Using a master trust structure for real estate transactions pioneered by Kutak Rock LLP in 2005, a team of Denver attorneys recently acted as issuer’s counsel to STORE Capital Corporation, a private REIT, in connection with the issuance by its subsidiary, STORE Master Funding I LLC, of $229.5 million net lease mortgage notes. The STORE subsidiary is a bankruptcy remote, special purpose financing entity. The notes were rated A (sf) and BBB (sf) by Standard & Poor’s and purchased by institutional investors. The collateral for these notes consisted of 132 commercial real estate properties across various industry sectors, including related rents due under triple-net leases with the properties’ tenants. The master trust structure permits additional collateral to be added to the pool at a later date and also the issuance of additional notes in the future secured by the larger collateral pool.
The Kutak Rock LLP attorneys in the Denver office who worked with STORE Capital’s executive team included Paul Belitz, Kelly Reynoldson, Brian Caid, Thane Hodson, Nathan Humphrey, Michael Lambert and Peggy Richter. The sole bookrunner and structuring agent for this offering was Credit Suisse (USA) LLC who was represented by SNR Denton US LLP.
