Drew F.
Barone

Drew Barone is a member in the firm’s Real Estate and Construction Departments, based in the New York office. 

EXPERIENCE

Known for his ability to navigate complex, multi-party transactions and drive deals to closing on behalf of his clients, Drew focuses his practice on complex commercial real estate transactions and has closed over four billion dollars of transactions nationwide.  Drew represents lenders and borrowers in real estate finance transactions, including construction and development financing, bridge financing, acquisition financing, and refinancings across the full spectrum of real estate asset classes.  Drew regularly handles complex, layered financings – including syndicated and participated loan facilities, note-on-note and leverage financings, and multi-tranche capital structures – deftly managing the interplay among senior lenders, mezzanine providers, participation holders, and other capital sources to deliver seamless execution for his clients.  On the equity side, Drew represents developers, owners, operators, private equity funds, and investors in all phases of commercial real estate acquisition and disposition transactions from due diligence and contract negotiation through closing.

In addition, Drew has developed a niche practice serving as local counsel to lenders in connection with the financing of large-scale warehouse, industrial, logistics, and multifamily development projects in New Jersey, guiding lender-clients through the complexities of PILOT/Financial Agreements and Redevelopment Agreements that underpin these transactions.

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), (ii) note-on-note financing, and (iii) a senior participation from a real estate private equity fund.
• Represented lender in connection with a $155 million construction and condominium inventory loan facility to recapitalize borrower’s ground-up construction of an ultra-luxury 466-unit residential condominium building located in the Miami World Center in Miami, Florida.
• 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 $95 million loan facility (including mortgage loan and mezzanine loan components) secured by a 216-key hotel located in Manhattan. The transaction was additionally complex as it involved a co-lender structure and participants in the loan.
• Represented debt fund in connection with its acquisition of a $73.5 million mortgage and mezzanine loan facility secured by two, six-story multifamily residential buildings containing 274 units located in Elizabeth, New Jersey.  The transaction was additionally complex as it involved (i) note-on-note financing from a private debt fund leverage provider, (ii) a forbearance, work out and restructuring of the underlying loans, (iii) due diligence of ongoing litigation involving the property, underlying borrower and sponsor, and (iv) complex environmental due diligence.
• 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 $42.5 million bridge and predevelopment loan facility for borrower’s construction of a branded luxury residential development located just outside of Las Vegas, Nevada.  The transaction was additionally complex as it involved (i) note-on-note financing, (ii) participations in the loan, and (iii) complex land use, approvals, and entitlements due diligence of the sprawling development
• Represented lender in connection with a $38 million refinance of borrower’s 22-property multifamily portfolio located in New Jersey.  The transaction was additionally complex as it involved (i) note-on-note financing, (ii) participations in the loan, and (iii) overall voluminous and complex due diligence due to the nature and size of the portfolio.
• 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 $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 real estate development firm in connection with a (i) $261.5 million construction loan facility for its ground-up development and construction of a 36-story, 235-unit ultra-luxury residential condominium building, and (ii) $83.25 million refinance and predevelopment loan facility for its existing 115-key hotel and to-be-constructed future 96-key hotel condominium and 296-unit ultra-luxury residential condominium building, each located in Miami Beach, Florida.
• 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 purchaser in connection with the $90.5 million acquisition and $81 million acquisition and future renovation mortgage and mezzanine loan facilities for its purchase (and cap ex and unit renovation improvement) of a 400-unit residential condominium property located in West Palm Beach, Florida.  The transaction was additionally complex as it involved (i) collapsing the existing condominium structure at closing under Florida’s condominium plan of termination statute and taking title from the plan of termination trustee, (ii) complex due diligence related to the Plan of Termination and winding down of the Condominium process and 400 leases, (iii) a 1031 exchange rolling in proceeds from a prior sale for the acquisition of this replacement property, and (iv) complex layered financing including a mortgage loan and a mezzanine loan from two third party lenders (a publicly traded alternative asset manager and a private equity fund).
• Represented purchaser in connection with the $80 million acquisition of a four-property multifamily portfolio consisting of 276 residential units located in Westwood and Rivervale, New Jersey.  The transaction was additionally complex as it involved (i) the assumption of four (4) existing long-term CMBS loan facilities, (ii) a 1031 exchange rolling in proceeds from a prior sale to partially fund the acquisition, (iii) corporate structuring involving a joint venture on one of the assets and an equity raise on all assets in the form of LP investors, and (iv) complex environmental due diligence and pre- and post-closing compliance with New Jersey environmental law.
• Represented purchaser in connection with the $75 million acquisition and $68 million acquisition and bridge loan facility for its purchase of a hotel located in Miami, Florida.
• Represented real estate development firm in connection with the $67 million refinance and construction loan facility for its ground-up development and construction of a 57-unit ultra-luxury waterfront residential condominium property located in Bay Harbor Islands, Florida.
• Represented real estate development firm in connection with the $65 million acquisition and $60.4 million acquisition and bridge loan facility for its purchase and predevelopment of a property located in North Miami, Florida.  The transaction was additionally complex as it required the simultaneous closing of the loan facility and the purchase of 46 individual condominium units from separate owners.
• 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.

SPECIAL NEW JERSEY REDEVELOPMENT COUNSEL

• Served as special New Jersey redevelopment counsel to the lender syndicate in connection with a $223 million construction loan facility for borrower’s ground-up development of a 971,962 square foot Class A, LEED-Certified warehouse building located in Middlesex County, New Jersey.
• Served as special New Jersey redevelopment counsel to the lender syndicate in connection with a $215.2 million construction loan facility for borrower’s ground-up construction of a 357-unit multifamily development including 26,100 square feet of ground floor retail located in Hudson County, New Jersey.
• Served as special New Jersey redevelopment counsel to the lender syndicate in connection with a $180 million construction loan facility for borrower’s ground-up development of two industrial warehouse and distribution buildings totaling 1,712,949 square feet located in Salem County, New Jersey.
• Served as special New Jersey redevelopment counsel to a debt fund lender in connection with a $150 million construction loan facility for borrower’s ground-up development of two industrial warehouse and distribution buildings totaling 1,087,278 square feet located in Middlesex County, New Jersey.
• Served as special New Jersey redevelopment counsel to the lender syndicate in connection with a $101 million construction loan facility for borrower’s ground-up development of a Class A industrial facility located in Burlington County, New Jersey.

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.

PASSIONS

In his spare time, Drew enjoys spending time with his wife and two daughters and is an avid golfer.

Honors & Awards

Super Lawyers magazine has included Drew in its New York Metro Rising Stars list consistently since 2023.

No aspect of this advertisement has been approved by the highest court in any state. 

See Award Methodology.