Michael J.Waters
Senior Counsel
Real Estate
mwaters@seyfarth.com
Michael’s broad experience in commercial real estate matters enables him to efficiently structure and close even the most complex and sophisticated real estate transactions.
More About Michael
Michael has extensive experience in transactional commercial real estate, counseling owners, developers, tenants, institutional investors, and lenders in all aspects of their real estate business, taking into account the current state of the real estate market and the risks and opportunities which are presented. Michael’s experience involves all property classes, including office, retail, health care, hotel and industrial premises, commercial co-op and condominium units, luxury Manhattan multifamily properties, both rent-regulated and free-market, shared office workplaces and multifamily co-living properties, triple-net leased properties, and ground leases.
Michael’s experience includes numerous sophisticated real estate acquisitions, sales, developments, financings, and joint ventures. Michael also has broad experience in sophisticated leasing transactions, on behalf of commercial landlords and institutional tenants and subtenants, including leases for prime retail properties, educational institutions, restaurants, fitness centers, life science, medical users, and law firms. Having experience in all stages of the commercial real estate business cycle, he has worked extensively with distressed commercial real property assets, representing parties from the perspective of both the owner and the lender, in negotiating complex debt restructurings and workouts of senior and mezzanine loans and equity investments, and in the acquisition and disposition of distressed loans and real estate assets. Michael has lectured and written on the topics of intercreditor and participation agreements and the complex interlender issues arising in distressed real estate projects.
Michael’s experience includes numerous sophisticated real estate acquisitions, sales, developments, financings, and joint ventures. Michael also has broad experience in sophisticated leasing transactions, on behalf of commercial landlords and institutional tenants and subtenants, including leases for prime retail properties, educational institutions, restaurants, fitness centers, life science, medical users, and law firms. Having experience in all stages of the commercial real estate business cycle, he has worked extensively with distressed commercial real property assets, representing parties from the perspective of both the owner and the lender, in negotiating complex debt restructurings and workouts of senior and mezzanine loans and equity investments, and in the acquisition and disposition of distressed loans and real estate assets. Michael has lectured and written on the topics of intercreditor and participation agreements and the complex interlender issues arising in distressed real estate projects.
- JD, Fordham University School of Law
- BSBA, Georgetown University
Finance
Cum laude
- Connecticut
- New York
Related Services
- Sale by a publicly traded REIT of development sites in Jersey City, New Jersey, for over $120 million.
- The development by a public pension fund of two medical office buildings in Colorado, including negotiation of joint venture agreements, development agreements, and reciprocal agreements with the adjoining hospitals.
- Acquisition by a REIT of a portfolio consisting of 22 self-storage facilities across nine states for over $200 million.
- Represented a luxury retailer in the subleasing of a Fifth Avenue flagship retail premises.
- Purchase of a Manhattan office building for $930 million, including financing and joint venture structuring.
- Sale of a Manhattan development site and related air rights for $320 million.
- Development of a SoHo retail property, including $275 million financing.
- Workout of $180 million construction loan on a luxury resort on behalf of the B-note holder, including foreclosure of the mortgage and credit-bid by the lender group and sale of the B-note to the lender group.
- Resolution of litigation between a mall developer and a construction lender regarding the lender’s failure to fully fund a $300 million construction loan to expand a retail mall in central New York, enabling the developer to resume construction and satisfy $30 million in mechanics’ liens.
- Sale by an industrial warehouse tenant of its option to purchase its net leased premises in New Jersey subject to a long-term leaseback, valued at $90 million.
- Purchase and financing of an $84 million Florida residential complex for condominium conversion.
- Acquisition of a 1,400-unit rent-regulated Bronx residential complex.
- Sale and restructuring of a $400 million Manhattan retail mall/office building.
- Acquisition of a portfolio of five Manhattan boutique hotels.
- Foreclosure sale of Fifth Avenue Manhattan office building for $93 million.
Related News & Insights
- Association of the Bar of the City of New York, member
- Co-Author, "Real Estate Mezzanine Loan Intercreditor Agreements: Key Negotiation Points Between Senior Lenders and Mezzanine Lenders Where the 'Bid-Ask Spread' Has Widened," ABA Section of Real Property, Trust and Estate Law (Online) (November 2017)
- Co-Author, "Gaining Control of Collateralized Mortgage-Backed Securities Pools," Institutional Investor Magazine (November 2009)
- Co-Author, "Purchasing Loan Participations: The Devil is in the Details," Real Estate Finance Journal (Winter 2008)
- Co-Author, "Mezzanine Loans and the Intercreditor Agreement: Not Etched In Stone," Real Estate Finance Journal (Spring 2007)
- Speaker, Real Estate Mezzanine and A/B Loans, Strafford Webinar (September 2015, 2017)
- Speaker, Junior/Senior Participations and Intercreditor Agreements Under Fire, Practising Law Institute’s Commercial Real Estate Financing 2012: Getting Back to Business (January 2012)
Michael’s broad experience in commercial real estate matters enables him to efficiently structure and close even the most complex and sophisticated real estate transactions.
More About Michael
Michael has extensive experience in transactional commercial real estate, counseling owners, developers, tenants, institutional investors, and lenders in all aspects of their real estate business, taking into account the current state of the real estate market and the risks and opportunities which are presented. Michael’s experience involves all property classes, including office, retail, health care, hotel and industrial premises, commercial co-op and condominium units, luxury Manhattan multifamily properties, both rent-regulated and free-market, shared office workplaces and multifamily co-living properties, triple-net leased properties, and ground leases.
Michael’s experience includes numerous sophisticated real estate acquisitions, sales, developments, financings, and joint ventures. Michael also has broad experience in sophisticated leasing transactions, on behalf of commercial landlords and institutional tenants and subtenants, including leases for prime retail properties, educational institutions, restaurants, fitness centers, life science, medical users, and law firms. Having experience in all stages of the commercial real estate business cycle, he has worked extensively with distressed commercial real property assets, representing parties from the perspective of both the owner and the lender, in negotiating complex debt restructurings and workouts of senior and mezzanine loans and equity investments, and in the acquisition and disposition of distressed loans and real estate assets. Michael has lectured and written on the topics of intercreditor and participation agreements and the complex interlender issues arising in distressed real estate projects.
Michael’s experience includes numerous sophisticated real estate acquisitions, sales, developments, financings, and joint ventures. Michael also has broad experience in sophisticated leasing transactions, on behalf of commercial landlords and institutional tenants and subtenants, including leases for prime retail properties, educational institutions, restaurants, fitness centers, life science, medical users, and law firms. Having experience in all stages of the commercial real estate business cycle, he has worked extensively with distressed commercial real property assets, representing parties from the perspective of both the owner and the lender, in negotiating complex debt restructurings and workouts of senior and mezzanine loans and equity investments, and in the acquisition and disposition of distressed loans and real estate assets. Michael has lectured and written on the topics of intercreditor and participation agreements and the complex interlender issues arising in distressed real estate projects.
- JD, Fordham University School of Law
- BSBA, Georgetown University
Finance
Cum laude
- Connecticut
- New York
Related Services
- Sale by a publicly traded REIT of development sites in Jersey City, New Jersey, for over $120 million.
- The development by a public pension fund of two medical office buildings in Colorado, including negotiation of joint venture agreements, development agreements, and reciprocal agreements with the adjoining hospitals.
- Acquisition by a REIT of a portfolio consisting of 22 self-storage facilities across nine states for over $200 million.
- Represented a luxury retailer in the subleasing of a Fifth Avenue flagship retail premises.
- Purchase of a Manhattan office building for $930 million, including financing and joint venture structuring.
- Sale of a Manhattan development site and related air rights for $320 million.
- Development of a SoHo retail property, including $275 million financing.
- Workout of $180 million construction loan on a luxury resort on behalf of the B-note holder, including foreclosure of the mortgage and credit-bid by the lender group and sale of the B-note to the lender group.
- Resolution of litigation between a mall developer and a construction lender regarding the lender’s failure to fully fund a $300 million construction loan to expand a retail mall in central New York, enabling the developer to resume construction and satisfy $30 million in mechanics’ liens.
- Sale by an industrial warehouse tenant of its option to purchase its net leased premises in New Jersey subject to a long-term leaseback, valued at $90 million.
- Purchase and financing of an $84 million Florida residential complex for condominium conversion.
- Acquisition of a 1,400-unit rent-regulated Bronx residential complex.
- Sale and restructuring of a $400 million Manhattan retail mall/office building.
- Acquisition of a portfolio of five Manhattan boutique hotels.
- Foreclosure sale of Fifth Avenue Manhattan office building for $93 million.
Related News & Insights
- Association of the Bar of the City of New York, member
- Co-Author, "Real Estate Mezzanine Loan Intercreditor Agreements: Key Negotiation Points Between Senior Lenders and Mezzanine Lenders Where the 'Bid-Ask Spread' Has Widened," ABA Section of Real Property, Trust and Estate Law (Online) (November 2017)
- Co-Author, "Gaining Control of Collateralized Mortgage-Backed Securities Pools," Institutional Investor Magazine (November 2009)
- Co-Author, "Purchasing Loan Participations: The Devil is in the Details," Real Estate Finance Journal (Winter 2008)
- Co-Author, "Mezzanine Loans and the Intercreditor Agreement: Not Etched In Stone," Real Estate Finance Journal (Spring 2007)
- Speaker, Real Estate Mezzanine and A/B Loans, Strafford Webinar (September 2015, 2017)
- Speaker, Junior/Senior Participations and Intercreditor Agreements Under Fire, Practising Law Institute’s Commercial Real Estate Financing 2012: Getting Back to Business (January 2012)