Übersicht

David Stewart is a partner in the real estate practice of Mayer Brown's New York office. He concentrates his practice on real estate finance matters, with a particular focus on secured lending and loans in the secondary market, including the purchase of CMBS “B” pieces. He has significant experience representing lenders, including banks, finance companies and funds, in a broad range of property finance transactions, including origination of mortgage and mezzanine loans, purchase and sale of the lender’s interest in those loans and division of debt stacks into senior/subordinate structures.

As the leader of the firm's Commercial Real Estate Junior Debt practice, he is well known in the field, having personally led or supervised more than 200 mezzanine loan and B note transactions.  In the most recent calendar year, the New York real estate group completed more than thirty commercial property junior debt deals, ranking it among the top handful of practices of that nature at any law firm. He also regularly represents clients in the real estate and collateral aspects of commercial mortgage-backed securities offerings, real estate loan restructurings and property-based joint ventures. He also has a particular focus on master repurchase agreements and other structures that allow mortgage finance companies to raise their source capital.

Erfahrung

Junior Debt Transactions

  • Represented Western Asset Management Company in $250M purchase of CMBS risk retention piece on San Francisco, CA apartment complex.
  • Represented EquiTrust Life in $8M mezz origination on Fremont, CA apartment complex.
  • Represented Clarion Partners in $40M mezz purchase on downtown NYC residential and mixed use condominium tower.
  • Represented EquiTrust Life in $8M mezz purchase on San Diego, CA office park.
  • Represented Waterfall Asset Management in $19M purchase of CMBS junior tranches and risk retention on office portfolio, including future funding and mezz intercreditor.
  • Represented Western Asset Management Company in $15M purchase of pari passu B note on 15 nursing facilities.
  • Represented Waterfall Asset Management in $136M purchase of CLO junior tranches including risk retention.
  • Represented Clarion Partners in $18M junior mezz origination on Nashville, TN mixed use building.
  • Represented Fidelis Asset Management in $25M mezz purchase on NYC hotel.
  • Represented Western Asset Management Company in $125M junior mezz origination on NJ shopping/entertainment mall.
  • Represented 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.
  • Represented Samsung in $130M senior mezz purchase on SoHo, NYC office building.
  • Represented Western Asset Management Company in $45M purchase of CMBS risk retention on retail portfolio.
  • Represented Capstone Advisers in $117.5M B note purchase on NYC office building.
  • Represented Waterfall Asset Management in $120M purchase of CMBS junior tranches including risk retention on portfolio of 3 shopping malls.
  • Represented Waterfall Asset Management in $65M purchase of CMBS junior tranches including risk retention on portfolio of 15 office assets.
  • Represented Waterfall Asset Management in $25M mezz purchase and $35M CMBS B note rake bond on portfolio of 33 7-11 stores.
  • Represented Western Asset Management Company in $135M mezz purchase on Bahamas resort.
  • Represented 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.
  • Represented 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.
  • Represented 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.
  • Represented Vestas investment Management in $37M mezz purchase on Las Vegas, NV retail center.  Servicing agreement.
  • Represented Western Asset Management Company in $25M mezz purchase on Boston, MA hotel.
  • Represented Meritz Securities in $50M mezz origination on IN super-regional mall.
  • Represented Hana Alternative Asset Management in $305M mezz origination/ purchase on fee and leasehold interests in major NY hotel.
  • Represented IBK Securities in $39.6M B note and $60.4M A-2 note purchase on Jersey City, NJ residential complex.
  • Represented Hana Alternative Asset Management in $128.5M B notes purchase on Downtown NYC office tower.
  • Represented Hana Alternative Asset Management in $66.6M B notes purchase on Standard High Line Hotel, NYC.
  • Represented 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.
  • Represented Prophet Capital in $50M sale of senior loan participation on Brooklyn, NY construction loan (retained junior participation).
  • Represented CBRE in $45.8M mezz B purchase on 2 Orlando FL hotels.
  • Represented CBRE in $60M mezz A purchase on Philadelphia, PA apartment complex.
  • Represented Hangang Asset Management in $44.2M mezz A purchase on 2 Orlando, FL hotels.
  • Represented CBRE in $66.5M senior mezz purchase on Chicago, IL JW Marriott hotel.
  • Represented Clarion Partners in $20M B note purchase on San Diego, CA apartment buildings.
  • Represented IBK Securities in $75M senior mezz pari purchase and $38M junior mezz pari participation on 2 NY apartment buildings.
  • Represented CBRE in $24.7M mezz purchase on Jacksonville, FL Hyatt hotel.
  • Represented Waterfall Asset Management in $104M senior mezz purchase on portfolio of 38 Hyatt Place and Hyatt House hotels. CUSIP. Ground lease.
  • Represented Hyundai Investments in $125M mezz loan purchase on Midtown NY office building.
  • Represented Waterfall Asset Management in $174M mezz B loan purchase on 97-asset portfolio. Ground lease.  Intercreditor includes uncrossing.
  • Represented Hana Asset Management in $117.6M B note purchase on Downtown NYC office building. 2 tranches of B note.
  • Represented CBRE in $50M junior mezz purchase on San Diego, CA resort
  • Represented Meritz Securities in $35M mezz B loan purchase on NYC apartment complex.
  • Represented Samsung SRA Asset Management in $66M mezz A loan purchase and $65M mezz B loan purchase on Maui, HI hotel.  2 tranches.
  • Represented Hyundai Asset Management in $57.2M junior B note purchase on Chicago, IL JW Marriott Hotel. Pari passu A notes.
  • Represented Hyundai Motors in $53M mezz purchase on Chicago, IL JW Marriott Hotel.
  • Represented Hangang Asset Management in $153M mezz purchase on Midtown, NYC office building.  3 tiers of mezz.
  • Represented Waterfall Asset Management in $20M pari interest in C mezz and D mezz purchase on hotel portfolio, with securitized mortgage.
  • Represented CBRE in $10M mezz purchase of NJ office building.
  • Represented Hana Alternative Asset Management in $54M C note purchase on Downtown, NYC office building.  2 levels of mezz.  Single asset securitization.
  • Represented Hyundai Asset Management in $50M B note purchase on Madison, NJ office park. Interest strip. Servicing agrmt. 2 levels of mezz.
  • Represented 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.
  • Represented Grosvenor Americas in $7.71M mezz origination on Los Angeles, CA apartments. 
  • Represented CBRE in $40M mezz co-origination on Google campus, Sunnyvale, CA
  • Represented IGIS Asset Management in $130M senior mezz purchase on Chelsea, NYC office building.  Servicing agreement with KeyBank.
  • Represented Hangang Asset Management in $87M B note purchase on Seattle, WA office. Leased to Amazon. Future tenant-in-common.
  • Represented 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.
  • Represented Shenzen Parkland in preferred investment in Vail, CO Four Seasons.
  • Represented 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.
  • Represented KTB Asset Management in $69M purchase of senior mezz on NYC office building.  Splitting of mezz into senior and junior.
  • Represented private owner as borrower in $400M combined origination of mortgage and mezz on Chicago, IL office tower.
  • Represented Wells Fargo in $34M mortgage origination and mezz intercreditor on Atlanta Peachtree Hyatt hotel.
  • Represented CBRE in $20M mezz purchase on Reston, VA office complex.
  • Represented Waterfall Asset Management in junior CMBS class securities and $85M mezz purchase on hotel portfolio.
  • Represented Grosvenor Americas in creation of lender set of mezz loan form documents.
  • Represented 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.
  • Represented Vestas Asset Management in $60M purchase of pari passu interest on Chelsea, NYC office building.
  • Represented Hana Alternative Asset Management in $67M purchase of A notes on HI resort.  Creation of new IO strip.
  • Represented WAMCO in $65M purchase of pari passu notes on 15 rehab centers.
  • Represented Waterfall in $182M purchase of pari passu interest on hotel portfolio.
  • Represented Hangang in $133M origination of loan on Brooklyn, NY Intercontinental hotel.
  • Represented WAMCO in $115M purchase of pari passu interest in senior loan on 32 skilled nursing homes.
  • Represented AIP in $122M loan on NYC hotel.
  • Represented Waterfall in $44M senior loan purchase on NYC hotel.
  • Represented Hana in $55M senior loan orignation on NYC hotel. 
  • Represented WAMCO in $275M purchase of single asset CMBS, including risk retention piece on 25 nursing properties in California.
  • Represented Witkoff, as borrower, in $450M senior loan and $150M junior and senior mezz loan origination on Las Vegas, NV hotel development.
  • Represented WAMCO in $42M purchase of construction mortgage loan on Pasadena, CA hotel.
  • Represented Prophet in $24M construction loan origination on Brooklyn, NY apartment building.
  • Represented Prophet in $12M construction loan origination on Brooklyn, NY apartment building.
  • Represented Prophet in $78M construction loan origination on Brooklyn, NY vacant land.
  • Represented Prophet in $20M construction loan origination for Brooklyn, NY condominium.
  • Represented Prophet in $27.5M construction loan origination for Brooklyn, NY hotel.
  • Represented Prophet in $45M construction loan origination on 2 Brooklyn, NY apartment buildings.
  • Represented Shinhan in $125M A note; $25M B note and $25M mezz loan origination on Chicago, IL leasehold office tower.
  • Represented Prophet in $46M construction loan origination on Brooklyn, NY vacant land.
  • Represented KB in $40M loan purchase on Beverly Hills, CA hotel.
  • Represented CBRE in $22.5M senior pari passu purchase on portfolio of 7 hotels.
  • Represented Prophet in $4.5M senior pari passu purchase on NY, NY condo development.
  • Represented KTB in $101M loan origination on 2 school buildings, NY, NY.
  • Represented Samsung in $140M senior purchase of pari passu participation on Boston, MA office tower.
  • Represented MetLife in creating master co-lender agreement.
  • Represented Mizrachi in $400M combined origination of mortgage and mezz on Chicago, IL office tower.
  • Represented Korea Investment Management in $50M senior loan participation purchase on Fontainebleau Hotel, Miami Beach, FL.
  • Represented Heitman in $52M loan origination on self-storage, Brooklyn, NY.

Ausbildung

University of Oxford, MBA

Columbia Law School, JD
Harlan Fiske Stone Scholar

Columbia University, BA, magna cum laude
Phi Beta Kappa

Zulassung

  • New York