Sasan Behnood is a partner at Raines Feldman LLP, concentrating in sophisticated real estate transactions, including the acquisition, development, leasing, and financing of real estate throughout the United States. Sasan’s past and present clients include some of the largest developers, real estate holders, and financial institutions in the country.
As a former Executive Vice President and General Counsel to a prominent national real estate lender, Sasan brings extensive industry and legal experience across the spectrum of secured real estate finance and loan origination matters, for the benefit of his clients, including but not limited to: acquisition financing, construction financing, ground lease financing, and mezzanine financing. Sasan frequently advises his clients on complex title issues, collateral perfection, lien releases, lien subordination, cross collateralization, bad boy and carve-out guaranties, escrow instructions, custodial agreements, loan servicer agreements, loan underwriting, title insurance and escrow matters, distressed assets, inter-creditor agreements, loan workouts, forbearance agreements, and the restructuring of defaulted debt.
More than financial transactions, Sasan further brings extensive experience in complex real estate dispositions, acquisitions, leasing, and development transactions – representing some of the largest developers, tenants, and investors in the nation. Drawing on over a decade’s experience, Sasan counsels sophisticated investors, developers, retailers, landlord, tenants, joint ventures, funds, and REITs, in the sale, leasing, and development of virtually every type of real estate including but not limited to: commercial, retail, shopping center, industrial, residential, PUD, and office properties, as well as raw land – and navigating clients through complex title, regulatory, and environmental issues along the way.
Sasan’s practice emphasizes practical deal terms, and avoiding the pitfalls of over-lawyering, to deliver to his clients well-crafted deals that make sense.
- Represent prominent residential developer in development of $85MM planned unit development, and acquisition of underlying raw land, including pervasive site and title due diligence; further represent developer in the negotiation, structuring, and subsequent restructuring of Development Agreement for tax increment proceeds as well as Phased Construction Agreement with local governmental entities.
- Represent developer in acquisition of raw land, development of same as mixed use office/retail shopping center, including $65MM development financing of collateralized by real and personal property security, and membership interests.
- Represent prominent real estate developer in negotiation and structuring of joint occupancy agreement and ground lease with public entity, for the development of office and industrial buildings across two parcels totaling $45MM; facilitated through ground lease financing.
- Represent borrower in negotiation and structuring of sophisticated $250MM revolving mortgage securitization facility.
- Represent national lender in negotiation and structuring of $200MM revolving warehouse borrowing-base financial facility, with accordion feature, collateralized by secured debt instruments.
- Represent borrower in the negotiation and structuring of $250MM revolving “repo” facility, collateralized by residential mortgage pool.
- Represent lender in negotiation and structuring of $47MM secured debt to real estate investor, secured by portfolio of residential multi-unit rental properties, and further secured by membership interests in borrower LLC entity, together with carve-out and non-carveout guaranties from borrower principals.
- Represent distressed commercial office space developer in restructuring and forbearance of $20MM defaulted ground leasehold deed of trust held by lender; simultaneously negotiated and structured outside bridge financing allowing developer sufficient capital to exercise contractual option to convert leasehold into fee simple interest thereby increasing property valuation to allow more favorable traditional first position lien financing – and as a result extricating developer from pending bankruptcy proceedings.