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Cases & Deals

November 30, 2017

King & Spalding Advises on Ground Lease Securitization

NEW YORK, Nov. 30, 2017 — King & Spalding represented two major financial services companies in the purchase of $80 million in aggregate principal amount of securitized Secured Tenant Site Contract Revenue Notes, Series 2017-1, issued by LMRK Issuer Co. 2 LLC, an affiliate of Landmark Infrastructure Partners LP. These notes consisted of two classes and included a site acquisition account. The privately-placed notes were collateralized by sites leased to companies in the outdoor advertising industry.

This transaction is the latest in a number of ground lease and telecom securitization transactions for King & Spalding. In 2016, the firm also represented a major international investment bank as the initial purchaser in a $116 million securitization of telecom-related ground lease and other real property assets of subsidiaries of Landmark Infrastructure Partners LP.

In both transactions, King & Spalding's finance teams and real estate teams worked closely together to both structure the securitization transactions and to mortgage the many real property interests that comprised the collateral for the transactions.

The King & Spalding team for this transaction was led by finance partner Michael Urschel and included associates Samantha Gleit and Jennifer Tian, staff attorney Bert Eidson, and also included partner Josh Kamin (real estate) and associate Joe Quinn (real estate).