David B. Horn joined Rosenberg & Estis, P.C. in 2020 and is a Member with the firm’s Transactional Department.
During the course of his career of more than 25 years, Horn has earned a reputation as a talented and dedicated attorney to whom clients turn for their most complex transactions. He has broad experience representing clients in the acquisition, financing, development and disposition in New York and nationwide of office buildings, residential developments, retail properties, hotels and industrial assets.
Horn regularly handles the negotiation and documentation of joint venture agreements on behalf of both “money partners” and “operating partners.” He often advises clients on portfolio transactions as well as workouts of distressed properties and loan facilities. He has experience in real estate capital market transactions, including fund formation, sponsor capital and co-general partner arrangements, as well as real estate syndications. Additionally, Horn has substantial expertise representing landlords and tenants in commercial leasing transactions involving office, retail, and industrial properties.
Prior to joining Rosenberg & Estis, Horn was a Partner with Duval & Stachenfeld LLP and Troutman Pepper LLP.
Notable Work
DEVELOPMENT TRANSACTIONS AND CONSTRUCTION LOANS
The negotiation and
documentation of a $350 million multi-lender construction loan for a super
luxury Manhattan residential development on behalf of the joint venture of a
major developer and a real estate investment fund.
The representation of a
major Manhattan property owner in the negotiation and documentation of the
contribution of land and development rights for the development of a 700,000+
square foot office building in midtown Manhattan in return for cash and an
ownership interest in the project.
Represented a client in the
assemblage of properties in the Soho neighborhood of Manhattan in connection
with the development of a mixed-use condominium as well as various joint
venture transactions, mortgage and mezzanine pre-development financing, construction
financing, and EB-5 mezzanine financing for the vertical development.
The negotiation and
documentation of the sale of certain partnership interests and the
recapitalization of the remaining partnership interests in a partnership, which
owns a Hudson Yards area property capable of supporting 2 million square feet
of office space, in which a New York Stock Exchange listed commercial real
estate company obtained a controlling interest in return for cash at closing
and a preferred future return.
The negotiation and
documentation of a $200 million multi-lender construction loan for a super
luxury Manhattan residential development on behalf of the joint venture of a
major developer and a real estate investment fund.
The representation of a
major Manhattan property owner in the negotiation and documentation of the
contribution of land and development rights for a major hotel development in
midtown Manhattan in return for cash and land for the expansion of an existing
property.
Representing a developer in
the negotiation and documentation of construction financing provided by a large
regional bank for a critically acclaimed Manhattan luxury residential
condominium development.
Representation of a
developer in connection with its nationwide acquisition of development sites
for its opportunity zone platform and the formation of joint ventures for their
development.
Representation of a
respected multi-generational New York developer in its joint venture with a
real estate private equity fund for the development of a $270 million 350 unit
luxury residential rental development in Brooklyn, New York qualifying for both
opportunity zone and brownfields tax benefits.
Representation of a family
partnership in the subdivision, 421-a qualification and tax efficient disposition
of a development site in lower Manhattan for a luxury residential development
as well as representation of a portion of the selling group in their joint
venture with the acquiring developer.
Hotels and Hospitality
Transactions
Representation of a New
York Stock Exchange listed real estate investment trust in the negotiation and
documentation of the acquisition and financing of a nationwide portfolio of
twenty hotels each flagged by a major national hotel franchisor.
Representation of a joint
venture including a major real estate investment fund in the negotiation and
documentation of the disposition of a national portfolio of twenty-two flagged
hotels to the hotel franchisor.
The acquisition of a 500+
key Manhattan hotel carrying a national hotel franchisor’s flag on behalf of a
New York Stock Exchange listed real estate investment trust, including the
purchase of the first and second mortgage loans from a foreign bank group and
the conversion of such debt into fee ownership in a pre-packaged bankruptcy.
The disposition of a 500+
key suburban New York hotel carrying a national hotel franchisor’s flag in
return for cash at closing and post-closing consideration structured as an
installment sale.
Representation of a major
real estate private equity firm in the sale of a boutique Chicago hotel to an
institutional buyer.
ACQUISITIONS, DEPOSITIONS AND FINANCING OF TROPHY OFFICE
AND MULTI-FAMILY PROPERTIES
The acquisition of a $245
million six property multi-family portfolio containing 2,200 units on behalf of
a joint venture of a major real estate investment fund and a large residential
landlord from another large investment fund, including the concurrent
assumption of existing indebtedness, the negotiation and documentation of
additional indebtedness and the concurrent sale of a portion of the portfolio.
The sale of a 550,000
square foot midtown Manhattan plaza district office building to a New York
Stock Exchange listed real estate investment trust in return for cash,
assumption of existing mortgage indebtedness and operating partnership units.
Representation of a real
estate investment fund in the disposition of its portfolio of Florida
manufactured home communities to a global investment fund.
Representation of a major
New York developer in the refinancing of two midtown Manhattan office buildings
for $1.1 billion in a CMBS transaction.
Representation of a joint
venture of family offices in the refinancing of a 400,000 square foot outer
borough office building provided by a Fortune 100 life insurance company.
REAL ESTATE CAPITAL MARKET TRANSACTIONS, INCLUDING FUND
FORMATION AND SYNDICATIONS
Preparation of offering and
other fund formation documentation for Real Estate Investment Funds in various
asset classes, including boutique asset classes such as manufactured home
communities and industrial outdoor storage, as well as Sponsor General Partner
Capital Funds providing seed capital and development expertise for
opportunistic development transactions.
Representation of an
institutional developer in the formation and operation of an equity platform to
develop a multi-phase planned community in Charlotte, North Carolina.
Preparation of offering and
transactional documentation for numerous single asset real estate syndications,
for multi-family, office, hotel and industrial assets.
REAL ESTATE OFFICE AND RETAIL LEASING
Representation of a major
institutional investment manager in the negotiation and documentation of its
headquarters lease in midtown Manhattan.
Counseling a national
department store chain in the leasing of regional flagship stores in Chicago
and Los Angeles.
Representing a national
furniture retailer and a national provider of luxury salon and spa services in
connection with their respective national leasing programs.
Counseling a New York
regional bank on its headquarters lease and its retail branch-leasing program
for its subsidiaries.
