Micah Elazar is an associate in the firm's Real Estate group where he works on a broad spectrum of commercial real estate finance transactions. His experience covers all aspects of real estate finance, including loan originations and assumptions, work-outs, secondary market transactions, mezzanine financing, and interest rate derivatives.
Mr. Elazar regularly represents Fannie Mae, mortgage lenders, special servicers and other clients in a variety of matters including:
· Loan originations and credit facilities secured by cross-collateralized pools of multifamily, seniors and student housing, frequently involving the issuance of mortgage-backed securities;
· Loan assumptions on seniors' housing facilities often involving complex master leases and operating agreements;
· Secondary market loan portfolio transfers and acquisitions involving cash purchases, securities swaps and participations;
· Interest rate cap and swap derivative transactions, including customized rate cap documentation and ISDA Master Agreements, in connection with floating rate loan programs or other institutional hedging purposes;
· Loan workouts and modifications including the restructuring of secured debt on behalf of special servicers in a major commercial real estate bankruptcy and the restructuring of a cross-collateralized credit facility with multiple layers of mezzanine financing;
· Negotiation of intercreditor agreements between senior and mezzanine lenders;
· Pro bono representation of a non-profit organization in connection with a leasing dispute.
Significant Matters
Mr. Elazar is involved in representing Fannie Mae in the two largest multifamily transactions in its history: a $7.1 billion credit facility secured by over 100 multifamily properties and a $3.5 billion portfolio loan purchase secured by 244 senior housing properties.
Mr. Elazar assisted Fannie Mae in the preparation of new form loan documents for multifamily and seniors housing facilities.
Mr. Elazar has documented several billion dollars' worth of interest rate cap and swap agreements in connection with new loan originations, replacement hedges for existing financing, and assignments of hedge agreements in connection with loan assumptions.
Activities
Mr. Elazar has recently served on the Board of Directors of Takoma Children's School and continues to serve on the school's strategic planning committee.
Memberships
American Bar Association (Real Property, Probate and Trust Law Section)
DC Bar (Corporation, Finance and Securities Law Section)
News
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Publications
Comment, "Public Use" and the Justification of Takings, 7 University of Pennsylvania Journal of Constitutional Law 249 (2004)