Drew Barone is an associate in the firm’s New York office.

Known for creating synergies among deal participants while zealously representing his clients, Drew focuses his practice on complex commercial real estate transactions, and has closed over two billion dollars of transactions nationwide.  Drew represents lenders and borrowers in real estate finance transactions, including construction and development financing, and commercial real estate lending and borrowing across the full spectrum of real estate asset classes.  Drew also represents developers, owners, operators, private equity funds, and investors in all phases of commercial real estate acquisition and disposition transactions from contract negotiation through closing.

EXPERIENCE

Representative Matters

LENDER-SIDE FINANCING

• Represented lender in connection with a $284 million construction loan facility structured as a mortgage loan consisting of senior, building, and project loans secured by a residential condominium located in Brooklyn, New York, as well as, a mezzanine loan secured by the limited liability company interests in mortgage borrower. The transaction was additionally complex as it involved (i) amending and restating an existing building loan (severing the funded and unfunded portions), and (ii) a senior participation from a real estate private equity fund.
• Represented lender in connection with a $240 million construction loan facility structured as a mortgage loan, consisting of acquisition, building, and project loans secured by a to be constructed 97-unit multifamily residential building and an office building located in Manhattan.
• Represented lender in connection with a $237 million construction loan facility structured as a mortgage loan consisting of senior, building, and project loans secured by a residential condominium located in Manhattan, as well as, a mezzanine loan secured by the limited liability company interests in mortgage borrower. The transaction was additionally complex as the senior leverage was provided via a note-on-note from an American federally chartered savings and loan association.
• Represented lender in connection with a $150 million revolving line of credit facility secured by borrower’s unique automobile collection valued at over $330 million and including some of the rarest sports cars in the world.
• Represented lender in connection with a $125 million construction loan facility secured by a to be constructed retail and office building located in the heart of downtown Nashville, Tennessee.
• Represented lender in connection with a $77 million construction loan facility structured as a mortgage loan consisting of senior, building, and project loans secured by a to be constructed hotel located in Manhattan, as well as, a mezzanine loan secured by the limited liability company interests in mortgage borrower. The transaction was additionally complex as it involved a senior participation from an American federally chartered savings and loan association.
• Represented lender in connection with a $55 million ground leasehold mortgage loan secured by a ground lessee’s interest under a ground lease for a mixed use building located in downtown Manhattan.  The transaction involved complex ground lease, condominium, ICAP, and 421-a due diligence and negotiation.
• Represented lead agent bank in connection with a $52 million construction loan facility structured as a mortgage loan consisting of land, building, and project loans secured by a to be constructed eight-story residential condominium building containing units for sale and a to be constructed eight-story mixed use condominium building containing residential and commercial units for rent located in Queens, New York.  The transaction was additionally complex as it involved (i) negotiating and coordinating participations in the construction loan facility from a syndicate of lenders, (ii) securing, as additional collateral for the loans, certain New York Brownfield Cleanup Program Tax Credits associated with the environmental remediation of the real property, and (iii) New York City’s 421-a tax exemption program and Mandatory Inclusionary Housing program components.
• Represented lender in connection with a $50 million revolving line of credit facility secured by borrower’s ownership interest in a hedge fund.
• Represented lender in connection with a $42 million refinancing of borrower’s sprawling shopping center located in Plano, Texas.  The transaction involved complex leasing due diligence.
• Represented lender in connection with a $31 million construction loan facility secured by a to be constructed 133-unit multifamily residential townhome and apartment complex located in Salt Lake City, Utah.
• Represented lender in connection with a $13 million loan secured by real property located in Atlanta, Georgia, consisting of recording studios utilized by Netflix and major recording artists.
• Represented lender in connection with a $10 million construction loan facility secured by a to be constructed hotel located in Turks & Caicos. The transaction was additionally complex as it involved (i) securing collateral located in Turks & Caicos consisting of Debentures and the pledge of equity interests in Turks & Caicos and British Virgin Islands companies, and (ii) negotiating the subordination of many existing note holders that provided financing for the development project in favor of our lender client.

REAL ESTATE ACQUISITIONS AND BORROWER-SIDE FINANCING

• Represented real estate investor in connection with the $277 million acquisition and $240 million financing obtained from a syndicate of lenders for the client’s purchase of a 75% stake in a commercial office building located in Flatiron, Manhattan.
• Represented joint venture purchaser in connection with the $180 million acquisition of a commercial condominium property located in Queens, New York.
• Represented joint venture purchaser in connection with the $128 million acquisition of a commercial condominium property located in Brooklyn, New York. The transaction involved complex leasing and condominium due diligence, as well as, acquisition financing from a publicly traded real estate investment trust.
• Represented joint venture purchaser in connection with the $60 million acquisition of an assemblage of mixed-use adjoining properties located in Manhattan. The transaction was additionally complex as it involved planning and due diligence for the client’s demolition and ground-up construction for its new mixed-use building.
• Represented purchaser in connection with the $52 million acquisition of a 100-unit multifamily residential apartment complex located in Westchester County, New York.
• Represented real estate development firm in connection with the $30 million acquisition and $49 million construction financing for the client’s development of a waterfront residential condominium complex located in Miami, Florida.
• Represented seller in connection with the $20 million sale of its commercial office building located in the heart of the Scarsdale Village in Scarsdale, New York
• Represented borrower in connection with the $18 million refinancing of its commercial office building located in White Plains, New York.

REAL ESTATE LEASING

• Represented commercial landlord in connection with the negotiation of a lease for a 61,000 square foot warehouse located in New Jersey to a shipping and logistics company.
• Represented tenant, a national retailer, in connection with lease amendments seeking rent relief and other concessions due to the Covid-19 pandemic at over 700 of their locations throughout the country.

°Certain of the above representations were handled by Mr. Barone prior to his re-joining Cole Schotz P.C.

NETWORKS & AFFILIATIONS

• Member, Westchester County Bar Association, Real Property Section
• Member, New York Bar Association, Real Estate Financing Committee
• Counselor, Exceptional Citizen’s Week at Camp Fatima, a summer camp for children and adults with intellectual or physical disabilities

PASSIONS

• In his spare time, Drew is an avid golfer