Hee Jae Park

Associate
Park Hee Jae

Hee Jae Park focuses his practice on real estate investments and finance for all asset classes. Hee Jae has represented a broad range of clients, including individuals, institutional real estate investors, developers, private equity funds, sovereign wealth funds, real estate investment trusts (REITs), investment and commercial banks, and life insurance companies. He handles complex real estate transactions, including mortgage and mezzanine loans, preferred equity investments and other structured financings, construction loans, credit facilities, joint ventures, leasing, and acquisitions and sales of real estate-related debt and assets.

Hee Jae’s experience advising lenders and borrowers, buyers and sellers, and landlords and tenants provides him a unique perspective in approaching a transaction and allows him to understand the issues at hand from all viewpoints. This insight helps him to find pragmatic solutions, saving both time and resources for clients.

Hee Jae currently serves as a vice chair of the Life Insurance Company Investments subcommittee of the Real Property, Trust, and Estate Law Section of the American Bar Association. In his prior life, Hee Jae practiced immigration law at a boutique immigration law firm.

Related Practices

Experience

Representative Matters

  • Represented a commercial bank, as administrative agent, in connection with a $500 million syndicated senior unsecured revolving credit and term loan facility for a publicly traded real estate investment trust in the hospitality sector. The facility included an accordion feature, enabling the facility to be increased to $850 million in the aggregate
  • Represented a German bank in multiple financings, including term loan facilities, to an institutional real estate investor to finance the acquisition of the Malibu Village shopping center located in Malibu, California and the Georgetown Park mall located in Washington, DC
  • Represented a commercial bank in a $175 million securitized mortgage loan secured by One Wells Fargo Center in Charlotte, North Carolina
  • Represented commercial and investment banks as buyers and various investment funds as sellers in multiple repurchase facilities ranging from $50 million to $500 million for performing commercial real estate loans
  • Represented a commercial bank in establishing a $300 million repurchase facility for tax liens
  • Represented a New York real estate developer in the buyout of its joint venture partner’s (a publicly traded real estate investment trust and the largest commercial landlord in New York City) interests in two New York City retail properties on West 34th Street. The transaction included subdividing the air rights for the two properties, to be owned separately by a newly formed joint venture entity owned by the seller and the buyer
  • Represented a New York real estate developer in the buyout of its two joint venture partners’ (a publicly traded real estate investment trust and an Israeli insurance company) interests in a retail cooperative apartment at 747 Madison Avenue. The transaction involved a buyout of one partner, a partial redemption of the other partner, and the conversion of the remaining $30 million interest into preferred equity. The transaction was financed with a $90 million loan from an investment bank secured by the co-op shares and involved negotiation of multiple consents from the cooperative board and the master servicer of the securitized loan secured by the cooperative building
  • Represented one of the oldest real estate families in New York City, the fee owner of the Mobil Building located at 150 E 42nd Street, New York, in connection with the sale by a Japanese investor of its ground leasehold interest in the property, as well as the contemporaneous extension and restatement of the ground lease, resulting in the new scheduled expiration date running through 2113. In connection with the acquisition of the ground leasehold interest, the new ground tenant obtained approximately $700 million in financing from an investment bank. The transaction also involved (i) interposing subleases below the main ground lease, one of which was converted into a leasehold condominium, with both the fee owner and the ground tenant having ownership interests in the declarant entity, and (ii) the sale of seven floors of office condominium units, which consisted of approximately 450,000 square feet of space in the aggregate, to The Mount Sinai Hospital
  • Represented a publicly traded French building materials company in its sale of five aggregate quarries and related assets in Maryland (USA) for a total enterprise value of $320 million

Credentials
+

Education

  • J.D. New York University School of Law 2007
  • B.S. Electrical Engineering State University of New York at Binghamton 2002

Bar Admissions

  • District of Columbia
  • New York

Professional Memberships and Activities

  • Vice chair, Life Insurance Company Investments Subcommittee of the Real Property, Trust, and Estate Law Section, American Bar Association

Languages

  • Korean