Overview
Richard Sterns is an associate in the Real Estate Group and is based in the firm's Washington, D.C. office. Richard focuses on the representation of debt funds, lending institutions, private equity funds, developers, joint ventures and investors in a variety of commercial real estate transactions. A substantial portion of his practice focuses on the representation of both borrowers and lenders in a wide variety of real estate finance transactions across the full spectrum of asset classes. His lender side experience also includes matters structuring and closing mortgage loans to be securitized and syndicated in the secondary market. He has also represented both mortgage and mezzanine lenders in workouts and modifications of distressed loans.
Richard also has significant experience representing both borrowers and lenders in matters involving the financing and development of multifamily housing, including affordable housing. Prior to joining Paul Hastings, he practiced with a large national law firm in Washington, D.C.
Education
- George Mason University School of Law, J.D., 2018
- Westminster College (MO), B.A. (magna cum laude), 2014
Representations
- International investment bank as lender in the origination and syndication of a $975 million mortgage loan secured by 16 student housing properties across the United States.
- Debt fund in workout and modification of $57 million mezzanine loan associated with a large mixed-use property in Portland, Oregon.
- Net lease fund in the acquisition and financing of four industrial properties including agreements related to the construction of new "build to suit" industrial space at one site.
- Debt fund as lender in the origination of a $330 million bridge loan secured by a ground lease to redevelop the tallest office building in Atlanta, Georgia.
- Joint venture between a leading real private equity fund and a national multifamily operator as borrower in a combined $175 million of mortgage and mezzanine financing from a pension fund to acquire multifamily properties in Florida and Arizona.
- Debt fund as lender in the origination and subsequent secondary market financing of a $300 million mortgage loan secured by five multifamily properties in Texas, Georgia and Colorado.
- Debt fund as lender in origination of $67 million in combined mortgage and mezzanine financing secured by a hotel in downtown Nashville.
- Non-bank bridge lender in issuance of a $1 billion collateralized loan obligation.
- Lender in three loans of a combined total $150 million secured by a combination of seven properties in San Antonio, Texas.
- Joint venture in acquiring five affordable housing developments across California of a total of approximately $250 million.