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 180 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.
- Represented CBRE entity as loan purchaser in the acquisition of a mezzanine loan on a Reston, VA multi-office complex.
- Represented Waterfall Asset Management as loan purchaser in the acquisition of a mezzanine loan on a Lynwood, CA shopping center.
- Represented FG Asset Management as lender in origination of preferred equity on a new Manhattan office building and in the origination of a $149M mezzanine loan on the Google complex in Sunnyvale, CA.
- Represented Heitman Capital entity as borrower in origination of a $52M loan on a self storage facility in New York City.
- Represented a national insurance company as lender in origination of a $30.5M mezzanine loan on Washington, DC mixed use complex.
- Represented CBRE entity as loan purchaser in acquisition of $35M junior debt on 635 Madison Ave., NYC.
- Represented CBRE entity as loan purchaser in acquisition of $18M junior debt on a Tampa, FL office building.
- Represented CBRE entity in the disposition of five CMBS B piece securities holdings.
- Represented a national insurance company as loan purchaser in acquisition of $125M junior debt on the Palmer House Hotel, Chicago, IL.
- Represented Varde Partners as lender in purchase of three portfolios of nonperforming loans and REO.
- Represented Kawa Capital as lender in origination of $45M dual loans, backed by 41 Walgreens Stores.
- Represented Clarion Partners as lender in origination of $89M and $112M mezzanine loans, each backed by retail centers in Palm Beach County, FL.
- Represented a national insurance company as borrower in origination of $67M junior mortgage on a Houston, TX office tower.
- Represented Heitman entity as lender in origination of $20M construction loan on a Nashville, TN mixed use project.
- Represented Prudential fund as lender in origination of $14M construction loan on an Austin, TX office project.
- Represented HFZ Capital as borrower in origination of $75M preferred equity on four NYC apartment buildings.
- Represented Kensico Properties as borrower in origination of $75M preferred equity on the Lowell Hotel, New York City.
- Represented Heitman Capital entity as lender in origination of $20M construction loans on three medical office buildings.
- Represented Heitman Capital entity as borrower in origination of $106M loan on multiple self storage sites.
- Represented Carlyle Realty Credit Partners as borrower in origination of $100M master repurchase arrangement with respect to residential mortgage pools.
- Ongoing representation of C-III Asset Management as “special servicer” in the workout, disposition or enforcement of nine defaulted securitized commercial mortgage loans.
- Represented Carlyle Realty Credit Partners as “seller” or borrower with respect to two master repurchase agreements for RMBS securities.
- Ongoing representation of CIBC as loan seller with respect to each of its CMBS offerings.
- Represented Heitman Capital Management as mortgage and mezzanine borrower with respect to a large portfolio of self storage assets.
- Represented Kensico Properties as purchase money preferred equity lender and line of credit borrower with respect to a Midtown Manhattan office property.
- Represented Prudential Real Estate Investors as mezzanine construction lender with respect to the Hyatt Regency Hill Country Hotel, San Antonio, TX.
- Represented the borrower with respect to a $165M mezzanine loan secured by a portfolio of 47 extended stay hotels in multiple jurisdictions.
- Represented Rialto Capital in the acquisition of the “B piece” of four recent mortgage-backed securities offerings.
University of Oxford, MBA
Columbia Law School, JD, Harlan Fiske Stone Scholar
Columbia University, BA, magna cum laude, Phi Beta Kappa
- New York