Kendal focuses on federal income tax issues related to real estate investment trusts (REITs), investment funds, and structured finance and securitization.

Kendal has experience in the representation of REITs, private investment funds, REMICs, publicly traded partnerships and other pass-through entities. Kendal has represented issuers, underwriters, servicers and guarantors in various aspects of federal income tax structuring of capital markets transactions and joint ventures.

Before joining the firm, Kendal was a law clerk for the Honorable Karen J. Williams, U.S. Court of Appeals for the Fourth Circuit (2002-2004), and was a certified public accountant (1999).

Relevant Experience

  • Represented acquirer in $5.2 billion hospitality REIT merger.
  • Represented industrial REIT concerning REIT issues in $7.6 billion take private transaction.
  • Represented issuer in REIT conversion from a C corporation and issuer in REIT conversion from a publicly traded partnership.
  • Represented buyers and sellers of private REITs.
  • Represented acquirer concerning REIT issues in $900 million mortgage REIT exchange offer and merger.
  • Represented issuers and underwriters in connection with public and private equity and debt offerings by REITs, including REITs investing in mortgage-backed securities, mortgage loans, hotels, excess mortgage servicing rights, commercial office buildings, and single family rental (SFR).
  • Advised clients on tax-efficient structures for foreign and tax-exempt investors to own U.S. real property through private REITs.
  • Advised contributors regarding partnership roll-up transactions and tax protection agreements.
  • Represented issuers and underwriters concerning tax issues in private and public mortgage-backed and asset-backed security offerings, including the representation of U.S. government agencies and government sponsored enterprises in mortgage loan securitization transactions.
  • Represented fund manager regarding carried interest structuring for single family rental and credit opportunity funds.
  • Tax structuring and representation of private investment funds and joint ventures, including issues regarding real estate assets, distressed assets, fund formation, U.S. trade or business, FIRPTA, and U.S. withholding.
  • Tax structuring and evaluation of various securitization, resecuritization, debt, and grantor trust transactions, particularly in connection with real estate assets.
  • Represented issuers and lenders concerning tax issues in financing of servicer advance receivables.
  • Represented issuers and underwriters in mortgage loan credit risk transfer securities issuances.
  • Counsel clients generally on the federal income tax aspects of restructurings and debt workouts.
  • Represented issuers in equity and debt offerings by publicly traded partnerships.
  • Advised clients regarding Section 382 issues.

Memberships

  • Member, American Bar Association, Section of Taxation

Awards & Recognition

  • Named a “Client Service All-Star” by BTI, 2019
  • Selected for inclusion as a “Rising Star,” Tax Law, Virginia Super Lawyers Magazine, 2009, 2014-2015

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