Jonathan Karl is a partner in the New York office of Milbank LLP and a member of the firm's Real Estate Group and Digital Infrastructure Practice Group.
Primary Focus & Experience
Mr. Karl represents institutional real estate investors, private equity sponsors, investment funds, asset managers, banks and other financial institutions in debt and equity transactions, with a particular focus on complex real estate finance, back-leverage and structured financing facilities, as well as workouts, restructurings and enforcement matters.
Mr. Karl advises clients on a broad range of sophisticated transactions, including mortgage, mezzanine, construction and bridge financings, preferred equity investments, subscription and corporate credit facilities, warehouse and repurchase facilities, and other structured financings. He regularly counsels clients on the origination, acquisition, restructuring, enforcement, syndication and sale of complex debt investments across a wide range of asset classes, including digital infrastructure and data centers. Mr. Karl has substantial experience representing lenders, investors and other stakeholders in distressed situations, including loan workouts, restructurings, recapitalizations, foreclosure and UCC remedies, deed-in-lieu transactions, receiverships, intercreditor disputes and other complex enforcement proceedings.
A selection of his representations includes advising:
- Funds managed by Pacific Investment Management Company LLC in connection with the financing to acquire Columbia Property Trust, Inc. for $3.9 billion.
- SL Green Realty Corp. on its acquisition and workout of a defaulted mezzanine loan secured by 625 Madison Avenue, eventually acquired in a UCC foreclosure.
- Deutsche Bank AG, New York Branch, in connection with multiple financings to data center operators across the US for construction of build-to-suit and hyperscale data center facilities.
- Lenders in a $1.9 billion financing for the design, construction and operation of EdgeCore Digital Infrastructure’s 26 MW PH01 data center and 108 MW PH02 data center in Mesa, Arizona.
- Castlelake, L.P. in its loan to Sunseeker, a wholly-owned subsidiary of Allegiant Travel Company used to fund construction of Sunseeker Resort Charlotte Harbor.
- SL Green Realty Corp. in connection with the origination to Clipper Equity of a $386 million financing for the developer’s rental project at 77 Commercial Street in Greenpoint, Brooklyn.
- Sail Harbor Capital and Apollo Commercial Real Estate Finance, Inc. in their origination of a $265 million construction financing to SECO Development, Inc. for the development of a 727,634 square foot office tower located at the Southport Campus in Renton, Washington.
- Lenders in the real estate aspects of the construction debt financing of the public-private partnership to build the $9.5 billion New Terminal One at New York's John F. Kennedy Airport.
