REIT pioneer is a master of crafting finance deals: Yaacov Gross, Partner, Morrison & Foerster's real estate finance practice.

In 1993, corporate and securities attorney Yaacov Gross represented the retail mall developer CBL & Associates in its initial public offering.

This was at the dawn of the modern REIT era and Gross, now a partner in the New York office of Morrison & Foerster, was a pioneer helping CBL navigate uncharted territory.

Since that time, Gross has made a name for himself crafting innovative finance deals for a number of the real estate industry's top owners and developers. He has been at the forefront of financing, capital formation, and merger & acquisition transactions involving REITS and other real estate-related ventures.

Just in the last few years, Gross has participated in an impressive number of major real estate finance transactions. He represented American Campus Communities, Inc. in its 2004 IPO. Also in 2004, he represented Goldman Sachs in underwriting the IPO of Strategic Hotel Capital, Inc., as well as Bear Stearns in underwriting the convertible preferred stock offering of Lexington Corporate Properties Trust. Gross also represented Bear Stearns as placement agent in the 2004-2005 private placement of structured securities by renowned spa operator Canyon Ranch, and as financial advisor to Brandywine Realty Trust in its 2004 acquisition of the Rubenstein Company.

But some of his biggest deals originate with Chattanooga, TN-based CBL for whom he has served as primary outside corporate and securities counsel for nearly 15 years. This past summer, he represented CBL in the sale of its interest in Galileo America, an Australian listed property trust with 69 shopping centers, to Manhattan-based New Plan Excel Realty Trust, in conjunction with New Plan's $986 million sale of assets to Galileo. In 2003, Gross advised CBL on the creation of the $800 million joint venture that became Galileo America.

Despite Gross' background as a corporate and securities attorney, his primary focus remains real estate finance, which he expects to grow as a result of a steady flow of REIT capital to the U.S. capital markets as well as foreign markets. These trends made his move to Morrison & Foerster all the more strategic.

"Morrison & Foerster has one of the largest real estate finance practices internationally, representing the leading lenders and equity investors on some of the largest transactions, including a number of cross-border deals between the U.S. and Asia," says Gross. "Morrison & Foerster has the necessary expertise and depth in the all-important areas of real estate, real estate finance, corporate and securities law, taxation, environmental law and land use and therefore provides the perfect platform to capitalize on the growing international acceptance of REITs."

Morrison & Foerster has a robust real estate and real estate capital markets practice representing REITs, REIT sponsors, opportunity funds, contributors, investors, investment advisors, underwriters and institutional lenders from 19 offices internationally.

The firm's New York office represented the Dubai Investment Group in its acquisition of the renowned Essex House Hotel on Central Park South. The New York office also represented the Dubai Investment Group in its 2005 $1.2 billion acquisition of the Walden Portfolio, one of the largest apartment deals in the U.S. in the last five years.

Gross' in-depth knowledge of real estate finance and his ability to structure highly sophisticated transactions is only partly responsible for his success. He also understands the need to provide customized legal solutions to his real estate clients.

"Every company has a different relationship with its outside counsel," explains Gross. "Some are looking for a lawyer to strictly execute transactions or be the company's legal watchdog. Others want their attorney to take a more active role and act as an advisor on major decisions. I've been able to adjust my style and provide clients with the service they need."

Gross doesn't see any drop-off in real estate activity anytime soon, although he expects foreign markets to play a larger role as US REITs continue to look for ways to bolster returns. "With Asian markets adopting REIT legislation, Japan and China continuing as active investor markets, India liberalizing its limitations on foreign ownership of real estate, and European countries like Germany and the UK on the eve of adopting their own REIT laws, cross-border REIT deals will become even more common," said Gross.