Real Estate Finance



Future-focused, business-grounded advice and thoughtful solutions to help you structure, negotiate and close complex real estate investment finance deals.

Our approach

The commercial real estate market is enjoying resurgence in the U.S. Commercial mortgage-backed securities are predicted to reach up to $100 billion by 2020. Clearly the future is looking up.

As opportunities arise, you need a firm with collective knowledge and resources to help you anticipate and capture the market, prepare for and manage risks, forecast and overcome obstacles. Whatever kind of real estate finance you need, you need a partner who knows how to negotiate and structure any one of hundreds of complex real estate and financing deals.

We are industry leaders experienced in structuring and negotiating cutting-edge contracts. We do this for some of the world’s largest financial institutions, private equity funds and investors seeking to maximize and manage their investments in real estate.

From secured lending, to acquisitions and dispositions, our team handles billions of dollars in loan originations, restructurings and workouts, representing a broad scope of institutional investors in the U.S. and abroad.

Who we work with

  • We represent participants in capital markets transactions nationwide and globally, from investment banks and insurance companies to pension, private equity and hedge funds.

Recognition

  • Chambers USA has ranked members of our team, with clients praising our “attention to detail, deep knowledge, responsiveness, and great value.”

Representative experience

  • Represented a major life insurance company as co-lender in an aggregate $1 billion loan that was secured by approximately 87 shopping centers containing “Market Basket” supermarkets located in Massachusetts, New Hampshire, and Maine.
  • Represented the special servicer in the restructuring of a securitized loan in the original principal amount of $70 million. The loan is secured by the office building located at 1515 Market Street in Philadelphia. The loan was bifurcated into an A component and a B component, which B Component was subordinate to a preferred equity investment made by affiliates of Oaktree Capital Management, L.P., a global investment management corporation.
  • Represented special servicer J.E. Robert Company, Inc. as lead counsel in workout negotiations involving a $195 million securitized senior loan that was secured by five furniture mart properties located in High Point, North Carolina.
  • Representation also included the sale of the properties, modification of the senior loan and assumption of the loan.
  • Represented New York Life Insurance Company and Teachers Insurance Annuity Association of America, as co-lenders, in the origination of a portion of a $590 million refinancing of the commercial condominium property located at 717 5th Avenue, New York City. New York Life and Teachers funded $300 million of such refinancing as a senior mortgage loan and an affiliate of Deutsche Bank funded the remaining $290 million as a mezzanine loan.

Nixon Peabody advises joint venture on California's first RAD for PRAC

National Housing & Rehabilitation Association/HousingOnline.com | June 22, 2021

The following article highlights NP’s work on a complex financing transaction and status conversion that will provide St. Stephens Retirement Center in San Diego with decades of financial certainty as well as funding to rehabilitate the property. This is the first deal ever in California to utilize the U.S. Department of Housing and Urban Development’s (HUD) “RAD for PRAC” program, which can help owners of eligible seniors housing properties convert existing rental assistance contracts to enable access to private capital for conducting repairs and improvements, as well as maintaining ownership in affordable housing properties. Washington, DC senior counsel Monica Sussman and New York counsel Kathie Soroka led the deal team, which also included Washington, DC associate Brendan Cardella-Koll, all of the Affordable Housing & Real Estate group.

Actions and Transactions

McKnight’s Senior Living | June 21, 2021

The following article highlights NP’s work on a complex financing transaction and status conversion that will provide St. Stephens Retirement Center in San Diego with decades of financial certainty as well as funding to rehabilitate the property. This is the first deal ever in California to utilize the U.S. Department of Housing and Urban Development’s (HUD) “RAD for PRAC” program, which can help owners of eligible seniors housing properties convert existing rental assistance contracts to enable access to private capital for conducting repairs and improvements, as well as maintaining ownership in affordable housing properties. Washington, DC senior counsel Monica Sussman and New York counsel Kathie Soroka led the deal team, which also included Washington, DC associate Brendan Cardella-Koll, all of the Affordable Housing & Real Estate group.

Wake Up Call

Bloomberg Law | June 14, 2021

This column of notable legal news highlights the appointment of Washington, DC partner Matthew Mullen to lead the Community Development Finance group.

Silver Street, LIHC spearheading NY affordable housing rehab after $55M buy

Commercial Observer | May 10, 2021

New York City Affordable Housing & Real Estate partner Joe Lynch is mentioned in this article for representing Silver Street Development in its joint venture partnership with LIHC Investment Group to rehabilitate the Marble Hall Apartments low-income housing development. The deal team also included Washington, D.C. partner Steve Wallace, Boston counsel Alex Rosso, and New York City associate Alex Hohauser, all of the Affordable Housing & Real Estate group.

Power 30 Law

The Daily Record | April 29, 2021

Rochester office managing partner Jared Lusk, of the Affordable Housing & Real Estate group, was selected for the region’s “Power 30 Law” list. Related to this accolade, the paper also published a Q&A article on Jared’s outlook as COVID restrictions ease.

There's a segment of the local tech industry ‘primed to grow rapidly.’ But we're leaving money on the table.

Washington Business Journal | April 15, 2021

This article on clean technology in the Washington, DC region details New Partners Community Solar’s roots within our firm, as well as the organization’s mission, and quotes New Partners CEO Herb Stevens and President Jeff Lesk, both senior counsel with the Community Development Finance group in DC.

Commercial real estate: strategies and updates

Los Angeles Times | March 22, 2021

Los Angeles office managing partner Justin Thompson, of the Affordable Housing & Real Estate group, participated in a virtual roundtable discussion on COVID-19’s impact on commercial real estate, market-driving trends, and what’s on the horizon for the industry.

Lawyers on the Move

New York Law Journal | February 25, 2021

Long Island partner Tara Daub is included in this column of notable legal moves in New York for her appointment to Labor & Employment practice group leader. Long Island Labor & Employment counsel David Tauster; New York City counsels Julia Casteleiro and Abby Patterson, and Long Island counsel Mike Webb, all in the Affordable Housing & Real Estate group; and Buffalo Complex Commercial Disputes counsel Erik Goergen are also included for their promotions to counsel.

No. 569: Enter the phantom, feel the winds and meet the PTA, with cabbage (sorry)

Innovate Long Island | February 17, 2021

This morning roundup of notable business news in Long Island includes the launch of the Long Island office’s “What’s New” virtual workshop series, designed to keep participants up-to-date with the fast-paced, post-pandemic changes across law and industry.

More Types of Investors Are Targeting Affordable Housing

WealthManagement.com | February 09, 2021

This article, on how investors are finding more ways to invest in affordable housing, quotes New York City Affordable Housing & Real Estate strategic policy advisor Deborah VanAmerongen on how geography comes into play with tax credits and investments made by private equity firms and developers.

People on the move

Crain’s New York | February 05, 2021

New York City Project Finance & Public Finance partner Adam Gordon was included in this roundup of notable executive news for his promotion to partner.

2Life Communities Names Jeff Sacks as Chairman of the Board

Seniors Housing Business | January 28, 2021

This article covers Boston Affordable Housing & Real Estate partner Jeff Sacks for being named chairman of the board for Boston-based developer, owner, and operator 2Life Communities. The article highlights Jeff’s work in Massachusetts to transform outdated public housing projects into vital communities for low-income residents.

Congress Gives Boost to Affordable Housing, Hotel Occupancy Misses the Holiday Spirit, Personal Income Falls

CoStar News | December 23, 2020

Boston Community Development Finance partner Forrest Milder and Washington, D.C. Affordable Housing & Real Estate partner Richard Price comment on the low-income housing tax credit rate being fixed at 4% in Congress’ recently passed spending bill, and what that could mean in practical terms.

Hudson Valley Property Group and Nuveen Acquire New Jersey Portfolio

Affordable Housing Finance | October 21, 2020

This article mentions the firm for representing Hudson Valley Property Group LLC in its partnership with Nuveen Investments for the purchase of a 412-unit affordable apartment portfolio in Jersey City. The deal team included New York partner Aaron Yowell and strategic policy advisor Deborah VanAmerongen, Boston partner Chris Froeb, and Washington, D.C. partner Susanna Mitchell, all of the Affordable Housing & Real Estate group.

Affordable Housing Developers Build War Chests to Buy Properties

National Real Estate Investor | October 14, 2020

This article, on how developers and investors dedicated to preserving affordable housing are raising capital to bid for properties, quotes New York Affordable Housing & Real Estate strategic policy advisor Deborah VanAmerongen for her thoughts on buyers’ potential opportunities to purchase several types of properties.

Catholic Charities Starts Work on New Queens Development

Real Estate Weekly | September 28, 2020

This article on the ground-breaking of Bishop Valero Residence, an affordable housing development for low-income seniors and formerly homeless adults, quotes New York Affordable Housing & Real Estate partner Joe Lynch for leading the team that advised Catholic Charities Progress of Peoples Development Corporation. The deal team also included Rochester Affordable Housing & Real Estate partner Darren Miller and associate Matt Carrigg.

Coronavirus Q&A: Nixon Peabody's Real Estate Leader

Law360 | September 18, 2020

Affordable Housing & Real Estate practice group leader and Long Island partner Denise Pursley is featured in this Q&A article, where she provides her outlook on the real estate industry and how it’s been impacted by the coronavirus pandemic.

Transactions & Financings

Senior Housing News | July 22, 2020

Nixon Peabody client Hebrew SeniorLife (HSL) was included in this roundup of notable deals for closing on the financing of two Boston-area properties that will help the organization with its post-pandemic future. Affordable Housing & Real Estate partner Jeff Sacks, and associates Ali Walendziak and Alexander Rosso were mentioned for representing HSL in the Randolph financing. Jeff Sacks and Affordable Housing & Real Estate associate Julie Hancock Stande were noted for representing HSL in the Brookline transaction. All the attorneys are based in Boston.

Treasury Offers Broad Opportunity Zone Investor Relief

Bloomberg Tax | June 05, 2020

This article quotes Boston Community Development Finance partner Forrest Milder on new Treasury guidance related to opportunity zone investors, noting what he’s been seeing in the space as well as issues that remain unaddressed.

D.C. Opportunity Zone Developer Closes Financing, To Break Ground Soon On 191 Apartments

Bisnow | April 23, 2020

This article, which mentions NP for representing the developer in the transaction, covers a $50 million financing deal that enables construction of a new 191-unit residential building in Northeast Washington, D.C. The deal team included Washington, D.C. partner Susanna Mitchell, New York City partner Meghan Altidor, and Boston associate Alexander Rosso, all of the Affordable Housing and Real Estate group.

The rent: To pay or not to pay? Amid coronavirus, that is the question for business across Chicago

Chicago Tribune | April 01, 2020

In this front-page article in the Chicago Tribune, Chicago Affordable Housing and Real Estate partner David Allswang provided comments that commercial landlords are bracing for a significant drop in rent payments in April amid the coronavirus crisis, citing anecdotal data from commercial property owners in London.

COVID-19, executive orders and pending condo offering plans

New York Law Journal | March 23, 2020

In her latest “Ask the Former Regulator” column, New York City Affordable Housing and Real Estate partner Erica Buckley explains that the functions of New York government, including the Attorney General’s Real Estate Finance Bureau, are still in operation during the coronavirus shutdown, as most state employees continue to work remotely.

4 Consideration for Investing in Opportunity Zones

Law360 | February 19, 2020

New York City Corporate partner Rick Cox provides commentary in this article about how managers of qualified opportunity funds can minimize conflicts of interest through organizational documents.

First take on final OZ regulations

Affordable Housing Finance | December 26, 2019

Boston Community Development Finance partner Forrest Milder wrote this contributed article analyzing the final IRS regulations governing opportunity zones, the tax-advantaged investment opportunity created by Congress in 2017.

Unintended result of new rent law may be less home ownership

Crain’s New York | July 09, 2019

New York City Affordable Housing & Real Estate partner Erica Buckley wrote this op-ed outlining how a new law designed to protect tenants may actually reduce home ownership opportunities in the city, due to a provision making condo conversions more difficult.

Opportunity Zone investing—How is debt handled in determining the basis step-up after 10 years?

Bloomberg Tax | May 15, 2019

Boston Community Development Finance partner Forrest Milder wrote this contributed article explaining the math behind determining the fair market value of a qualified opportunity fund partnership interest after 10 years.

NYC Real Estate Week in Review

Law360 | March 04, 2019

Washington DC Affordable Housing & Real Estate partner Susanna Mitchell is mentioned in this article for her representation of the Jewish Association Serving the Aging in a $21 million real estate transfer between two of its entities.

How driverless cars will reshape cities

Spectrum TV | January 08, 2019

Los Angeles Office Managing Partner Justin Thompson appeared in this live TV segment to discuss how the increasing number of driverless cars on the road will change the way cities operate.

10 takeaways from AHF Live

Affordable Housing Finance | November 15, 2018

New York City strategic policy advisor Deborah VanAmerongen, of the Affordable Housing & Real Estate practice group, says the new leadership of the House Appropriations Committee is likely to push the Department of Housing and Urban Development for additional financing for affordable housing.

The federal circuit vacates the Alta Wind decision

International Energy Law Review | October 31, 2018

Boston Community Development Finance partner Forrest Milder authored this column about a recent Federal Court of Appeals ruling to overturn the Alta Wind decision, and its possible implications for the energy industry and projects involving government grants or tax credits.

Contacts

Colette A. Dafoe

Office Managing Partner

cdafoe@nixonpeabody.com

Phone: 202-585-8393

Lori A. Bowman

Counsel

lbowman@nixonpeabody.com

Phone: 585-263-1638

  • Recognized by U.S. News-Best Lawyers 2020 as a national Tier 1 leader for Real Estate Law
  • Recommended by The Legal 500 United States 2016 for Real estate and construction—Construction (including construction litigation)
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