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Clifford Chance

31 WEST 52ND STREET, NEW YORK, NY 10019-6131, USA
Work +1 212 878 8000
Fax +1 212 878 8375

Richard Catalano

Work +1 212 878 8421
Clifford Chance LLP

Work Department



Richard Catalano specialises in general tax law with an emphasis on partnership and corporate tax planning and the taxation of real estate collective investment vehicles, including REITs and investment funds. Richard represents REITs, including mortgage REITs, in structuring, formation, IPOs, merger, disposition, and acquisition transactions. He advises sponsors, as well as taxable, tax-exempt and foreign investors, on formation and structuring of real estate funds and with their investment acquisitions, including acquisitions structured through limited partnerships, limited liability companies and private REITs.


Georgetown University Law Center (JD, magna cum laude, Order of the Coif), 1991; Georgetown University (BSBA, magna cum laude), 1987

United States: Real estate

Real estate investment trusts (REITs)

Within: Real estate investment trusts (REITs)

Clifford Chance's REIT team in New York brings together a cross-section of lawyers from the real estate, capital markets, M&A, funds, governance, regulatory, finance and tax practices; it has experience in the US and international markets, with notable clients including Apollo Commercial Real Estate Finance,¬†Colony NorthStar,¬†ReNew REIT and¬†Corporate Property Associates 17 - Global.¬†REITs practice leader Jay Bernstein,¬†US tax, pensions and employment practice tax head¬†Richard Catalano,¬†Jason Myers,¬†Larry Medvinsky¬†and Clifford Cone¬†acted for CNL Financial Group, a private investment management firm, in both¬†the formation of an externally managed non-traded company, CNL Strategic Capital (the company), and¬†the company's IPO; and co-head of the US capital markets practice¬†Kathleen Werner¬†and Catalano¬†led advice to¬†Corporate Property Associates 17 ‚Äď Global, a¬†publicly held non-traded REIT, on its merger with WP Carey, a¬†large, diversified net-lease REIT.¬†Andrew Epstein¬†and¬†Jake Farquharson¬†are also highly rated;¬†Steven Mastrovich,¬†former managing director of three major investment banks,¬†joined as counsel.

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United States: Tax

Financial products

Within: Financial products

Clifford Chance advises on numerous high-value debt programs. It advised Corporate Property Associates 17, a publicly held non-traded REIT, in connection with its merger with W.P. Carey, a commercial-focused net-lease REIT, valued at $6bn. The firm also has a strong CLO and CDO practice, and has advised on $21bn of products for a variety of clients, including Arbor Realty Trust, LoanCore, Money360 and other issuers. New York-based Richard Catalano leads the team, which also includes Philip Wagman, Avrohom Gelber, David Moldenhauer and Michael Seaton. Alan Kravitz  left to become counsel at Hughes Hubbard & Reed LLP in February 2018.

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International tax

Within: International tax

Clifford Chance's team assists on a wide variety of international businesses transactions, including M&A, restructurings, joint ventures, investments and various financing and capital markets deals. In recent highlights, David Moldenhauer advised Development Bank of Japan on its $50m investment into Meridiam's third North American infrastructure-focused fund. Philip Wagman advised Hearst on its acquisition of the magazine and book businesses of health and wellness content company Rodale Inc., which publishes Men's Health, Women's Health, Runner's World and other titles. Richard Catalano was recently appointed head of tax in the Americas region. Avrohom Gelber, another key figure, advised the underwriters, led by Goldman Sachs and Evercore, on the IPO of Mexican energy and infrastructure investment trust CFE Fibra E. James Gouwar joined the practice in New York in September 2018 from Morgan, Lewis & Bockius LLP.

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US taxes: non-contentious

Within: US taxes: non-contentious

Based in New York, Clifford Chance’s five-partner team has expertise across a wide-range of tax areas, including M&A activities, joint ventures and REIT’s, with a particularly strong presence in the capital markets space. Recent highlights include Philip Wagman working alongside the banking and capital markets teams to advise Global Jet Capital on various capital markets issuances, and Richard Catalano advising ReNew REIT on its formation and initial capitalization pursuant to a joint venture with a sovereign wealth fund and real estate investment manager to acquire senior housing healthcare property. Other highlights include acting for Hearst Corporation in the acquisition of Rodale, a health and wellness content company, and 21st Century Media Newspaper. Avrohom Gelber, David Moldenhauer and Mike Seaton are other key lawyers. James Gouwar joined in September 2018 from Morgan, Lewis & Bockius LLP, while Alan Kravitz departed to Hughes Hubbard & Reed LLP and William Cejudo left for Dechert LLP.

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