Rubén Méndez-Benabe

Biography

His main areas of practice include corporate, financial institutions regulation, securities, public finance, and commercial real estate.

He advises banks, broker-dealers, mortgage institutions, loan companies and other financial institutions on a wide range of transactions and regulatory matters.

Mr. Méndez-Benabe practices in the area of commercial real estate, where he has experience representing national banks, institutional lenders, financial institutions and borrowers in structuring the financing of hotels and shopping centers, as well as other commercial and industrial properties. He is ranked as one of Puerto Rico’s Leading Attorneys in the Corporate field by both Chambers & Partners and Legal 500. He is also ranked as a leading attorney in Administrative Law, Banking and Finance Law, Corporate and M&A Law by The Best Lawyers in Puerto Rico guide.

He also provides guidance to clients on government affairs matters, including public-private partnerships and all issues relating to municipal financing (general obligation, appropriation debt and revenue bond financing), such as deal structures related to the Commonwealth of Puerto Rico, its public corporations and instrumentalities.

Mr. Méndez-Benabe serves as legal counsel and Secretary of the Board of Directors of the Puerto Rico Public-Private Partnerships Association.

He served as Chief Operating Officer and Executive Vice President of the Government Development Bank for Puerto Rico, where he was responsible for overseeing the daily operations of the GDB and its various lines of business. He also served as General Counsel and Secretary of the Boards of Directors of the GDB and its subsidiaries. Between 2003 and 2010 he worked as Legal Counsel to the Commissioner at the Office of the Commissioner of Financial Institutions and was responsible for overseeing the execution of the regulatory policy and coordinating with the FDIC the resolution and receiverships in year 2010 of various Puerto Rican banks.

From 2016 thru 2022 Mr. Méndez-Benabe served as President of the Board of Directors of the Museo de Arte Contemporáneo (MAC). He is now member of the Board of Directors of Coloring the World Foundation, an organization that aims to be a beacon for social diversity and improving the quality of people’s lives with its own distinctive identity based on the use of color as a symbol for diversity and equality.

He has undertaken doctoral studies in law at the Complutense University School of Law in Madrid, Spain and is a licensed Real Estate Broker.

Representative Transactions

Some of his representative transactions include:

• Representing AmeriNational Community Services, LLC (“AmeriNat”), as servicer for the GDB Debt Recovery Authority, in the restructuring in approximately $4 billion of debt from the Commonwealth of Puerto, various of the Commonwealth’s instrumentalities, several of its municipalities, and many of its public corporations. AmeriNat is the largest single creditor in the Title III proceeding for the Puerto Rico Highways and Transportation Authority and is a significant creditor in the Title III case of the Commonwealth.
• Serving as Puerto Rico counsel to Bank of Nova Scotia in the sale to Oriental Bank of 100% of the common stock of Scotiabank Puerto Rico (“SBPR”) with the subsequent merger of SBPR into Oriental.
• Serving as Puerto Rico counsel to FirstBank Puerto Rico (“FirstBank”) in the acquisition from Santander Holdings USA, Inc. of 100% of the common stock of Santander BanCorp (“HoldCo”), with the subsequent merger of HoldCo and Banco Santander Puerto Rico with and into FirstBank.
• Counseling Cortland Capital Market Services LLC, as administrative agent for certain lenders (the “Fuel Line Lenders”) that hold approximately $550 million in loans to the Puerto Rico Electric Power Authority under a fuel line facility. The Fuel Line Lenders is among the largest creditor constituencies in the PREPA restructuring.
• Representing a commercial bank in the collection of outstanding loans of $32 million with the Metropolitan Bus Authority, including discussions with the Fiscal Agency and Financial Advisory Authority and litigation representation before the Court of First Instance as well as assessment of the collection repercussions by any Plan of Adjustment that may be filed by the Commonwealth as part of its ongoing Title III process.
• Acting as local counsel to a Puerto Rico public-private partnership regarding private placement issuance of Senior Secured Notes and refinancing of loan facility.
• Counsel to Autopistas de Puerto Rico on all corporate and securities matters related to the repurchase of a portion of the $153,222,270 Puerto Rico Highways and Transportation Authority, Special Facility Revenue Refunding Bonds, 2003 Series A (Teodoro Moscoso Bridge).
• Counsel to Serrallés Group on all securities matters related to the recapitalization plan of Serralles Hotel which included the purchase of all outstanding $54,370,000 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority Tourism Revenue Refunding Bonds, 2006 Series A (Costa Caribe Resort Project).
• Counsel in the financing of the following hospitality projects: the La Concha Renaissance Resort and the Condado Vanderbilt Hotel in San Juan, Puerto Rico, the Best Western Plus Condado Palm in San Juan, Puerto Rico and the Marriot Courtyard, Isla Verde Beach Resort.
• Counsel in the acquisition and financing of a private marina known as Villa Marina in Fajardo, Puerto Rico.
• Counsel in the acquisition and financing of the shopping center known as Oriental Plaza in Humacao, Puerto Rico.
• Counsel in the financing of the shopping center known as Doramar Plaza in Dorado, Puerto Rico.

Practices

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