Kendal focuses on federal income tax issues related to REITs and private investment funds. She regularly assists clients with structuring and executing capital markets transactions, initial public offerings, fund formations, mergers and acquisitions, and securitizations. She represents issuers and underwriters in various capital markets transactions, and she represents equity REITs and mortgage REITs in connection with public and private equity and debt offerings, including REITs investing in mortgage-backed securities, mortgage loans, hotels, excess mortgage servicing rights, commercial office buildings, industrial and single family rental (SFR). Kendal represents private equity funds and investors in fund formation using REITs, blockers and other structures to address FIRPTA issues. Kendal also advises clients on roll-up transactions, OP unit deals, and tax protection agreements.

Bar Admissions

Education
JD, University of Virginia, Virginia Law Review; Order of the Coif, 2002

BS, University of Virginia, with distinction, 1996

• Represented issuers and underwriters concerning tax issues in private and public mortgage-backed and asset-backed security and debt offerings, including the representation of United States government agencies in mortgage loan securitization transactions.
• Tax structuring, evaluation and representation of various securitization, resecuritization, grantor trust and fund transactions including issues regarding real estate assets, distressed assets, US trade or business and US withholding.
• Represented issuers and lenders concerning tax issues in financing of servicer advance receivables.
• Counsel clients generally on the federal income tax aspects of restructurings and debt workouts.
• Represented issuers and underwriters in connection with securitized debt offerings and public and private offerings of common and preferred stock by REITs, including trust preferred offerings.
• Represented issuers in equity and debt offerings by publicly traded partnerships.
• Advise clients regarding Section 382 issues.
• Represented sponsors in low-income housing tax credit and historic rehabilitation tax credit transactions, including both single property investments and multiproperty funds.

• Member, American Bar Association, Section of Taxation

• Selected for inclusion as a “Rising Star,” Tax Law, Virginia Super Lawyers Magazine, 2009, 2014-2015

• Proposed Treasury Regulations May Recharacterize Taxable REIT Subsidiary Debt, Real Estate Finance Journal
• Real Estate Capital Markets Newsletter – Spring 2023
• Real Estate Capital Markets – 2022 Year in Review
• Real Estate Capital Markets – 2023 Year in Review
• Real Estate Capital Markets – 2021 Year in Review
• Midstream Energy REITs: A New Structure
• Commercial Mortgage REITs: Tax Considerations When Dealing with Distressed Mortgage Loans, Pratt’s Journal of Bankruptcy Law