Morris Manning & Martin, LLP

Real Estate Capital Markets (REITs)

The Real Estate Capital Markets Practice at Morris, Manning & Martin serves clients in accessing the capital markets. Our lawyers have assisted clients in raising billions of dollars for deployment in real estate ventures. We represent real estate developers and operating companies, financial institutions, pension funds, institutional investors, investment advisors and asset managers with respect to their real estate investments, both in the U.S. and abroad. Our investment and development work touches every real estate asset class, including affordable housing, brownfield, condominium, hotel, industrial/distribution, mixed-use, multifamily, office, resort, retail, student housing, and timber.

Market Innovators

As dealmakers and innovators, our Real Estate Capital Markets Practice routinely structures, negotiates, documents and closes private and public equity offerings for REITs, real estate limited partnerships, timber funds, strategic joint ventures, debt funds, tax credit funds, bond financings and UPREITs. We add a comprehensive knowledge of the real estate industry, key industry contacts and a multidisciplinary approach to the sophisticated legal and financial issues that drive complex real estate transactions. Because of the depth of our practice, we bring our clients practical knowledge of the current thinking on complex securities, tax, environmental, bankruptcy, ERISA and technology concerns that drive deals.

Collaborative Synergy

Our lawyers look beyond just the legal issues facing our clients in order to understand and counsel our clients on the critical business issues confronting them. By doing so, we become valued business partners. In our Real Estate Capital Markets Practice, we live by the credo that our clients’ success is the only true measure of our success. We are with our clients for the long term as they grow and diversify in order to meet the challenges of an ever-changing and increasingly competitive market environment. We are leaders in the field, crafting unique legal solutions to complex issues. We add value to our clients’ businesses with our focus on strategic relationships and our ability to use our goodwill with regulators and other business leaders to our clients’ advantage. We facilitate critical introductions and ongoing communication between sources of capital and key development partners.

Transaction Guidance

Drawing on our broad and diverse experience, we are able to design and implement cutting-edge deal structures. Because we represent some of the nation’s largest financial institutions, pension funds, timber funds, institutional investors, investment advisors and asset managers, we know what the markets will accept and can advise our clients accordingly. Whether conducting a $3.3 billion REIT public offering, buying, capitalizing and financing a $300 million destination golf resort development community, handling all aspects of a $250 million in-town brownfield mixed-use multiphase development, handling installment sales of large-scale timberland dispositions, or representing a multibillion-dollar institutional investment fund in its investments and tax planning in offshore hotel and condominium resorts, our lawyers bring an unparalleled level of experience to the full spectrum of real estate transactions.

Public Funds

Our attorneys represent REITs, closed-end funds, interval funds, and business development companies, as well as affiliated investment advisers, unaffiliated investment sub-advisers and underwriters in their interactions with the SEC, FINRA, and state regulators. On the transactional side, our attorneys assist our public fund clients in raising capital through the drafting of registration statements or offering circulars, preparing or reviewing compliance materials, and other matters required by the federal securities laws.  We also assist our public fund clients in the preparation and review of periodic reports filed pursuant to the Securities Exchange Act of 1934 or the Investment Company Act of 1940.  On the regulatory side, our attorneys prepare or review board materials and reports to stockholders, provide advice relating to fund governance matters, draft exemptive and no action relief requests, and advise clients on technical matters relating to the Investment Company Act of 1940 and the Investment Advisers Act of 1940, as well as requirements related to qualifying as a regulated investment company (RIC). In addition to representing numerous REITs and real estate funds, our attorneys have represented listed and non-listed offerings of BDCs, closed-end funds and interval funds, both as issuer’s counsel and as counsel to the underwriters.   

Securities Regulatory Compliance

Funds and other alternative investment vehicles of all types, as well as their advising and managing entities and placement agents,can require detailed analysis to determine the impact of potential regulatory and registration requirements under the Investment Company Act of 1940, the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940.  In addition, many types of investment vehicles, including publicly registered but non-listed REITs and BDCs, must register their securities under the Blue Sky laws of each state in which offers and sales are made, and their offerings are subject to heightened scrutiny by FINRA.  Our lawyers understand the multiple layers of regulation and are able to navigate clients through them effectively and efficiently.  For our issuer clients, we also assist in developing robust compliance policies and procedures to ensure compliance with the federal securities laws, including a compliance manual, code of ethics, valuation policies and procedures, and co-investment guidelines.

Full Cycle Representation

MMM’s Real Estate Capital Markets attorneys assist REIT clients in every aspect of their operations, from formation to exit strategy. Our team has assisted REIT clients with listing on a public exchange, structuring a sale or merger of the entire portfolio, and managing an orderly sale of properties and assets. For example, our team recently represented a non-listed REIT in its acquisition of a real estate investment platform and subsequent listing on the NYSE, a transaction valued at over $12 billion. Our attorneys also served as special counsel to the publicly listed REIT in its subsequent merger with another publicly listed REIT, a transaction with an estimated value of $21.5 billion, the largest in its sector. The MMM team also recently advised a special committee of a listed REIT board of directors in a potential merger transaction. In these types of transactions, our team advises on all aspects, including unique tax and corporate governance matters. Whether representing the external advisors, special committees, or the REIT itself, our team works closely with our clients to select the best disposition option or combination of options that maximizes shareholder value.

Key Services: 

  • Blind pools
  • Bond financing
  • Credit enhanced financing
  • Debt funds
  • Direct participation programs
  • Down REITs
  • Follow-on offerings
  • Industrial development
  • Initial public offerings
  • Listed REITs
  • Non-listed REITs
  • Partnerships & joint ventures
  • Private REITs
  • Private placements
  • Public funds
  • Real estate funds
  • REIT M&A
  • Syndicated loans
  • Tax allocation bonds
  • Tax credit funds
  • Tax-exempt development
  • Timber REITs