Michelle Kelban, P.C.

Since joining Kirkland, Michelle has been involved in the following matters:

• Ares Management, through an Ares Real Estate fund, on a series of joint ventures with The Scion Group to acquire two student housing portfolios from Harrison Street Asset Management, comprising 12 properties across 10 states with an approximate aggregate value of $910 million. The acquisition was financed in part by two mortgage loans totaling $620 million.
• CBRE Investment Management, on behalf of its funds, through a joint venture with MCB Real Estate, on the $247 million acquisition of a seven-property grocery-anchored shopping center portfolio exceeding 1.1 million square feet across sites in Hawaii, Louisiana, Minnesota, North Carolina and Texas.
• CBRE Investment Management, on behalf of its funds, in connection with $153 million intercompany bridge loan financing related to the acquisition of a seven-property portfolio.
• Ares Management Corporation (NYSE: ARES) on a definitive merger agreement with Whitestone REIT (NYSE: WSR) in which Ares Real Estate Funds will acquire all outstanding Whitestone common shares and operating partnership units for $19 per share or unit in an all-cash transaction valued at approximately $1.7 billion. Whitestone’s portfolio as of March 31, 2026 comprises 56 high-quality, convenience-focused retail properties totaling approximately 4.9 million square feet in some of the country’s fastest growing markets including Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio. The transaction, which was unanimously approved by the Whitestone Board of Trustees, is expected to close in the third quarter of 2026, subject to customary closing conditions, including approval by the company’s shareholders.
• Ares Management, on behalf of Ares U.S. Real Estate Opportunity Fund IV, in connection with the acquisition of a real estate investment trust (REIT) from EQT Exeter, which owns a $650 million portfolio of 36 industrial and logistics center assets located in 13 states. The acquisition, which closed on March 26, 2026, was financed in part with a $500 million single-asset single-borrower loan originated by Wells Fargo, Bank of America and Barclays.
• Ares Management, through an Ares Real Estate fund, on the acquisition of two 2025-vintage hyperscale data centers in Leesburg, Virginia.
• Ares Alternative Credit funds on joint venture between Ares and Makarora Management LP, which has agreed to take private Plymouth Industrial REIT, Inc. (NYSE: PLYM), a public REIT, through acquisition of all its common stock and all outstanding limited partnership interests of Plymouth Industrial OP, LP for $22 per share in an all-cash transaction valued at approximately $2.1 billion, including the assumption of certain outstanding debt, asset-level JV restructurings and a new committed portfolio CMBS financing.

Prior to joining Kirkland, Michelle was involved in the following matters:

• Ares Management Corporation in:
  • its $3.7 billion acquisition of GCP International, a real estate investment advisory firm
  • its acquisition of Walton Street Mexico, a Mexico-based real estate asset management platform
  • a joint venture with Timberline Real Estate Ventures to acquire and manage student housing assets across the U.S., securing an initial $250 million capital commitment and restructuring Timberline’s portfolio to grant an affiliate of Ares a 10% equity interest in Timberline’s operating platform
  • a joint venture with RXR, a leading real estate owner, operator and developer in the New York Tri-State area, to form a $1 billion fund targeting debt and equity investments in distressed commercial properties primarily located in New York City
  • its acquisition of Black Creek Group, a real estate investment advisory and distribution firm
  • its $2.5 billion acquisition along with Pretium Partners of Front Yard Residential Corporation, a provider of single-family housing
• Cain International in connection with an approximately $8 billion financing and equity capital structure for the construction of One Beverly Hills, a 17.5-acre mixed-use urban project, the largest real estate development project in the U.S.
• Apollo in the restructuring of an OpCo/PropCo financing secured by multiple hospitals located in the state of Massachusetts, in connection with a bankruptcy filing by the Opco, the transfer in lieu for multiple assets and certain asset sales
• Brookfield in connection with the purchase of two loans, foreclosure on 75 multifamily assets located in San Francisco, California, the formation of a joint venture and related financing
• Brookfield’s private real estate fund on the acquisition of Divvy Homes’ property portfolio and platform for a total consideration of approximately $1 billion
• Cain International on the acquisition of a minority stake in the Delano brand 
• Silver Lake on a joint venture with Commonwealth Asset Management to assemble a global portfolio of strategically located powered land
• Silver Lake, a global leader in technology investing, in a $6.4 billion equity investment in Vantage Data Centers, a leading provider of hyperscale data center campuses
• Constellation Hotels Holdings, a global real estate hospitality investment group, in the sale of the SLS Brickell, a 124-room luxury and lifestyle hotel located in the burgeoning downtown Miami Brickell submarket
• A foreign investment group in a joint venture with a U.S. real estate developer to acquire the retail unit of a mixed-use luxury condominium to be constructed at 432 Park Avenue in Manhattan; the transaction involved a secured forward purchase contract structure that required payment of the entire purchase price at the signing of the contract, which was secured in part by an equity pledge from the seller
• Katara Hospitality in the highly complex sale of the iconic Plaza hotel in Manhattan, which involved navigating requirements of the India courts, multiple financing amendments and obstacles, and the filing of a lis pendens by a third party claiming rights to the asset prior to the closing
• An investment firm in the forward purchase of a site for the construction of a five-star luxury hotel and condominium in Boston, Massachusetts
• Partners Group in its highly structured preferred equity investment and joint venture in respect thereof for the acquisition of 1375 Broadway, the office building that spans roughly 500,000 square feet in the heart of the Garment District in New York City
• An institutional lender in multiple, highly structured loans secured by non-performing loans, performing loans and portfolios of fee assets
• A Middle Eastern investor in acquiring the Montage Beverly Hills
• A foreign investor in connection with the complex development joint venture, acquisition, pre-development and EB-5 financing of One Wall Street, a landmarked office building located in downtown New York City
• A confidential party in a forward purchase (done as part of a joint venture with 99 Church Investors) of a high-end luxury mixed-use property located in downtown New York City

*Prior to joining Kirkland

Partner, Latham & Watkins LLP

Michelle is actively involved in pro bono and community service initiatives. She has provided counsel to numerous nonprofit organizations, including Dance Theatre of Harlem and the Girls Global Academy (GGA). She serves as a visionary for Beat the Streets, an organization focusing on empowering local leaders and supplying youth development programs through the sport of wrestling. Michelle is also a member of the Beacon Group, which provides grants to local New York organizations supporting underserved populations.