GRAHAM PENN, co-practice leader of the firm’s Global Finance practice, is recognized as a pre-eminent authority on structured finance and securitization, with a particular focus on commercial real estate. Graham has worked on many landmark transactions in the securitization market since its inception in Europe, on a wide range of both UK and cross-border transactions involving assets in a variety of jurisdictions.
As the financial landscape has shifted in the aftermath of the global credit crisis, Graham was well-placed to advise clients on restructuring, refinancing, workout, insolvency and enforcement strategies in respect of both balance sheet and securitized loans, primarily those secured on commercial real estate. He has also advised clients on new acquisition and financing structures post-credit crisis, including the first non-bank CMBS transaction and regularly advises clients on the sale and acquisition of performing and non-performing loans (NPLs), including those backed by commercial real estate.
Graham has acted for a wide range of clients, including arrangers, trustees, lenders, originators, servicers/special servicers, investors and rating agencies. More recently he has increasingly acted for alternate credit and capital providers in relation to real estate acquisitions and financing (including construction and development). He has handled a broad range of structured debt and capital markets transactions with a particular focus on commercial real estate. He has particular experience with multi-tiered debt, intercreditor arrangements, opco/propco transactions, CMBS financings and loan portfolio transactions. His practice includes both domestic and cross-border transactions in a variety of different asset classes including commercial and residential real estate, hotel and leisure sector assets, portfolios of public houses, bank loans and trade receivables. Graham’s real estate practice includes all aspects of real estate finance including real estate lending, real estate acquisition and finance and CMBS.
Graham was included as one of the top 10 “European Legal Innovators of the Year” by the Financial Times at its 2014 FT Innovative Lawyers Awards. The Financial Times report credits Graham as “a pioneer in structured finance and securitisation” noting that he “has been involved in some of the most ground-breaking transactions of the past two decades.” Most recently, he has been listed in Best Lawyers 2020 for Real Estate Finance and Securitisation Law. He was also included in the inaugural Chambers 100, a new ranking of the 100 best business lawyers in the UK. Graham was listed as one of the top five capital markets lawyers in the UK and praised for his “superior legal knowledge and his ability to understand and document complex financing structures.” He is consistently acknowledged as a top-tier lawyer by Chambers UK; in the 2019 and 2020 edition he is recognized for Capital Markets: Securitisation and Real Estate Finance. Clients from the 2019 edition describe him as “a veteran of the capital markets world,” who is “generally very sensible” and “clearly has a good handle on what’s going on.” In the 2020 edition, he is commended for his ability to “bring ideas to the table that we hadn't thought of and can deal with complicated situations in a commercial manner.”
Admissions & Certifications
- England and Wales (Solicitor)