Paul R. Walker

PAUL R. WALKER is a national leader in representing investment banks, domestic and offshore funds, national banks, pension trusts and other sources of institutional capital in connection with (a) the origination of, and investment in, real estate loans, including structured, mezzanine and syndicated real estate-secured financings of all types, (b) real estate loan workouts and restructurings, (c) real property and loan portfolio purchase and sale transactions, and (d) equity investments in real estate assets or investment vehicles. He has significant experience in partnership disputes and commercial leasing. Mr. Walker is the only lawyer to be ranked in the first tier of Chambers USA among California Real Estate lawyers since the inception of this ranking. He has also been named in the Best Lawyers of America for over 25 years.

Selected representations:

• Represented GE Capital with respect to the sale of a $343 million mezzanine loan and the refinancing and restructure of a $275 million first lien tranche; also represented GE Capital in the restructure of a B-Note that was a component of a several hundred million dollar structured financing.
• Represented Canyon Capital as lender in several distressed debt financings including a $55 million first lien credit facility for a development in Waikiki, Hawaii, which involved a Chapter 11 proceeding, UCC equity foreclosure and nonjudicial property foreclosure; a $56 million first lien credit facility for a Las Vegas hotel and casino, which included mezzanine lender strategy and analysis, a forbearance, participant disputes, receivership proceedings, Chapter 11 involuntary proceedings and non-judicial foreclosure; a $25 million first lien credit facility for a hotel and resort at Lake Tahoe, which encompassed multi-state receivership and foreclosure actions; a $46 million first lien credit facility on an residential/agricultural development on the Island of Kauai, Hawaii, which eventuated into a nonjudicial foreclosure and participation strategies and analysis.
• Advised Oaktree Capital Management LLC in connection with multiple significant investments in previously issued commercial mortgage-backed securities (CMBS). The aggregate value of the debt stacks exceeded $8 billion. Also advised Oaktree in connection with the second largest purchase in U.S. history of CMBS assets from the secondary market. The Firm’s advice featured the analysis of payment waterfalls, loss provisions, servicing rights, and other terms associated with the CMBS assets.
• Represented Credit Suisse as agent in the workout of a number of troubled real estate loan syndications, including an $800M financing and strict UCC foreclosure for the Lake Las Vegas resort, constituting a pre-packaged Chapter 11 proceeding and DIP financing; a $400 million first and second lien credit facility for a resort in Oahu, Hawaii, which involved foreclosure and receivership proceedings and a consensual foreclosure; a defaulted $350 million first and second lien credit facility for a land development in Utah; and a $250 million senior secured credit facility for a resort in Idaho, which included several bankruptcies, a judicial foreclosure action, a receivership financing and actions on non-recourse carve-out guarantees.
• Represented Wells Fargo Bank, as lender and administrative agent, in a $365 million syndicated loan secured by 19 commercial properties in California and Arizona. Also, represented Wells Fargo on the leasing of its regional headquarter in Chicago and Los Angeles.