Lydia concentrates her practice in the areas of commercial lending, real estate financing and public finance.
Lydia has represented both lenders and borrowers in real estate acquisition, construction, permanent mortgage and mezzanine financings. She has significant experience in real estate workouts and debt restructuring transactions. She has also represented real estate development companies and investment funds in connection with the formation of joint ventures to acquire, construct, and manage properties.
Lydia has extensive experience in structuring, negotiating and documenting commercial loan transactions and other credit accommodations, secured and unsecured, including revolving credit and term loan facilities, syndicated and participated credits, letters of credit and bankers acceptance financings, asset-based financings, liquidity facilities and tax-exempt financings, as well as debt restructurings and workouts. She has also represented lenders in connection with senior secured credit facilities to finance acquisitions, and has negotiated and documented intercreditor agreements.
Lydia also has experience in general corporate and commercial matters. She has negotiated and drafted contracts relating to a variety of commercial transactions, including acquisitions and divestitures.
Lydia was recently elected to the Board of Regents of the American College of Mortgage Attorneys, a national honorary organization of counsel in the field of real estate finance, of which she has been a Fellow since 2007. She also serves as co-chair of ACMA's Opinions Committee.
Lydia has been included in the New Jersey Super Lawyers listing in 2005, 2006, 2008, 2009, 2010 and 2011.
Notable Experience
· Represented Bank of America, N.A., as senior secured lender, in connection with credit facilities aggregating over $28 million, including revolving loans and equipment loans, to a leading national manufacturer of custom printed paper bags, packages and food wraps.
· Represented CIT as Joint Arranger, Syndication Agent and Lender in connection with a $66 million senior secured term loan to the Pauma Band of Mission Indians to, among other things, fund partially the refurbishment of the tribe's casino located in Pauma Valley, California.
· Represented Wells Fargo Bank, N.A. as Administrative Agent in a $192.5 million syndicated secured revolving credit facility (including letters of credit, acceptances and swing line loans) to Atalanta Corporation, a multinational food importer, and its affiliates.
· Represented Bank of America, N.A. in connection with senior secured credit facilities aggregating $32 million, including a term loan to partially finance an acquisition, a revolving credit facility for working capital purposes and an acquisition facility to finance permitted acquisitions in the future, to an industry world leader in the design and manufacture of prefabricated modular steel bridges.
· Represented a national commercial finance company in connection with a $68 million four-year, non-revolving asset sale and repurchase facility with Macquarie Bank Limited, covering a pool of commercial real estate mortgage loans.
· Represented CIT Lending Services as the syndication agent and a lender in connection with a $210 million senior secured credit facility to Kalispel Tribal Economic Authority, secured by a first priority security interest in gaming assets of the Northern Quest Resort and Casino in Airway Heights, Washington.
· Represented Wells Fargo Bank, N.A. as senior secured lender in connection with the refinancing of a $50 million revolving credit facility (including letters of credit, acceptances and alternative currencies) to a manufacturer/supplier of personalized business gifts and promotional items.
· Represented a publicly-traded hospitality REIT in the negotiation, structuring and documentation of a deed-in-lieu of foreclosure conveyance of a hotel property to an affiliate of LNR Partners, as the special servicer of a defaulted $20 million CMBS loan.
· Represented Bank of America, N.A., and Banc of America Leasing & Capital, LLC in connection with the restructure of the aggregate outstanding secured indebtedness (over $1 billion) of a major New Jersey multi-facility healthcare system under its master trust indenture.
· Represented Bank of America, N.A., as senior secured lender in connection with the restructure of aggregate credit facilities of almost $52 million to a human tissue bank, which facilities included a revolving line of credit with a letter of credit subfacility, an equipment line of credit and equipment term loans.
· Served as bond counsel to the New Jersey Building Authority in connection with the issuance of $90,470,000 of State Building Revenue Refunding Bonds, 2009 Series A, and $30,925,000 of State Building Revenue Refunding Bonds, 2009 Series B, the proceeds of which funded defeasance of a portion of ten separate series of outstanding bonds.
· Represented the property owner (a joint venture between a NJ-based developer and an affiliate of Fidelity Investments), as borrower, in connection with a $44.7 million syndicated construction loan with Wells Fargo Bank, N.A., as Administrative Agent, the proceeds of which were used to renovate and reposition a vacant suburban NJ office building.
· Represented Bank of America, N.A., as senior secured lender in connection with the restructure of a $30 million revolving credit facility, including a letter of credit subfacility, to a generic pharmaceuticals company.
· Represented Bank of America, N.A. in connection with both the issuance and the amendment/extension of a direct pay letter of credit supporting $88,555,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds, AHS Hospital Corp. Issue, Series 2008B (Variable Rate), secured under the obligor's master trust indenture.
· Represented Bank of America, N.A. as liquidity provider under a standby bond purchase agreement with Meridian Hospitals Corporation in connection with the conversion of a $97 million tranche of New Jersey Health Care Facilities Financing Authority Revenue Bonds from auction rate to variable rate bonds.
· Represented New Jersey-based developer in the negotiation of the terms of a joint venture with an affiliate of BlackRock to acquire and develop commercial/industrial property in the Port Newark area; represented same developer in connection with acquisition financing of the property.
· Represented the purchaser in connection with the acquisition of 100% of the equity of a produce and specialty foods distributor with revenues in excess of $30 million per year, which acquisition included a real estate component.
· Represented property owner in connection with negotiation, documentation and closing of joint venture with a medical office developer to reposition underutilized suburban office building for medical offices and related uses; transaction included defeasance of a securitized mortgage loan, substitution of collateral for existing New York Life Insurance Company multi-property mortgage loan and a construction loan from Wachovia Bank, N.A. for joint venture project.
· Represented affiliated property owners in connection with a series of five mortgage loans from New York Life Insurance Company in an aggregate principal amount of $93.55 million, secured by real property in Raritan Center, Edison, NJ, including defeasance of three existing securitized mortgage loans.
· Represented institutional real estate investment fund in connection with $110 million revolving credit facility from Bank of America, N.A. and 14 separate mortgage loans pursuant to such facility.
· Represented real estate investment fund in connection with $19 million mezzanine financing of pool of 7 separate properties with a sovereign wealth fund as lender.
· Represented institutional real estate investment fund in connection with $130 million syndicated credit facility from Bank of America, N.A., secured by a pledge of fund investors' capital commitments.
Recent Speaking Engagements and Publications
Lydia has authored articles, lectured and conducted programs on various issues relating to commercial lending and workouts and to limited liability companies. She has spoken about workouts at a Risk Management Association program and also to the commercial real estate department of a major bank. She has been a speaker at a seminar entitled "Commercial Lending Requirements and Loan Documentation in New Jersey." Lydia has also participated in panels on legal opinions at ACMA and ABA programs.
News & Publications
October 6, 2011, EAPD Attorneys Selected For Inclusion in Super Lawyers 2011
October 7, 2010, EAPD Attorneys Selected For Inclusion in Super Lawyers 2010
March 2010, Client Advisory - Not Charitable Enough: Provena Covenant Medical Center v. Department of Revenue
March 24, 2010, Lydia C. Stefanowicz Appointed Chair of the Opinions Committee of the American College of Mortgage Attorneys
November 6, 2009, EAPD Attorneys Selected For Inclusion in Super Lawyers 2009
December 2008, Lydia Stefanowicz Named a 2008 Woman of Influence
November 4, 2008, Partner Lydia Stefanowicz Honored by the New Jersey Chapter of the National Association of Industrial and Office Properties
October 30, 2008, EAPD Attorneys Named Super Lawyers 2008
August 21, 2006, Lydia C. Stefanowicz Joins Edwards Angell Palmer & Dodge LLP as a Partner in the Real Estate Department
Edwards Angell Palmer & Dodge LLP
Before Edwards Wildman
Lydia began her legal career as a corporate associate at Rogers & Wells, working in their New York City and London offices. Prior to joining the Firm, she was a Business and Finance Partner at a New Jersey office of another AmLaw 100 firm.
Events
May 3-4, 2012, New York, NY, 23rd Annual Spring Symposia
American Bar Association - Section of Real Estate Property Trust & Estate Law
April 28 - 29, 2011, Washington, DC, American Bar Association's 22nd Annual Spring Symposia
September 23 - 25, 2010, Quebec City, PQ, Canada, American College of Mortgage Attorneys 37th Annual Meeting
October 1-3, 2009, Scottsdale, AZ, American College of Mortgage Attorneys 36th Annual Meeting
January 28, 2009, Florham Park, NJ, Women's Leadership Series Networking Breakfast
Industries
· Banking & Financial Institutions
· Healthcare
Memberships
· NJ NAIOP - Legal Action Committee
· American College of Mortgage Attorneys
· New Jersey State Bar Association - Board of Directors of the Banking Law Section and Board of Directors of the Business Law Section