Craig D. Jeffrey

/My focus

Real estate and finance are the pillars of my practice.

Real Estate

I assist clients with land acquisition, disposition, and leasing. My clients include tenants, developers, and property owners negotiating and preparing purchase and sale agreements, commercial leases, operating agreements, and easement agreements. With active matters across the United States and other countries, I routinely support large and medium-sized companies as they align their real estate with their business. I have worked with many large real estate portfolios, private equity funds, and real estate investment trusts (REIT). I counsel lenders and borrowers on secured and unsecured credit facilities, tax credit transactions, and related opinion matters.

Finance

I counsel lenders and borrowers on secured and unsecured credit facilities for acquisition, construction, and ongoing operations. I draft loan documentation as well as provide legal opinions on related matters. Over the years, I have gained experience with unique collateral, such as arts and antiquities.

/Representative experience

Includes experience from prior firm

Real Estate Finance

• Illinois real estate counsel to a lender in connection with a $300 million credit facility for a bio-energy company
• Representation of a lender in connection with real estate aspects of $250 million acquisition and construction credit facilities for a multi-state, four hotel acquisition
• Illinois real estate counsel to a borrower in connection with a $55 million credit facility
• Representation of a commercial bank as senior lender in connection with an $8 million mortgage loan relating to a mixed-use property
• Local counsel to privately held portfolio lender with a capital base of more than $4 billion in connection with loans secured by a portfolio of commercial properties in Chicago
• Counsel to a real estate private equity firm
• Local counsel to lender Aareal Bank on several projects ranging from $20 million to in excess of $100 million
• Local counsel to lender Aareal Bank on numerous city class A office property, multi-unit residential, and mixed-use assets ranging from $20 million to in excess of $100 million
• Representation of a lender in connection with new markets tax credit financing for a transportation company
• Representation of a lender in connection with a bridge facility for low-income housing tax credit and historic tax credit transactions

Commercial Finance

• Represent lender in connection with acquisition financing for logistics company
• Represent lender in connection with financing of a buy-out of equity holders to transfer business to owners
• Represent lender in connection with financing of multiple affiliate borrowers in the copper cable and wire manufacturing, resale, and storage business
• Represent lender in connection with working capital and permanent financing of protein (meat) processor and distributor
• Represent syndication agent in connection with multi-tranche working capital line for manufacturer
• Represent lender in connection with syndicated multi-tranche facility for high-end appliance manufacturer
• Represent lender in connection with syndicated multi-tranche facility for convenience stores and gas station operators

Specialty Collateral

• Represent multiple lenders in connection with revolving lines of credit, acquisition lines, term loans, and other facilities secured by fine art and antiquities

Acquisition & Disposition

• Representation of national industry leader in ground lease transactions in connection with its acquisition of approximately 4,000 acres of land in California underneath utility-scale solar photovoltaic projects developed by one of the world's largest solar power companies, for a total purchase price of approximately $73 million
• Representation of a national retail chain in connection with real estate due diligence for a first-of-its-kind REIT conversion
• Local counsel to a leading global real estate and investment management firm for the acquisition of property in Illinois
• Representation of a publicly traded REIT as capital partner in a joint venture for the acquisition of a multifamily property
• Representation of non-traded REIT in disposition and sale of multifamily property in Illinois
• National real estate counsel to an international food manufacturer; oversee land acquisition, construction, and office leasing for company headquarters
• National real estate counsel (primarily leasing and acquisitions) to a food processing and handling enterprise with properties in seven states
• Representation of a Chicago residential developer in land assemblage in Chicago, Illinois
• Counsel to purchaser of a nine-apartment building acquisition in Cook County, Illinois
• Representation of a national fitness center chain in numerous acquisition transactions, including addressing title and easement matters, negotiations, and closings for multiple sites in Illinois, Ohio, Indiana, and Michigan
• Representation of National Louis University in review and disposition of real property in several states

Leasing

• Representation of a university in connection with a new 30,000-square-foot campus lease in the New Orleans metro area
• Representation of an office tenant in multiple lease and sublease agreements throughout the U.S. and Canada
• Representation of an international fresh food manufacturer and restaurant operator in leasing activity in New York and Illinois
• Representation of a technology company tenant in a long-term lease of new headquarters in Chicago, Illinois
• Representation of a food processing company in negotiating the lease of its headquarters in Illinois, including analysis of all existing leases and temporary space arrangements.
• Representation of a retail technology company in retail leases, including flagship locations in New York, San Francisco, and Virginia

/Looking ahead

Real estate and debt markets are dynamic. On the real estate side, we will continue to see adjustments to the flexible use of space to address in-office utilization, technological advances, and workforce demands. In the debt finance arena, parties will negotiate covenants and operating provisions based on market risk and the strength of the borrower and underlying assets. The rising interest rate environment presents a challenge to transaction velocity, but the historically modest rates (over time) will foster continued activity.

/Insights

Includes items from prior firm

• “Landlord Levers When a Tenant Fails to Meet Development Milestones,” ICSC Roundtable, October 25, 2024 (Presenter)
• “Real Estate, Construction + Insurance,” Chicago State University Rebuilding Chicago Small Businesses Symposium, Chicago, Illinois, July 8, 2020 (Speaker)
• “Real Estate Ethical Dilemmas: A Practical Approach,” 21st Annual Commercial Real Estate Institute, Practising Law Institute, Chicago, Illinois, October 24, 2019 (Presenter)
• “Can I Do That Ethically Speaking? A Practical Approach to Ethical Dilemmas in the Real Estate Practice,” ABA, October 24, 2019 (Presenter)
• “Craig Jeffrey, Mapping Out Clients’ Customized Solutions in Real Estate, Finance” (editorial profile), Leading Lawyers Magazine—Real Estate, Construction & Environmental Edition, January 2019 (Author)
• “Location, Location, Location: Keys to Selecting the Right Commercial Space,” Crain’s Small Business Week Panel, Quad Community Development Corporation, Chicago, Illinois, May 3, 2018 (Moderator)
• “The Truth about Big Law,” University of Iowa College of Law’s Back to Iowa, March 2017 (Presenter)
• “Building Your Brand; What Is Your Unique Value?” The Cook County Bar Association, April 2016 (Presenter)
• “Best Practices for Managing In-House Lawyers and Outside Counsel,” Information Management Network Real Estate & Bank General Counsel Forum, Chicago, Illinois, May 2015 (Panelist)
• “Whose Arches Are Those Anyway? Franchising for Lenders,” BMO Harris, Chicago, Illinois, November 2014 (Presenter)
• “Industry Perspective of Obstacles & Identified Solutions,” Streamlining Solar:Standardizing, Permitting, Zoning & Ordinances Conference, Chicago, Illinois, July 2012 (Moderator)
• “When Real Property Secures the Bonds: Case Study Utility Issuer Mortgage Indenture,” Global Corporate Trust Team Leads (domestic and international), Chicago, Illinois, April 2012 (Presenter)
• “Commercial Real Estate Lending: Mortgages and More from A(ppurtenance) to Z(oning)” (a four-part series); Chicago, Illinois; St. Louis, Missouri; Dublin, Ireland; May 2011 (Presenter)
• “What's Next? Legal Issues for Early Stage Companies,” Chicago Urban League, June 2009 (Presenter)