Photo of Terrence E. Budny

Terrence E. Budny

Special Counsel
F: +1.312.499.4729


  • J.D., University of Chicago Law School, 1976
  • A.B., Boston College, 1972, summa cum laude, Phi Beta Kappa
  • Illinois
Thought Leadership


Terrence Budny is special counsel in the Real Estate, Land Use and Environmental Practice Group in the firm's Chicago office. He concentrates his practice in real estate financing, development and investment. He has extensive experience in representing buyers, sellers, lenders, borrowers, landlords and tenants in complex real estate transactions throughout the country.

Terrence's practice focuses on sophisticated lender representation of complex construction projects and financings secured by real estate. The transactions include industrial, commercial, retail and residential properties. He works closely with clients through the entire process of buying and selling property, from preparing purchase agreements and conducting due diligence to handling the closing. He also represents owners and developers of real estate in negotiating construction and permanent loan commitments and loan documents. 


  • Illinois Super Lawyer, Super Lawyers, 2014-2019
  • Best Lawyer in America, Best Lawyers, 2013-2019
  • Real Estate and Construction, Legal 500, 2014, 2016
  • America's Leading Lawyers for Business, Chambers USA's
  • Leading Real Estate Lawyers, Chambers USA, 2013-2018


  • $64 million acquisition and construction for a retail shopping center in Naperville, Illinois.
  • $40 million construction loan for mixed use development in suburban Chicago.
  • $55 million line of credit loan for land acquisition and site development in suburban Chicago.
  • $69 million senior and mezzanine debt financing for construction of residential condominium in downtown Chicago.
  • $50 million secured working capital line of credit loan to a REIT.
  • $17 million construction loan for a conversion of a hospital in Chicago, Illinois to residential condominiums and construction of new town homes and single-family dwellings.
  • $250 million acquisition and leasing of numerous warehouse distribution centers throughout the country.
  • $130 million sale of a major downtown Chicago office building. 

Thought Leadership


  • Mr. Budny has written in numerous publications, including Representing the Lender in Selected Problem Areas; Real Estate Developments in Trouble: Lender's Rights; and Commercial Leases, Remedies and Enforcement and contributed to Holtzschue, Purchase and Sale of Real Property.  

Speaking Engagements

  • Mr. Budny has lectured for CLE International, Inc.


  • Member, American College of Real Estate Lawyers
  • Member, Chicago Bar Association