Bradford Lavender is co-chair of the Real Estate Practice Group and a member of the firm’s board of directors. Brad is active in all areas of real estate and real estate finance, including joint ventures, sales, acquisitions, ground leases, loan and preferred equity originations, restructurings, development transactions, and space leases. Brad’s clients include private equity funds, publicly-traded REITs, closely-held real estate companies, foreign investors, and local developers. In recent years, Brad has (1) represented both investors and operators in numerous joint venture transactions involving over $3 billion of invested equity in various asset classes, including hotels, multifamily apartment complexes, office buildings, retail centers, senior living centers, and development sites; (2) represented a publicly-traded REIT in the acquisition of a portfolio of 52 hotels for over $1 billion (the largest hospitality portfolio transaction that year); (3) represented lenders in the restructuring of over $2 billion of mortgage and mezzanine loans; and (4) represented the State of New York in its purchase of the James A. Farley Post Office Building in Manhattan, the future home of Moynihan Station.
A customary real estate joint venture consists of two parties: an operator or developer who typically originates the deal and does all the day-to-day work (“Operator”), and an investor who typically provides the majority of the equity but does not have an active role in day-to-day matters (referred to in this article as the LP). This structure has become extremely common, as (1) there are many ins [...]