Real estate finance in United States

Dechert LLP routinely represents major lenders in the market on their CMBS issuances, mortgage and mezzanine loans, and the acquisition and disposition of interests in such loans including through syndication, purchase and sale of participations and B-pieces. The practice also has a solid offering in distressed debt and restructuring. Co-chair David Forti, based in Philadelphia, is a leading figure, having held positions in the CRE Finance Council; he represents lenders, issuers and funds in mezzanine financing, loan sales and purchases, work-outs and foreclosures. Fellow co-chair Richard Jones is based in New York and specializes in capital markets and mortgage finance. In the same office, Laura Swihart acts for issuers, underwriters, mortgage loan sellers and subordinate bond buyers in connection with commercial mortgage backed securitization transactions. Other key attorneys include Stewart McQueen, managing partner in Charlotte, Ken Hackman, Matthew B Ginsburg, and Nitya Kumar Goyal in Philadelphia, who is experienced in loan participations, co-lender arrangements and credit tenant lease financing. Craig Brown joined the practice from Duval & Stachenfeld LLP in early 2021.

Gibson, Dunn & Crutcher LLP maintains a solid market reputation in all areas of real estate finance and distressed asset workouts. Department co-chair Jesse Sharf in Century City represents lenders, REITs, developers and investors in workouts, whole loan sales, construction lending, mezzanine and CMBS lending. Fellow co-chair Erin Rothfuss in San Francisco, and Kahlil Yearwood advise on all lending and structured finance, private equity and workouts, particularly in office buildings, hotels, and residential property developments. Eric Feuerstein in the New York office is another highly sought after specialist in financings, debt purchases and acquisitions, as is Noam Haberman, for working out individual loans and entire capital structures for both lenders and borrowers.  

Historically dominant in the CMBS space, Cadwalader, Wickersham & Taft LLP continues to strengthen its expertise in syndicated, acquisition and construction lending, as well as loans backed by credit leases. Leading the practice from New York, Bonnie Neuman is a member of CREFC Women’s Network, and represents investment banks and investors across all facets of lending, in particularly in origination of mortgage and mezzanine loans, loan servicing, non-performing loan securitizations, and loan restructuring. Special counsel Nicholas Brandfon in the same office, is also of note. Also experienced in a wide variety of lending transitions, Holly Chamberlain in Charlotte is active in preferred equity investments in real estate joint ventures, unsecured real estate loans, single-family rental portfolios and workouts.   

Fried, Frank, Harris, Shriver & Jacobson LLP‘s New York-based team, led by Michael Barker , maintains solid activity in first mortgage loans, construction financing, portfolio loans, mezzanine financings and loan restructuring. Having built up its real estate practice, Barker has established himself as a top advisor to the firms’ major clients, such as Blackstone, Starwood Property Trust and JPMorgan on all their lending transactions. Michael Vines specializes in advising syndicate and balance sheet lenders on development, construction, and transitional loans. Suzanne deVries Decker, Nathaniel Lifschitz  and Kabaye Liku  are the other key partners for borrowers and lenders in mortgage, mezzanine, and preferred equity financings. Associate Matthew Bettinger also regularly counsels insurance companies and banks in construction financings.

Led by Howard Schreiber in Dallas together with New York-based Laurie Grasso and Brett Gross, Hunton Andrews Kurth LLP has been increasing its presence in acquisition, financing and development of affordable housing, and life sciences and health care sectors, parallel to its well-established commercial real estate lending and REIT practice. It is also highly knowledgeable on foreclosure on defaulted mortgage and mezzanine loans, deeds in lieu of foreclosure and the sale of REO properties. The practice also undertakes a significant amount of pro-bono work. Gross specializes in securitized and portfolio mortgage lending, mezzanine, construction and hospitality lending, and credit facilities, while New York-based Peter Mignone and Matthew Halal ‘s practice focuses on advises lenders and investor representation. Dallas’ key attorneys include Kathleen Wu, Kathleen Tarbox Muñoz and Raegan Watchman. 

Morrison Foerster is recognized for its expert handling of large syndicated term and construction loans and with deals involving multiple types of debt, as well as its strong involvement in convertible mortgages, mezzanine or layered debt/equity structures, conduit loans and loans originated for securitization, in addition to its knowledge of EB-5 and bond financing. Outside of the core syndicated, participated, and CMBS loan arrangement practice, global department chair Mark Edelstein is the go-to lawyer for debt restructurings and bankruptcies of high-profile real estate companies and developers. US real estate co-chairs Jeffrey Temple and Thomas Fileti in Los Angeles are key attorneys for REIT work and credit facilities of all types. Christopher Delson, Lawrence Ceriello, Keith Print, are all highly recommended, alongside of counsel Tushna Gamadia, for securitized lending, balance sheet lending and syndicated loan transactions. All lawyers are in San Francisco unless otherwise stated. 

Greenberg Traurig, LLP acts on sophisticated commercial real estate loans and related credit facilities across all asset types with varying maturities and debt service coverage ratios. The practice is also active in restructuring of mortgage and mezzanine loans secured by interests in single or multiple property collateral pools, and is often seen representing purchasers of individual loans or pools of loans secured by real estate or interests in real estate and the resale, restructuring or exercise of remedies. Lenders, private equity funds, REITs, and institutional investors are particularly well represented in the firm’s client portfolio. In New York, co-chair Stephen Rabinowitz, Kristen Lonergan and Farah Ahmed have a balanced acquisition, development, financing practice. Michael Baum co-chairs the global real estate department from Chicago.

Jones Day‘s national real estate practice takes a lender-focused approach and is active across the whole spectrum of real estate financings, from construction to revolving and term loans, to mezzanine loans, CMBS loans, and tax-driven financings. On the borrower side, it is growing its portfolio with regular instructions from capital investors, hospitality owners, and private equity funds. Co-heads David Paulson and Richard Rosenblatt lead the bi-coastal practice from San Francisco and Atlanta, respectively. Additional noted attorneys include Michael Riess in Washington DC, who often leads on construction lending, syndicated and REIT financing, Gregory Carpenter in Irvine and John Rafkin in Chicago.

Milbank is best known for its work in high-profile UCC foreclosures and distressed debt workouts involving CMBS and complex capital stacks. The practice is also active at the cutting edge of originating mezzanine debt that is subordinate to senior construction financing and, together with the project finance practice, is noted for its data center financing work. Gaming and hospitality sector real estate financing is another core area of expertise. Practice head Kevin O’Shea, Erwin Dweck and mortgages, mezzanine, and equity investments specialist Yaakov Sheinfeld are the key attorneys in New York.  

Arnold & Porter co-head Steve Gliatta has deep experience advising on first mortgage loans, mezzanine financing, preferred equity investments and workouts. Louis Hait also acts for hedge funds, opportunity funds, and pension plans that provide mezzanine, preferred equity, and common equity joint venture investments. Washington DC-based co-head Amy Rifkind focuses on public-private partnerships, while Jeffrey Kapner is the other co-head. All partners are based in New York unless otherwise stated.

From Baltimore, Ballard Spahr LLP‘s practice-co-head Thomas Hauser counsels lenders, investors, borrowers, and other sources of capital in various financing structures and and restructuring of real estate-related assets. Co-head Siobhan O’Donnell in Los Angeles focuses on commercial real estate, and heads the CMBS loan origination team; she also advises on construction loans, preferred equity transactions and mezzanine loans. Jeffrey Page leads the New York office’s real estate finance team, specializing in all facets of real estate lending and restructuring work.

With a robust network of national offices, McDermott Will & Emery LLP has extensive experience advising investment banks, private equity and institutional lenders in complex structured finance transaction, and continues to be known for its handling of financing transactions involving iconic buildings in New York. David Broderick concentrates on mortgage and mezzanine financing, debt syndication, preferred equity and loan securitization transactions. Jeffrey Steiner chairs the global real estate department, with Keith Pattiz leading the finance sub-team. All attorneys are based in New York.

Seyfarth Shaw LLP has established itself as a specialist in healthcare real estate finance and distressed loan acquisition and disposition. Its capabilities range from permanent, bridge, and construction financings, through to CMBS and CLO financings, and government-sponsored enterprise lending, among others. New York’s Daniel Evans and Atlanta’s Jay Wardlaw co-chair the practice with Robin Freeman  in San Francisco heading the health care finance side, and Arren Goldman in Charlotte focusing on distressed assets.

McGuireWoods LLP is noted for its strong representation of lenders in the origination and sale of multifamily mortgage loans to government-backed enterprise lenders; a key specialization for Los Angeles-based Alice Youngbar. In the New York office, practice head Dennis Mensi has extensive experience in affordable housing deals, and is also a key member of the COVID-19 task force, providing financial counsel for lenders on all related real estate challenges. Thomas Lansen is another key figure in the same office, highlighted for his work for commercial and investment banks in connection with their origination of commercial real estate loans intended for securitization or other sale on the secondary market.

With a wide geographic coverage across the Midwest, Dickinson Wright PLLC‘s national practice is sought after for its expertise financing development projects, CMBS and GSE loans, multi-state sale-leaseback transactions, synthetic leases, and public and tax-exempt bond financing. Representation of lenders and borrowers in commercial mortgage transactions is a key area of strength. Based in Troy, practice chair Katheryne Zelenock is highly recommended for commercial and multifamily mortgage loans.

Pillsbury Winthrop Shaw Pittman, LLP has a strong presence in the New York, California and Texas real estate markets, utilizing a vast network of offices to represent lenders and borrowers of debt and equity capital in all types of financing transactions. Led by all-round real estate specialist Rachel Horsch in San Francisco, with the assistance of Los Angeles based Emily Bias, who focuses on tax-advantaged investment and affordable housing; and Steven Hamilton in San Diego, who primarily acts for lenders in originating, restructuring, construction, term and permanent loans. On the east cost, New York’s Caroline Harcourt represents lenders in connection with the origination, securitization, sale and purchase of mortgage and mezzanine loans and the negotiation of inter-creditor, co-lender and participation agreements in multi-tiered debt stacks.