David Stewart

Real estate entities benefit from David's reputation and experience having personally led or supervised more than 200 mezzanine loan and B note transactions. In one calendar year, the New York real estate group completed more than 30 commercial property junior debt deals, ranking it among the top handful of practices of that nature at any law firm.

Clients look to him for representation in the real estate and collateral aspects of commercial mortgage-backed securities offerings, real estate loan restructurings and property-based joint ventures. He also offers particular advice on master repurchase agreements and other structures that allow mortgage finance companies to raise their source capital.

David has served clients including Clarion Partners, Waterfall Asset Management and Western Asset Management.

• EquiTrust Life in $8M mezz origination on Fremont, CA apartment complex.
• Clarion Partners in $40M mezz purchase on downtown NYC residential and mixed use condominium tower.
• EquiTrust Life in $8M mezz purchase on San Diego, CA office park.
• Waterfall Asset Management in $19M purchase of CMBS junior tranches and risk retention on office portfolio, including future funding and mezz intercreditor.
• Western Asset Management Company in $15M purchase of pari passu B note on 15 nursing facilities.
• Waterfall Asset Management in $136M purchase of CLO junior tranches including risk retention.
• Clarion Partners in $18M junior mezz origination on Nashville, TN mixed use building.
• Fidelis Asset Management in $25M mezz purchase on NYC hotel.
• Western Asset Management Company in $125M junior mezz origination on NJ shopping/entertainment mall.
• Western Asset Management Company and separately represented international lender on $300M junior mezzanine origination on American Dream Mall, Meadowlands, NJ. Master repurchase arrangement for one lender.
• Samsung in $130M senior mezz purchase on SoHo, NYC office building.
• Western Asset Management Company in $45M purchase of CMBS risk retention on retail portfolio.
• Capstone Advisers in $117.5M B note purchase on NYC office building.
• Waterfall Asset Management in $120M purchase of CMBS junior tranches including risk retention on portfolio of 3 shopping malls.
• Waterfall Asset Management in $65M purchase of CMBS junior tranches including risk retention on portfolio of 15 office assets.
• Waterfall Asset Management in $25M mezz purchase and $35M CMBS B note rake bond on portfolio of 33 7-11 stores.
• Western Asset Management Company in $135M mezz purchase on Bahamas resort.
• Canan Pratt in $250M junior mezzanine portion of a $900 million loan to WeWork Companies for the acquisition of their new headquarters building, the former Lord & Taylor flagship department store on Fifth Avenue, New York City.
• Witkoff Organization in $150M mezzanine financing by a Korean asset management company (with Korean LPs) along with a $450M of mortgage financing provided by two worldwide banks on Las Vegas casino.
• Shinhan Alternative Asset Management in $305M purchase of two B notes and two senior and junior mezzanine loans on four office buildings in Dumbo, Brooklyn, New York City, including the headquarters of Etsy.com.
• Vestas investment Management in $37M mezz purchase on Las Vegas, NV retail center. Servicing agreement.
• Western Asset Management Company in $25M mezz purchase on Boston, MA hotel.
• Meritz Securities in $50M mezz origination on IN super-regional mall.
• Hana Alternative Asset Management in $305M mezz origination/purchase on fee and leasehold interests in major NY hotel.
• IBK Securities in $39.6M B note and $60.4M A-2 note purchase on Jersey City, NJ residential complex.
• Hana Alternative Asset Management in $128.5M B notes purchase on Downtown NYC office tower.
• Hana Alternative Asset Management in $66.6M B notes purchase on Standard High Line Hotel, NYC.
• Waterfall Asset Management in $50M mezz purchase and $115.6M junior CMBS tranches purchase (including risk retention) on portfolio of 86 Red Roof Inn hotels.
• Prophet Capital in $50M sale of senior loan participation on Brooklyn, NY construction loan (retained junior participation).
• CBRE in $45.8M mezz B purchase on 2 Orlando FL hotels.
• CBRE in $60M mezz A purchase on Philadelphia, PA apartment complex.
• Hangang Asset Management in $44.2M mezz A purchase on 2 Orlando, FL hotels.
• CBRE in $66.5M senior mezz purchase on Chicago, IL JW Marriott hotel.
• Clarion Partners in $20M B note purchase on San Diego, CA apartment buildings.
• IBK Securities in $75M senior mezz pari purchase and $38M junior mezz pari participation on 2 NY apartment buildings.
• CBRE in $24.7M mezz purchase on Jacksonville, FL Hyatt hotel.
• Waterfall Asset Management in $104M senior mezz purchase on portfolio of 38 Hyatt Place and Hyatt House hotels. CUSIP. Ground lease.
• Hyundai Investments in $125M mezz loan purchase on Midtown NY office building.
• Waterfall Asset Management in $174M mezz B loan purchase on 97-asset portfolio. Ground lease. Intercreditor includes uncrossing.
• Hana Asset Management in $117.6M B note purchase on Downtown NYC office building. 2 tranches of B note.
• CBRE in $50M junior mezz purchase on San Diego, CA resort.
• Meritz Securities in $35M mezz B loan purchase on NYC apartment complex.
• Samsung SRA Asset Management in $66M mezz A loan purchase and $65M mezz B loan purchase on Maui, HI hotel. 2 tranches.
• Hyundai Asset Management in $57.2M junior B note purchase on Chicago, IL JW Marriott Hotel. Pari passu A notes.
• Hyundai Motors in $53M mezz purchase on Chicago, IL JW Marriott Hotel.
• Hangang Asset Management in $153M mezz purchase on Midtown, NYC office building. 3 tiers of mezz.
• Waterfall Asset Management in $20M pari interest in C mezz and D mezz purchase on hotel portfolio, with securitized mortgage.
• CBRE in $10M mezz purchase of NJ office building.
• Hana Alternative Asset Management in $54M C note purchase on Downtown, NYC office building. 2 levels of mezz. Single asset securitization.
• Hyundai Asset Management in $50M B note purchase on Madison, NJ office park. Interest strip. Servicing agrmt. 2 levels of mezz.
• IBK Securities in $82M B note purchase and $46.32M mezz purchase on Apple office building, Sunnyvale, CA. Tenants in common. 2 levels of mezz. A note broken into A1 and A2.
• Grosvenor Americas in $7.71M mezz origination on Los Angeles, CA apartments. 
• CBRE in $40M mezz co-origination on Google campus, Sunnyvale, CA.
• IGIS Asset Management in $130M senior mezz purchase on Chelsea, NYC office building. Servicing agreement with KeyBank.
• Hangang Asset Management in $87M B note purchase on Seattle, WA office. Leased to Amazon. Future tenant-in-common.
• Waterfall Asset Management in $45M junior mezz purchase on hotel portfolio. JV with borrower for minority interest, restructured as pari participation. Transfer to grantor trust.
• Shenzen Parkland in preferred investment in Vail, CO Four Seasons.
• Hyundai Investments in $78M portion of senior mezz purchase on Las Vegas, NV casino. Mezz pari co-lender agreement, ROFO and buy/sell. Serving agrmt.
• KTB Asset Management in $69M purchase of senior mezz on NYC office building. Splitting of mezz into senior and junior.
• A private owner as borrower in $400M combined origination of mortgage and mezz on Chicago, IL office tower.
• Wells Fargo in $34M mortgage origination and mezz intercreditor on Atlanta Peachtree Hyatt hotel.
• CBRE in $20M mezz purchase on Reston, VA office complex.
• Waterfall Asset Management in junior CMBS class securities and $85M mezz purchase on hotel portfolio.
• Grosvenor Americas in creation of lender set of mezz loan form documents.
• Waterfall Asset Management in $14M mezz purchase on shopping center, Lynwood, CA.

Senior Debt Transactions

Represented:

• WAMCO in $50M purchase of pari passu interest on South Norwalk, CT shopping mall.
• Vestas Asset Management in $60M purchase of pari passu interest on Chelsea, NYC office building.
• Hana Alternative Asset Management in $67M purchase of A notes on HI resort. Creation of new IO strip.
• WAMCO in $65M purchase of pari passu notes on 15 rehab centers.
• Waterfall in $182M purchase of pari passu interest on hotel portfolio.
• Hangang in $133M origination of loan on Brooklyn, NY Intercontinental hotel.
• WAMCO in $115M purchase of pari passu interest in senior loan on 32 skilled nursing homes.
• AIP in $122M loan on NYC hotel.
• Waterfall in $44M senior loan purchase on NYC hotel.
• Hana in $55M senior loan origination on NYC hotel. 
• WAMCO in $275M purchase of single asset CMBS, including risk retention piece on 25 nursing properties in California.
• Witkoff, as borrower, in $450M senior loan and $150M junior and senior mezz loan origination on Las Vegas, NV hotel development.
• WAMCO in $42M purchase of construction mortgage loan on Pasadena, CA hotel.
• Prophet in $24M construction loan origination on Brooklyn, NY apartment building.
• Prophet in $12M construction loan origination on Brooklyn, NY apartment building.
• Prophet in $78M construction loan origination on Brooklyn, NY vacant land.
• Prophet in $20M construction loan origination for Brooklyn, NY condominium.
• Prophet in $27.5M construction loan origination for Brooklyn, NY hotel.
• Prophet in $45M construction loan origination on 2 Brooklyn, NY apartment buildings.
• Shinhan in $125M A note; $25M B note and $25M mezz loan origination on Chicago, IL leasehold office tower.
• Prophet in $46M construction loan origination on Brooklyn, NY vacant land.
• KB in $40M loan purchase on Beverly Hills, CA hotel.
• CBRE in $22.5M senior pari passu purchase on portfolio of 7 hotels.
• Prophet in $4.5M senior pari passu purchase on NY, NY condo development.
• KTB in $101M loan origination on 2 school buildings, NY, NY.
• Samsung in $140M senior purchase of pari passu participation on Boston, MA office tower.
• MetLife in creating master co-lender agreement.
• Mizrachi in $400M combined origination of mortgage and mezz on Chicago, IL office tower.
• Korea Investment Management in $50M senior loan participation purchase on Fontainebleau Hotel, Miami Beach, FL.
• Heitman in $52M loan origination on self-storage, Brooklyn, NY.

Workouts and Loan Enforcement

Represented:

• A Korean trust in the restructuring and subsequent foreclosure against Union Station, Washington, DC.
• A Korean trust in the restructuring of all tranches of debt affecting a 36-floor Boston office tower.
• The lender in a transfer in lieu of foreclosure on a super-regional mall in Indiana.