups, and individual lenders in a wide variety of commercial real estate financings in jurisdictions across the United States. Her experience includes construction, multifamily, SFR (single family residential investment portfolios), industrial, senior housing, hospitality, and office financings. The various transactions she has worked on have included participations, syndications, and repurchases of commercial mortgage loans; complex capital structures; and mortgage loans with multiple levels of mezzanine financing. Lisa also has significant experience on the workout of troubled real estate loans, including discounted payoffs, deficiency notes, debt for equity swaps, transfers in lieu of foreclosure, and other settlement structures.

In addition to her real estate finance experience, Lisa has a substantial amount of experience representing developers and other clients in commercial leasing, acquisitions and dispositions, and sale-leasebacks. She also has represented nonprofit clients in property acquisitions and financing and leasing transactions.

Experience

  • Major distributor of alcoholic beverages refinances its mortgage loanJones Day represented a major distributor of alcoholic beverages in connection with the refinancing of its mortgage loan secured by real estate located in Brooklyn, NY.
  • Well Fargo provides $155 million loan to finance construction of multi-family residential building in Chicago, IllinoisJones Day represented Well Fargo Bank, National Association, as administrative agent, in connection with the $155 million loan to finance the construction of a multi-family residential building with 465-units, office and retail space in Chicago, Illinois.
  • U. S. Steel executes Option Agreement for potential joint venture with Stelco Inc. to acquire 25% interest in Minntac at enterprise value of $2.4 billionJones Day represented United States Steel Corporation, an integrated steel producer with major production operations in the United States and Central Europe, in connection with the execution of an Option Agreement for a potential joint venture with Stelco Inc., a vertically integrated Canadian steelmaker.
  • Wells Fargo provides $210 million loan secured by multifamily residential propertiesJones Day represented Wells Fargo Bank, National Association, as administrative agent, in connection with a $210 million loan secured by three multifamily residential properties in Colorado, North Carolina, and Oregon.
  • National bank provides financing for industrial portfolio located in eight statesJones Day represented a national bank as administrative agent and lead lender in connection with a $391.5 million syndicated loan secured by an industrial portfolio located in eight states.
  • Hard Rock International acquires JACK Cincinnati Casino and Turfway Park for $745 millionJones Day advised Hard Rock International on the acquisition of JACK Cincinnati Casino, located in downtown Cincinnati, Ohio, together with VICI Properties, Inc., and Turfway Park, located in Florence, Kentucky, for an aggregate purchase price of approximately $745 million in cash.
  • Wells Fargo provides $24 million refinancing for renovations to hotel in Birmingham, AlabamaJones Day advised Wells Fargo Bank, National Association in connection with a refinancing transaction with an amended loan value of up to $24 million for renovations to a hotel in Birmingham, Alabama.
  • Wells Fargo provides $29.5 million loan for renovations to hotel in Gatlinburg, TennesseeJones Day advised Wells Fargo Bank, National Association in connection with a $29.5 million loan for renovations to a hotel in Gatlinburg, Tennessee.
  • Wells Fargo provides $43 million loan for renovations to hotel in Portland, MaineJones Day advised Wells Fargo Bank, National Association  in connection with a $43 million loan for renovations to a hotel in Portland, Maine.
  • Wells Fargo provides financing secured by portfolio of office buildings in Texas, as well as intercreditor agreement to finance acquisition of office building in CaliforniaJones Day advised Wells Fargo, National Association in connection with the purchase of an approximately $121 million loan secured by a portfolio of office buildings in Texas, as well as its related negotiation of an intercreditor agreement with the mezzanine lender, and a subsequent loan increase to finance the acquisition of an office building in California.
  • Wells Fargo provides $110 million syndicated construction loan for hotel in Kansas City, MissouriJones Day advised Wells Fargo Bank, National Association in connection with a $110 million syndicated construction loan for a convention center hotel in Kansas City, Missouri.
  • Wells Fargo purchases financing of office building in Washington, D.C.Jones Day represented Wells Fargo Bank, National Association as senior lender in connection with its purchase of a loan made to finance the acquisition of a 407,113 square foot office building in Washington, D.C., as well as its related negotiation of an intercreditor agreement with the mezzanine lender.
  • Greystar forms open ended core plus fund and acquires Monogram for approximately $4.4 billionJones Day advised Greystar Real Estate Partners on a number of related transactions culminating in the acquisition of Monogram Residential Trust, Inc. (a publicly traded REIT based in Plano, Texas), an owner, operator, and developer of luxury apartment communities with a significant presence in select coastal markets, in a transaction valued at approximately $4.4 billion, including the debt assumed or refinanced in connection with the transaction.
  • Hill-Rom acquires Mortara Instrument for $330 millionJones Day advised Hill-Rom Holdings, Inc. in its acquisition of Mortara Instrument, Inc., a privately held leader in diagnostic cardiology and patient monitoring solutions, technologies, and devices, for $330 million in cash.
  • Wells Fargo finances portfolio of commercial properties located in New York, Massachusetts, and ColoradoJones Day represented Wells Fargo Bank, National Association in connection with the financing for a portfolio of commercial properties located in New York, Massachusetts, and Colorado.
  • Specialty Silicone Fabricators sold to Trelleborg ABJones Day advised Specialty Silicone Fabricators, Inc., a California-based manufacturer of high-precision silicone components for medical technology original equipment manufacturers, in connection with the sale of all of the company's outstanding stock and real estate owned by certain entities related to shareholders of the company to Trelleborg AB, a Sweden-based leader in engineered polymer solutions.
  • The following represents experience acquired prior to joining Jones Day.

    Represented a large institutional lender on an approximately $140 million acquisition loan for an office building in Chicago.

    Represented both owners and lenders in connection with securitized loans secured by portfolios of residential homes located throughout the United States (including the representation of a large institutional lender in connection with a loan of approximately $435 million secured by mortgages on 3300 properties and the representation of a borrower in connection with a loan of approximately $475 million secured by mortgages on 4000 properties).

    Represented a large institutional lender in the restructuring and transfers in lieu of foreclosure of a portfolio of loans totaling approximately $700 million. The properties included housing projects, undeveloped land, and multifamily, resort, retail, and office properties located throughout the United States.

    Represented an institutional lender in connection with an approximately $130 million construction loan for the construction of a hotel and office building in Chicago, Illinois.

    Represented a REIT in connection with its acquisition of an approximately $503 million loan portfolio secured by retail and office assets throughout the United States.

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